Energy company ReconAfrica has inked a landmark Memorandum of Understanding (MoU) with Angola’s national concessionaire, ANPG, to explore the untapped riches of the Etosha-Okavango basin in southeastern Angola.
This new venture strengthens ReconAfrica’s regional dominance by adding 5.2 million acres in Angola to its 6.3 million-acre Namibian portfolio in the high-potential Damara Fold Belt and Rift Basin.
CEO Brian Reinsborough emphasized the massive hydrocarbon potential indicated by their recent successes in Namibia and expressed excitement about Angola’s regulatory reforms, which have made it a hotbed for oil and gas exploration.
Under the MoU, ReconAfrica holds an 80% working interest, with Sonangol owning 20%. Over 24 months, ReconAfrica will conduct geological studies, oil and gas seep surveys, seismic planning, and geochemical analysis, aiming to unlock massive energy opportunities and local job creation in the Okavango region.
Source: World Oil
