ReconAfrica expands footprint with Angola joint exploration project

Reconnaissance Energy Africa Ltd. (ReconAfrica) has entered a joint exploration project in Angola with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), adding 5.2 million acres to its portfolio. This expands its presence into the Etosha-Okavango basin in southeastern Angola. ReconAfrica will hold an 80% working interest in the MOU Area, with Sonangol holding the remaining 20%. Under the MOU, ReconAfrica will initiate geological studies, conduct regional seep studies, and plan a 2D seismic program over a 24-month period. This move complements ReconAfrica's existing 6.3 million acres in Namibia, targeting the Damara Fold Belt and Rift Basin exploration plays. The Company is also preparing to drill Prospect I onshore Namibia, targeting unrisked resources of 365 million barrels of oil or 1.9 trillion cubic feet of natural gas, based on an independent report.