ReconAfrica Provides Year-End Operational Update Progressing Projects in Namibia, Angola and Gabon

Executive Summary

• ReconAfrica reported significant hydrocarbon indications from its second well (Kavango West 1X) in Namibia’s Damara Fold Belt and announced a production test slated for Q1 2026.
• The company signed an Angola MOU granting access to 5.2 million acres and a Gabon offshore Production Sharing Contract, expanding its asset portfolio.
• Detailed well‑log data show ~85 m of net reservoir in the Huttenberg formation and strong gas/oil shows in the deeper Elandshoek interval, supporting further development plans.

Key Details

• Kavango West 1X Well Results – Wireline logging identified ~85 m (280 ft) of net reservoir with 64 m (210 ft) of net hydrocarbon pay in the Huttenberg formation; deeper Elandshoek interval (~560 m) exhibited ~20% total gas and visible oil sheens. Hydrocarbon fluorescence increased to 81 m (265 ft).
• Production Test Plan – Decision to forego a DST and proceed directly to a multi‑zone production test covering up to eight reservoir intervals; testing equipment being sourced internationally, with operations expected to start Q1 2026 for 4–8 weeks.
• Operator Interests – ReconAfrica holds 70% working interest in PEL 73 (Kavango West), partners BW Energy (20%) and NAMCOR (10% carried).
• Angola MOU – Signed April 2025 with ANPG for joint exploration in the Etosha‑Okavango basin; adds 5.2 million contiguous acres to existing 6.3 million acres in Namibia. Geochemical sampling of surface seeps to begin Q1 2026.
• Gabon Offshore Ngulu PSC – Signed September 2025 with Gabon Oil Company; ReconAfrica operates with 55% working interest, partners Record Resources (20%), GOC (15%) and Republic of Gabon (10% carried). 3D seismic data to be received Dec 2025, reprocessing Jan 2026, followed by third‑party resource report.
• Future Milestones – Production test on Kavango West 1X expected Q1 2026; Angola surface sampling and Gabon seismic reprocessing also slated for early 2026.

Notable Quotes

“We have had an active and productive 2025… These actions set the Company up for several important milestones in 2026.” – Brian Reinsborough, President & CEO
“We are preparing to conduct a production test on Kavango West 1X… may test up to eight separate reservoir intervals of interest.” – Nick Steinsberger, SVP Drilling & Completions