ReconAfrica Expands Exploration Footprint in Angola with New Joint Venture

In a significant move for its operational portfolio, Reconnaissance Energy Africa Ltd. (ReconAfrica) has announced a new agreement to collaborate with Angola's National Oil, Gas and Biofuels Agency (ANPG) on a joint exploration venture. This partnership will cover an expansive 5.2 million acres in Angola's Etosha-Okavango basin.

The Memorandum of Understanding (MOU) represents not only a strategic entry into a burgeoning onshore market but also complements ReconAfrica's existing significant holdings in Namibia. Currently, ReconAfrica is engaged in oil and gas explorations across 6.3 million acres in Namibia’s Damara Fold Belt and Rift Basin areas. Presiding over this new venture, Brian Reinsborough, ReconAfrica's President and CEO, expressed optimism regarding the robust hydrocarbon potential of the surrounding geology, suggesting that the favorable conditions extending from Namibia into Angola could yield substantial benefits.

Exploring New Horizons



Reinsborough emphasized that the company's recent findings from onshore Namibia have fortified their belief in the significant oil and gas resources that may lay beneath the surface of these territories. "The geological models we've been developing indicate that the region, known for already hosting some of the world's largest oil fields, could contain extensive untapped resources in Angola,” he stated.

As part of a strategic approach, the MOU allocates an 80% working interest to ReconAfrica while entrusting 20% to the state-owned Sonangol, Angola's national oil company. This collaboration stipulates that ReconAfrica will spearhead geological assessments and initiate a regional oil and gas seep study, while planning a 2D seismic program to identify additional hydrocarbon resources over the next two years.

Investment in Local Communities



The company is acutely aware of the environmental responsibilities tethered to its operations and has committed to minimal disruption of local habitats. Implementing Environmental, Social and Governance (ESG) initiatives is part of ReconAfrica's broader mission to create economic opportunities in the regions it operates, particularly around the Okavango area.

ReconAfrica’s engagement in Angola will not only aim to unlock potential hydrocarbon reserves but is also expected to contribute to job creation and community development. With an increasing focus on sustainability, the company acknowledges its part in fostering local economies alongside exploration activities.

Upcoming Projects



Simultaneously, ReconAfrica is preparing to initiate drilling operations on its largest prospect yet—Prospect I—in Namibia, which lies approximately 47 kilometers from the newly agreed-upon MOU area. Expected to target substantial reserves, Prospect I is estimated to contain around 365 million barrels of unrisked and 32 million barrels of risked prospective oil resources alongside significant natural gas reserves.

By proactively pursuing opportunities within the Damara Fold Belt and Rift Basin, ReconAfrica underscores its vision to emerge as a significant player in the hydrocarbon market of Southern Africa. The company's strategic foresight is crucial in navigating a landscape historically characterized by volatility and challenges, yet ripe with opportunity for energy resource development.

Future Prospects



As ReconAfrica gears up for what's on the horizon, the company's focus on expanding its resource potential while being a responsible corporate citizen is increasingly commendable. The vision laid out through this latest agreement and its ongoing projects presents a promising future not only for ReconAfrica but also for the economic landscapes of Angola and Namibia. As the team looks ahead, there remains an atmosphere of cautious optimism regarding the prospects of new energy ventures in this part of Africa, with expectations set high for the fruitful outcomes of both exploration and community engagement.

Topics Energy)

【About Using Articles】

You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.

【About Links】

Links are free to use.