03:56 PM EDT, 09/23/2025 (MT Newswires) -- Reconnaissance Energy Africa ( RECAF ) on Tuesday said it filed a prospectus supplement as it upsized a planned overnight marketed underwritten public offering of units to $18 million, up from its prior $10-million target.

The company filed its prospectus supplement on Sept.22, to its final short-form base shelf prospectus dated Feb.29, 2024, with the securities commissions in each of the provinces and territories in Canada.

"Proceeds from the Offering will be used for activities related to the advancement of appraisal and exploration expenses related to the Ngulu Production Sharing Contract ("PSC"). This will include acquiring geological and geophysical studies, reprocessing of the 3D seismic data, the advancement of the initial development well in the existing proven oil discovery at the Loba Complex and for general corporate purposes and working capital," the company said.

Shares of Reconnaissance Energy Africa ( RECAF ) were last seen up $0.015, or 2.8%, to $0.530 on the TSX Venture Exchange.

Price: 0.54, Change: +0.02, Percent Change: +2.88