Reconnaissance Energy Africa Ltd. (ReconAfrica), has signed a memorandum of understanding (MoU) with Angola’s national oil and gas regulator, the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG).
The agreement grants the company exclusive access for a two-year period to conduct preliminary exploration activities over approximately 5.2 million acres of onshore territory in southeastern Angola, within the Etosha-Okavango Basin.
This basin shares geological similarities with the Damara Fold Belt and Rift Basin, which spans the border region with Namibia where ReconAfrica is already engaged in exploration under licence PEL 73. The Angola acreage is considered an extension of these promising formations.
Under the MoU, the Canadian-based exploration company listed on the TSX Venture Exchange, will undertake an early-stage exploration program that includes geological surveys, hydrocarbon seep detection, geochemical analysis, and a planned 2D seismic campaign. The company will lead the operations with an 80% stake, while Angola’s state-owned oil company, Sonangol, will hold the remaining 20%.
READ: Morocco ink two deals on water resource management
Strategic expansion approach
The company’s move into Angola reflects its broader strategy of entering high-potential exploration zones with minimal upfront commitments. This approach allows for early assessment of resource prospects while managing financial risk. The decision is supported by recent positive exploration results from the Naingopo well in Namibia, which reinforced the petroleum potential of the broader Damara Fold region.
CEO Brian Reinsborough emphasized the geological continuity between the Namibian and Angolan assets, highlighting the advantage of building on existing regional knowledge. He also pointed to Angola’s recent regulatory improvements as a key factor in attracting foreign investment into its onshore energy sector.
This new agreement enhances ReconAfrica’s footprint in Southern Africa’s emerging oil basins. It builds on the company’s goal of assembling a portfolio of underexplored but potentially resource-rich acreage. Additionally, ReconAfrica plans to work closely with local communities in Angola, aiming to support socio-economic development as exploration progresses.