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

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CALGARY, Alberta, Jan. 19, 2026 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica” or “Recon”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that it has completed its previously announced underwritten, listed issuer financing exemption offering (the “Offering”) for aggregate gross proceeds of C$36,800,098, including the exercise in full of the over-allotment option.

The Offering was conducted on an underwritten basis led by Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, which included Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the “Underwriters”).

The Company issued at total of 38,736,945 units (“Units”) at a price of C$0.95 per Unit. Each Unit comprised of one common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant of the Company (“Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of C$1.20 at any time up to 36 months from closing of the Offering.

For the purposes of accelerating value capture, ReconAfrica is funded in its plans to expedite activity across its portfolio, which is supported by the recent success at the Kavango West 1X well and the addition of the Ngulu Block offshore Gabon, which includes the Loba discovery, to the Company’s portfolio. This Offering sets out to fund that multi-pronged 2026 capital program. Net proceeds will be used for the following activities:

• Conducting an extensive production test and installing production casing at the Kavango West 1X discovery well;
• Advancing operations to spud the Kavango appraisal well;
• Re-processing seismic at the Loba discovery and exploration inventory on the Ngulu block in Gabon to advance towards a resource report and drill ready status of an appraisal well; and
• General corporate purposes and working capital.

The Units were sold to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption and to eligible purchasers resident in jurisdictions outside of Canada (including to purchasers resident in the United States pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended), in each case in accordance with all applicable laws. The Units are not subject to any hold period under applicable Canadian securities legislation.