ReconAfrica closes C$36.8 million offering to fund production testing and appraisal drilling

Summary

ReconAfrica completed an underwritten offering raising C$36.8 million to fund multi-zone production testing at the Kavango West 1X well and accelerate appraisal drilling. The offering included the issuance of 38,736,945 units at C$0.95 each, with BW Energy acquiring 2,315,780 units. Funds will also support operations at the Ngulu Block in Gabon.

Recent Coverage

• ReconAfrica Raises Funds to Advance Multi-Zone Production Testing, Appraisal Drilling in Namibia & Advance Activities at Ngulu Block

  Oil News Kenya • Jan 22

• ReconAfrica Announces Closing of C$36.8 Million Underwritten Offering, Funded to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon

  GlobeNewswire - Oil & Gas E&P • Jan 19

• ReconAfrica Announces Closing of C$36.8 Million Underwritten Offering, Funded to Advance Multi-Zone Production Testing at Kavango West 1X, Accelerate Follow-on Appraisal Drilling on Kavango Discovery and Advance Activities at Ngulu Block in Gabon

  GlobeNewswire - Energy • Jan 19