ReconAfrica announces joint exploration agreement in Angola

CALGARY, April 17, 2025 – ReconAfrica has signed a MoU with Angola’s national concessionaire the National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project covering more than 210,400 square kilometres in the Etosha-Okavango Basin in southeastern Angola, the company said on Thursday.

Under the agreement, ReconAfrica will operate the project with an 80% working interest while Sonangol will hold the remaining 20%. The MoU grants ReconAfrica exclusive rights over the area for a 24-month period.

Work commitments include geological studies, a regional oil and gas seep study, planning of a 2D seismic programme and detailed geochemical analysis and sampling.

Brian Reinsborough, president and CEO of ReconAfrica, said, “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. 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.”

Regarding Angola’s current regulatory environment, Reinsborough said, “Recent regulatory reforms make Angola an attractive jurisdiction for new oil and gas exploration, and we look forward to working with ANPG and Sonangol as we progress our exploration initiatives.”

The project expands ReconAfrica’s Damara Fold Belt and Rift Basin acreage to more than 46,500 square kilometres across Namibia and Angola.

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