Reconnaissance Power Africa Ltd. has signed a memorandum of understanding (MoU) with Agência Nacional de Petróleo, Gás e Biocombustíveis, or Nationwide Oil, Fuel and Biofuels Company (ANPG), for a joint exploration venture within the Etosha-Okavango basin onshore southeastern Angola.
ReconAfrica mentioned the settlement with Angola’s nationwide concessionaire and regulator is a strategic addition to its portfolio. The corporate mentioned in a media launch that the deal creates a chance for early entry into onshore Angola at a low price and with minimal work commitments.
ReconAfrica mentioned the settlement enhances its initiatives in Namibia, including 5.2 million acres in to the prevailing 6.3 million acres in Namibia, all within the promising exploration areas of the Damara Fold Belt and Rift Basin.
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“The encouraging technical outcomes from our current Naingopo exploration effectively on PEL 73 onshore Namibia have strengthened our perception within the important hydrocarbon potential of the Damara Fold Belt play. Our regional geological fashions point out that the promising Fold Belt play, recognized for internet hosting a number of the world’s largest fields and overlaying intensive areas, seemingly extends into Angola”, Brian Reinsborough, President and CEO of ReconAfrica, mentioned. “Because of this, we’re excited to be coming into right into a strategic MOU with ANPG.
“Latest regulatory reforms make Angola a pretty jurisdiction for brand new oil and gasoline exploration, and we look ahead to working with ANPG and Sonangol as we progress our exploration initiatives”.
ReconAfrica mentioned it would maintain an 80 p.c working curiosity within the MoU space, with Sonangol holding 20 p.c. It is going to even have unique rights throughout the MoU time period.
ReconAfrica will lead geological research, perform a regional oil and gasoline seep research, and manage a 2D seismic program. Moreover, it mentioned it would conduct complete geochemical evaluation and sampling of any recognized oil and gasoline seeps throughout the MOU space over the subsequent 24 months.
ReconAfrica additionally mentioned it’s getting ready to start drilling on the Prospect I onshore Namibia, some 47 kilometers (29 miles) from the MoU space in Angola.
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