ReconAfrica Expands Exploration Footprint with New MOU
ReconAfrica Expands Exploration Footprint with New MOU
Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSXV: RECO) (OTCQX: RECAF) has recently made a significant advancement by announcing a Memorandum of Understanding (MOU) for a joint exploration project. This collaboration, focused on a vast area in Angola, marks a strategic transition towards unlocking the potential of new resources in the region.
Details of the Joint Exploration Agreement
The agreement, set with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), underscores ReconAfrica's commitment to exploring the vast Etosha-Okavango basin located onshore in southeastern Angola. This strategic addition significantly enhances the Company’s asset portfolio and opens up opportunities for early involvement at a low cost, with minimal initial work commitments.
Expanding the Existing Resource Base
With this MOU, ReconAfrica can now add an impressive 5.2 million acres in Angola to its already existing 6.3 million acres in Namibia within the promising Damara Fold Belt and Rift Basin exploration plays. This expansion not only reinforces the Company’s geographical presence but also amplifies its potential for significant resource discovery and production in the region.
Brian Reinsborough, President and CEO of ReconAfrica, expressed enthusiastic remarks about the positive technical outcomes from their recent drilling activities in Namibia, which have strengthened confidence in the hydrocarbon potential of the Damara Fold Belt play. He believes that the geological adaptations from Namibia likely extend into Angola, opening further possibilities for exploration.
Strategic Focus and Future Exploration Initiatives
This joint project signifies more than just an agreement; it illustrates ReconAfrica's strategic focus on diversifying its exploration efforts while emphasizing the importance of value addition for shareholders. The Company aims to progressively implement advanced exploration initiatives, including initiating geological studies and planning for a comprehensive seismic program within the MOU area over the next 24 months.
Other Projects in the Pipeline
As part of its exploration strategy, ReconAfrica is on the brink of commencing drilling at its largest prospect to date, Prospect I, which lies in proximity to the newly embraced MOU area in Angola. This site aims to target substantial crude oil and natural gas reserves, with the potential of uncovering significantly impactful hydrocarbon resources.
The targeted figures indicate extraordinary amounts of prospective oil and gas, further emphasizing ReconAfrica’s dedication to exploring and developing these promising geological formations.
About ReconAfrica
ReconAfrica, based in Canada, is an innovative oil and gas company that is engaged in the exploration of the Kalahari Desert regions within northeastern Namibia, southeastern Angola, and northwestern Botswana. It holds an expansive portfolio consisting of over 13 million acres under its petroleum licenses. The Company aims to minimize its environmental impact while maximizing efficiency and social responsibility in its operations and initiatives.
Frequently Asked Questions
What does the new MOU signify for ReconAfrica?
The MOU marks a strategic advancement for ReconAfrica, allowing the Company to explore 5.2 million additional acres in Angola.
How does the MOU relate to the operations in Namibia?
This agreement complements the ongoing operations in Namibia, enhancing the Company's overall resource extraction potential in the Damara Fold Belt and Rift Basin.
Who is ReconAfrica partnering with in this project?
ReconAfrica has partnered with Angola's national oil and gas agency, ANPG, for this joint exploration initiative.
What are the future plans for drilling?
ReconAfrica is preparing to drill its largest prospect, Prospect I, located near the new MOU area, targeting significant potential oil and gas resources.
How does ReconAfrica ensure environmental safety?
ReconAfrica is committed to minimizing habitat disturbance and adhering to international standards for environmental and social best practices across all its projects.
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