ReconAfrica closes $21.9 million bought-deal offering for Kavango West 1X program

ReconAfrica Announces Closing of $21.9 Million Bought-Deal Public Offering, Including Full Exercise of the Over-Allotment Option, to Conduct Horizontal Sidetrack and Production Testing Program at the Kavango West 1X of the Huttenberg Formation

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

CALGARY, Alberta, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that it has completed its previously announced and upsized bought-deal public offering (the “Offering”) of 29,932,200 units of the Company (the “Units”) at a price of C$0.73 per Unit for aggregate gross proceeds to the Company of C$21,850,506, including the full exercise of the over-allotment option.

The Offering was led by Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and ATB Cormark Capital Markets (collectively, the “Underwriters”).

Each Unit is 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 entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of C$0.93 until September 10, 2029. The Warrants are expected to commence trading on the TSX Venture Exchange (“TSXV”) under the symbol “RECO.WT.D” in the following week, subject to final TSXV acceptance.

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 Offering was completed by way of 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 available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

In connection with the Offering, the Company paid the Underwriters an aggregate cash commission of C$1,282,910.76 and issued to the Underwriters an aggregate of 1,757,412 broker warrants (the “Broker Warrants”). The Underwriters also received an aggregate advisory fee of C$15,000 and an aggregate of 6,000 advisory warrants on the same terms as the Broker Warrants. Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.73 until September 10, 2029.

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.