ReconAfrica expands into Angola with strategic joint exploration agreement, securing 5.2 million acres in the Etosha-Okavango basin to bolster its presence in the Damara Fold Belt and Rift Basin plays.
ReconAfrica expands into Angola with strategic joint exploration agreement, marking a significant step in the company’s efforts to tap into the hydrocarbon potential of the Damara Fold Belt and Rift Basin plays.
Canadian company ReconAfrica created an agreement with National Oil Gas and Biofuels Agency of Angola (ANPG) through their Memorandum of Understanding (MoU) to develop petroleum resources in southeastern Angola’s Etosha-Okavango basin on the continental shelf.
The agreement between Sonangol and ReconAfrica establishes their possession of 80% and 20% working interests respectively.
The MoU gives ReconAfrica alone the right to execute geological studies together with regional oil and gas seep research as well as 2D seismic programs and detailed geochemical tests throughout a 24-month timeframe.
This territorial growth brings ReconAfrica 5.2 million additional acres to its current 6.3 million Namibian acres thus strengthening its regional dominance.
ReconAfrica’s latest Naingopo exploration well results on PEL 73 in Namibia bolster the belief that the company has about the substantial hydrocarbon potential within the famous Damara Fold Belt.
This geological area contains multiple world-class petroleum fields.
Brian Reinsborough as President and CEO of ReconAfrica declared that encouraging technical findings from the Naingopo exploration well on PEL 73 in Namibia reinforced his belief in the substantial hydrocarbon potential of the Damara Fold Belt play.
Models developed by our group show that the Fold Belt play type discovered in producing regions extends into Angolan territory.
ReconAfrica continues its dedication to shareholder value increase by establishing early access to promising hydrocarbon basins through significant land positions in Namibia while getting ready to start drilling Prospect I near the Angolan MoU area.
The company will promote environmental sustainability by implementing social and environmental practices that will develop community outreach and employment options for the Okavango residents.
