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An announcement from Reconnaissance Energy Africa ( (TSE:RECO) ) is now available.
Reconnaissance Energy Africa has closed a C$36.8 million underwritten unit offering, issuing 38.7 million units at C$0.95 each, to fund an accelerated 2026 capital program built around its Kavango West 1X discovery in Namibia and the Ngulu Block offshore Gabon. The proceeds will be directed to multi-zone production testing and completion of the Kavango West 1X well, spudding a follow-on appraisal well on the Kavango discovery, reprocessing seismic data and advancing the Loba discovery and wider exploration inventory on the Ngulu Block toward resource reporting and drill-ready status, as well as for general corporate purposes; BW Energy modestly increased its stake through the financing, signaling continued strategic investor support while ReconAfrica positions itself to de-risk and potentially commercialize its African oil and gas portfolio.
The most recent analyst rating on (TSE:RECO) stock is a Hold with a C$0.88 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 primarily held back by weak financial performance—minimal/zero revenue, persistent losses, and negative cash flow—despite the benefit of a debt-free balance sheet. Technicals are supportive due to strong upward trend and positive MACD, but overbought signals raise near-term risk. Valuation is constrained by negative earnings and no stated dividend yield.
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 plays in Africa, including onshore operations in Namibia’s Kavango Basin and offshore interests in Gabon’s Ngulu Block, where it is advancing both discovery appraisal and broader exploration activity.
Average Trading Volume: 1,006,767
Technical Sentiment Signal: Buy
Current Market Cap: C$293.2M
Find detailed analytics on RECO stock on TipRanks’ Stock Analysis page.