ReconAfrica Announces Second Quarter 2026 Results

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Postmedia has not reviewed the content. by GlobeNewswire ReconAfrica Announces Second Quarter 2026 ResultsAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.CALGARY, Alberta, Aug. 17, 2026 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company”, “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC), is pleased to announce second quarter 2026 financial and operating results. Second quarter financial statements and the Management Discussion and Analysis (“MD&A”) are available on SEDAR+ at www.sedarplus.ca.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSelected highlights for the three months ended June 30, 2026, and subsequent period:Commenced production testing operations of the KW1X Well in the first quarter of 2026 with downhole testing commencing in early June 2026. Successfully flowed hydrocarbons to surface from two separate zones;Moving to an open-hole horizontal production test, targeting up to 1,000 metres of horizontal section in the Huttenberg;Commenced geochemical sampling of surface oil seeps in the Angola MOU area in May 2026. Field crews completed the sampling in June 2026 with results expected in the near term;Received proceeds from warrant exercises of $4,965,707 during the six months ended June 30, 2026 and proceeds of $594,480 after the end of the second quarter;Reduced the fully diluted share count by approximately 10% year-to-date; and,Cash balance of $24.2 million at the end of the second quarter.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againBrian Reinsborough, President and CEO, commented: “The Company made several strides this past quarter, both operationally and financially. Important and encouraging milestones were met with the ongoing production testing operations at the KW1X discovery onshore Namibia moving us to the next stage of operations – an open hole horizontal side track. At Ngulu, offshore Gabon, the state-of-the-art seismic reprocessing work progresses on schedule as we target final products and a resource report. In Angola, our geochemical oil seep sampling work was completed with results expected shortly. The Company reduced its diluted share count this past quarter by about 10 percent while also receiving proceeds from warrants to end the quarter with a strong cash balance.”ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences and access to ~13 million contiguous acres. The Company also operates the Ngulu block in the shallow waters offshore central Gabon covering 1,214 Km2 (equivalent to 54 Gulf of Mexico blocks) which is strategically located near producing oil fields and infrastructure. The Ngulu block includes the Loba oil field discovery and a large inventory of high impact prospects in the pre-salt and post-salt plays. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas.For further information contact:Brian Reinsborough, President & Chief Executive OfficerMark Friesen, Vice President, Investor Relations & Capital MarketsIR Inquiries Email: investors@reconafrica.comMedia Inquiries Email: media@reconafrica.comTel: +1-877-631-1160This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Cautionary Note Regarding Forward-Looking Statements:Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to progress of the KW1X horizontal well test, well results including any shows and/or indications of hydrocarbons, timing of well tests, duration and completion of the well test, the ability to source adequately materials needed for the well test in a timely manner, results from production testing, net pay and net reservoir calculations, the results from production including rate testing, extent of natural fractures, success case scenarios, side track operations, well capability, efficiency and economics and the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form (“AIF”) dated April 14, 2026, for the financial period ended December 31, 2025, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.