Canada’s ReconAfrica has increased a private finance placement ahead of a major 2026 programme covering planning, pre-drill work, appraisal and testing across its West African assets.
The company reported that it increased the size of the finance offering from C$20mn to C$32mn due to strong investor demand.
In a statement, Brian Reinsborough, President and CEO, called the 2026 capital spend “the most comprehensive and diverse programme in ReconAfrica's history.”
It will fund multiple activities in parallel, including advancing the Kavango discovery in Namibia toward commerciality, advancing the exploration inventory of the newly discovered Damara Fold Belt play from Namibia into Angola, and progressing the Loba discovery on the Ngulu exploration block offshore Gabon to a drill-ready state.
Work at Namibia’s Kavango West 1X will include a production test after a decision was taken not to perform a drill stem test (DST) to allow for more controlled testing of isolated intervals of interest.
A production casing string will be installed from the surface down to a total depth of 4,260 metres to allow for more controlled testing of all hydrocarbon-bearing intervals and for the well to be completed as a potential producing well.
The activities in Namibia aim to position the company towards final investment decision and commercialisation of the Kavango discovery and the acceleration of first production, according to Reinsborough.
In Gabon, the company signed a production-sharing contract last year for the Ngulu block, located in shallow waters offshore.
After wading through seismic data, ReconAfrica plans to obtain a third-party resource report outlining the block’s potential with the goal of progressing the Loba field appraisal well to a drill-ready status.
In Angola, ReconAfrica plans to accelerate geochemical sampling of surface oil seeps in its MOU area and commence permitting for a potential 2D seismic programme as part of a broader evaluation of the Damara Fold Belt, with crews expected on site in April 2026.
