Canadian oil and gas company Reconnaissance Energy Africa (ReconAfrica) has signed an agreement with Angola’s National Oil, Gas and Biofuels Agency to explore 5.2 million acres in the onshore Etosha-Okavango basin.
Under the terms of the deal, ReconAfrica will hold an 80% working interest in the permit area, with Angola’s national oil company, Sonangol, retaining the remaining 20%. The company will also lead a series of exploration activities over the next 24 months, including oil and gas seep analysis, a 2D seismic survey and regional geological studies.
The agreement represents a strategic entry into Angola’s upstream sector and complements ReconAfrica’s ongoing operations in neighboring Namibia, where it is exploring 6.3 million acres. A new well, located just 47km from the Angolan basin, is expected to assess an estimated 365 million barrels of unrisked oil and 1.9 trillion cubic feet of unrisked gas resources.
“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,” stated Brian Reinsborough, President and CEO, ReconAfrica.
The move underscores ReconAfrica’s broader strategy to unlock new hydrocarbon potential along the Damara Fold Belt and rift basin plays across southern Africa.
