ReconAfrica Strikes Oil Shows in Namibia, Shares Jump 50%

Reconnaissance Energy Africa (ReconAfrica) shares surged more than 50% on Tuesday after the company announced its Kavango West 1X exploration well in northeastern Namibia encountered significant hydrocarbon pay zones. The well, drilled on Petroleum Exploration Licence (PEL) 73, has delivered the most encouraging data to date for the company’s onshore Damara Fold Belt play.

According to ReconAfrica, the well penetrated roughly 400 metres (1,300 feet) of gross hydrocarbon-bearing section in the Otavi reservoir, including 64 metres (210 feet) of net hydrocarbon pay. In deeper intervals, wireline logs also identified 61 metres (200 feet) of additional hydrocarbon shows within naturally fractured limestone, suggesting potential for deeper targets.

Drilling at Kavango West 1X concluded on November 29 after the well reached a total depth of 4,200 metres (13,800 feet). An extensive wireline logging program confirmed approximately 85 metres (280 feet) of net reservoir distributed across multiple limestone units. Mud and gas samples were collected and will be analyzed in the United States, although no core samples were taken.

The well has been temporarily abandoned and is scheduled for re-entry in the first quarter of 2026 for a full production test. ReconAfrica plans to run a Tubing-Conveyed Perforating (TCP) test targeting both the 64 metres of confirmed pay and the deeper 61-metre interval of hydrocarbon shows. Testing is expected to last about one month.

CEO Brian Reinsborough called the results a “success case” for the company and a potentially pivotal moment for the broader Damara Fold Belt. “We are excited about what these results mean for the future of the play across our more than six million prospective acres,” he said, adding that drilling was completed safely, on schedule, and on budget.

ReconAfrica holds a 70% operating interest in PEL 73, partnered with BW Energy (20%) and Namibia’s state firm NAMCOR (10% carried).

Investors reacted swiftly to the positive update: ReconAfrica’s shares jumped 31% in Toronto and climbed 33% on U.S. over-the-counter markets following the announcement.

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