ReconAfrica closes C$15 million bought-deal offering for Kavango West 1X

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Calgary, Alberta--(Newsfile Corp. - September 1, 2026) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the " Company " or " ReconAfrica ") is pleased to announce that it has entered into an agreement with Research Capital Corporation as the sole bookrunner and lead underwriter, on behalf of a syndicate of underwriters (collectively, the " Underwriters "), pursuant to which the Underwriters have agreed to purchase, on a bought-deal basis, 20,548,000 units of the Company (the " Units ") at a price of C$0.73 per Unit for aggregate gross proceeds to the Company of C$15,000,040 (the " Offering ").

Each Unit shall be comprised of one common share of the Company (a " Common Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one Common Share (a " Warrant Share ") at an exercise price of C$0.93 at any time up to 36 months from the closing of the Offering. In addition, the Company will use commercially reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange (the " Exchange ").

The Company has granted to the Underwriters an option (the " Over-Allotment Option ") to increase the size of the Offering by up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the Offering.

The net proceeds from the Offering will be used for conducting an open-hole horizontal sidetrack and production testing program, targeting the primary reservoir in the Huttenberg formation and/or the secondary reservoir in the Elandshoek formation, and for general corporate purposes and working capital.

The closing of the Offering is expected to occur on or about September 10, 2026 (the " Closing "), or on such other date as the Underwriters may determine, and is subject to the Company receiving all necessary regulatory approvals, including the acceptance of the Exchange to list, on the Closing, the Common Shares and the Warrant Shares.

In connection with the Offering, the Company intends to file a prospectus supplement, to the Company's short form base shelf prospectus dated April 13, 2026, with the securities regulatory authorities in each of the provinces of Canada (except Québec). Copies of the base shelf prospectus and any supplement thereto to be filed in connection with the Offering, are and will be available under the Company's profile on SEDAR+ at www.sedarplus.ca .

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.