Reconnaissance Energy Africa Ltd. (ReconAfrica) has signed a Memorandum of Understanding (MoU) with Angola’s National Oil, Gas and Biofuels Agency (ANPG) to jointly explore oil and gas prospects in the Etosha-Okavango Basin in southeastern Angola.
The agreement, announced this week, marks ReconAfrica’s strategic expansion into onshore Angola, complementing its existing operations in neighbouring Namibia.
ANPG, the national concessionaire and energy regulator of Angola, will partner with ReconAfrica in exploring a 5.2 million-acre block within the Damara Fold Belt and Rift Basin, an area believed to hold significant hydrocarbon potential.
Under the terms of the MoU, ReconAfrica will hold an 80% working interest in the exploration area, with Angola’s state-owned oil company, Sonangol, retaining a 20% interest.
During this period, ReconAfrica will undertake geological studies, a regional oil and gas seep survey, detailed geochemical sampling, and planning for a 2D seismic programme.
ReconAfrica President and CEO Brian Reinsborough said the move builds on positive technical results from the company’s recent activities in Namibia.
“The encouraging technical results from our recent Naingopo exploration well on PEL 73 onshore Namibia have strengthened our belief in the significant hydrocarbon potential of the Damara Fold Belt play,” Reinsborough said.
“Our regional geological models indicate that the promising Fold Belt play, known for hosting some of the world’s largest fields and covering extensive areas, likely extends into Angola.”
He added that recent regulatory reforms in Angola have made the country an attractive destination for new oil and gas exploration.
“This significant transaction underscores the company’s strategic focus and complements our activities in Namibia, highlighting the potential within both the Damara Fold Belt and Rift Basin plays,” he said.
Reinsborough noted that the company’s expansion into Angola aligns with its strategy of securing early entry into high-potential hydrocarbon basins. “We look forward to implementing our ESG and community outreach programmes and creating employment for the people of the Okavango region,” he said.
The announcement comes as ReconAfrica prepares to drill Prospect I in Namibia, located just 47 kilometres from the new Angola MoU area.
Prospect I is the company’s largest target to date, aiming at 365 million barrels of unrisked and 32 million barrels of risked prospective light to medium oil resources, according to the latest report by independent reserves evaluator Netherland, Sewell & Associates Inc.
Additionally, the site is estimated to hold up to 1.9 trillion cubic feet of unrisked and 140 billion cubic feet of risked prospective natural gas resources.