- ReconAfrica (RECAF, Financial) signs an MOU with Angola's ANPG, adding 5.2 million acres for exploration.
- The company secures an 80% working interest in the MOU area, with Sonangol holding 20%.
- Prospect I in Namibia targets 365 million barrels of unrisked oil resources or 1.9 trillion cubic feet of natural gas resources.
Reconnaissance Energy Africa Ltd. (RECAF) has entered into a Memorandum of Understanding (MOU) with Angola's National Oil, Gas, and Biofuels Agency (ANPG) for a joint exploration project. This agreement adds 5.2 million acres in Angola's Etosha-Okavango basin to ReconAfrica's already substantial 6.3 million acres in Namibia. The focus will be on the Damara Fold Belt and Rift Basin plays, known for their significant hydrocarbon potential.
Under the MOU, ReconAfrica holds an 80% working interest, while Sonangol, Angola's state oil company, retains the remaining 20%. Over the next 24 months, the exploration activities will include geological studies, a regional oil and gas seep analysis, planning of a 2D seismic program, and detailed geochemical sampling. This strategic move aims to capitalize on the promising results seen from the Naingopo well in Namibia.
In addition, ReconAfrica is gearing up to drill the Prospect I in Namibia, only 47 kilometers away from the new exploration area in Angola. The target for Prospect I includes 365 million barrels of unrisked prospective light/medium oil resources and 1.9 trillion cubic feet of unrisked natural gas resources. This project represents ReconAfrica's largest prospect drilled to date, reinforcing their commitment to becoming a key player in the region.
