Canadian oil and gas company ReconAfrica is raising C$10 million through a public share offering to fund upcoming exploration activities in Namibia.
The funds will support the drilling of the Kavango West 1X exploration well, known as Prospect 1,the second well in the Damara Fold Belt play. Drilling is expected to begin shortly after the arrival of the rig in June 2025.
Independent investment firm Research Capital Corporation is leading the share sale, with support from Canaccord Genuity and Haywood Securities. Preparatory work, including the construction of an access road and drill site, is already underway. However, final drilling activities are pending permit approval.