ReconAfrica Raises C$20 Million to Accelerate Kavango Commercialization and Gabon, Angola Work

The latest update is out from Reconnaissance Energy Africa ( (TSE:RECO) ).

ReconAfrica has launched a C$20 million overnight marketed private placement of units priced at C$0.95, each comprising one common share and a half-warrant, to fund an ambitious 2026 capital program spanning its Namibian, Angolan and Gabonese assets. The proceeds will support extensive multi-interval production testing and completion operations at the Kavango West 1X discovery well, pre-drill work to move a Kavango appraisal well to drill-ready status, seismic reprocessing and appraisal planning on the Loba discovery and wider Ngulu Block offshore Gabon, and accelerated geochemical work in its Angola MOU area, all aimed at progressing the Kavango discovery toward commercialization, potential reserve bookings and an eventual final investment decision while advancing its broader African exploration portfolio.

The most recent analyst rating on (TSE:RECO) stock is a Hold with a C$0.93 price target. To see the full list of analyst forecasts on Reconnaissance Energy Africa stock, see the TSE:RECO Stock Forecast page.

Spark’s Take on TSE:RECO Stock

According to Spark, TipRanks’ AI Analyst, TSE:RECO is a Neutral.

The score is held back primarily by weak financial performance (ongoing losses and cash burn despite a stronger, debt-free balance sheet). This is partially offset by improving technical momentum and positive corporate developments around exploration results and planned testing milestones, while valuation remains difficult to support due to negative earnings and no dividend data.

To see Spark’s full report on TSE:RECO stock, click here.

More about Reconnaissance Energy Africa

Reconnaissance Energy Africa Ltd. is an oil and gas exploration and development company focused on frontier hydrocarbon basins in southern Africa and offshore West Africa. Its key assets include the Kavango play in Namibia, where it is advancing a multi-zone discovery, an associated exploration position extending into Angola’s Damara Fold Belt, and the Ngulu Block offshore Gabon, which hosts the Loba discovery and additional exploration inventory.

Average Trading Volume: 787,243

Technical Sentiment Signal: Buy

Current Market Cap: C$351.6M

See more data about RECO stock on TipRanks’ Stock Analysis page.