Reconnaissance Energy Africa reports progress across Namibia, Gabon and Angola operations during Q2

Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) has reported continued progress across its exploration and production testing activities in Namibia, Gabon and Angola during the second quarter of 2026, while ending the period with $24.2 million in cash.

The company said that it continued production testing at the KW1X well in onshore Namibia, with downhole testing beginning in early June. ReconAfrica reported that hydrocarbons were successfully flowed to surface from two separate zones.

The company is now moving toward an open-hole horizontal production test in the Huttenberg formation, targeting up to 1,000 metres of horizontal section.

“The company made several strides this past quarter, both operationally and financially,” ReconAfrica CEO Brian Reinsborough said in a statement.  

“Important and encouraging milestones were met with the ongoing production testing operations at the KW1X discovery onshore Namibia moving us to the next stage of operations – an open hole horizontal side track.”

At the Ngulu project offshore Gabon, ReconAfrica continued seismic reprocessing work, with final products and a resource report being targeted.

In Angola, the company began geochemical sampling of surface oil seeps in its MOU area in May and completed the field work in June. Results are expected in the near term.

On the financial side, ReconAfrica received $4.97 million in proceeds from warrant exercises during the six months ended June 30, 2026, followed by another $594,480 after the end of the second quarter.

The company also reported that its fully diluted share count had declined by approximately 10% year-to-date. ReconAfrica ended the quarter with $24.2 million in cash.

“At Ngulu, offshore Gabon, the state-of-the-art seismic reprocessing work progresses on schedule as we target final products and a resource report,” Reinsborough said. “In Angola, our geochemical oil seep sampling work was completed with results expected shortly.”

“The company reduced its diluted share count this past quarter by about 10% while also receiving proceeds from warrants to end the quarter with a strong cash balance,” he added.

Shares of ReconAfrica added around 1.3% on Tuesday morning in Toronto.