Afentra acquires interest in producing and exploration blocks offshore Angola

Afentra has officialised its entry in Angola with the signing of Sale and Purchase Agreement (SPA) with Sonangol’s upstream subsidiary Sonangol Pesquisa e Produção.

The one-year old, AIM-listed independent is acquiring from Sonangol a 20% non-operated interest in the producing Block 3/05 and a 40% non-operated interest in exploration Block 23 for up to $130m, including $80m cash upfront.

The acquisition has an effective date of 20 April 2022 and follows the launch of Sonangol’s partial divestment process last year, under which Afentra was selected as preferred bidder for both blocks.

Block 3/05 is located in shallow water and produced an average of 17,000 barrels of oil per day (bopd) in 2021. In 2018, it had already attracted the interest of Maurel & Prom who acquired AJOCO’s 20% interest in both Blocks 3/05 and 3/05A. Post transaction, it will remain operated by Sonangol.

Block 23 is located in deep-water within the Kwanza Basin and contains the Azul oil discovery that tested at flow rates of around 3-4,000 bopd of light oil. Afentra is being joined in the block by Namibia’s national oil company NAMCOR who is taking another 40% interest in the licence.

Details on Blocks 3/05 and 23 offshore Angola are available in the “Projects” section within your Hawilti+ research terminal.

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