Reconnaissance Energy Africa announces the filing of its fiscal first quarter disclosure documents for the three-month period ended March 31, 2026, including a production test update for Kavango West 1X (“KW1X”) discovery.

Selected Highlights

For the first quarter ended March 31, 2025, and subsequent period, the Company:

• Commenced production testing operations of the KW1X Well in the first quarter of 2026 with downhole testing on schedule to begin prior to the end of May;
• Adopted a shareholder rights plan, which was ratified by shareholders at the Company’s annual general and special meeting of shareholders held on February 19, 2026;
• Completed an upsized listed issuer financing exemption offering of 38,736,945 units at a price of $0.95 per unit for gross proceeds of $36,800,098;
• Received a one-year extension to the PEL 073 Second Renewal Exploration Period, extending such period to January 29, 2027;
• Commenced reprocessing of 3D seismic on the Ngulu Block offshore Gabon; and,
• Received proceeds from warrant exercises of approximately $2.4 million during the first quarter and proceeds of approximately $2.5 million subsequent to the end of the quarter.

Kavango West 1X – Operational Update

Preparations for downhole production testing are advancing with equipment, trucks and crews arriving on site.   Permits required to begin production testing have been received from the regulatory authorities for both ReconAfrica and its service suppliers. The cement bond log test is scheduled to begin at the end of this week and downhole perforation operations and flow testing are scheduled to begin before the end of May, following the arrival of final service items on site.

Production testing could take up to 10 days in a single zone, and the total production test is estimated to take up to 60 days. Production casing has been set to total depth of the well which will allow the KW1X wellbore to be utilized as future producer upon successful test results.

ReconAfrica continues to take the steps required to advance appraisal drilling locations on the Kavango discovery following the completion of the production test at KW1X. Preparations for the appraisal well are proceeding with specific permitting applications and site preparations underway for the Kavango West 2A (“KW2A”) appraisal well.

KeyFacts Energy: ReconAfrica Namibia country profile