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Thursday, November 9, 2023
Afentra has confirmed that it has received approval from the Government of Angola for the acquisition from Sonangol of a 14% non-operating interest in Block 3/05 and a 40% non-operating interest in Block 23, offshore Angola pursuant to a sale and purchase agreement between Sonangol and Afentra’s wholly owned subsidiary, Afentra (Angola).
The company is now working with Sonangol to finalize the formal completion of this acquisition which, as previously announced, is anticipated to occur within Q4 2023.
Commenting on the update, CEO Paul McDade said: “The receipt of the Government of Angola approval of the Sonangol Acquisition is a key step in the acquisition process and we continue to look forward to completing both the Sonangol and Azule acquisitions before year end. The combination of these interests with our current interests in Block 3/05 and 3/05A will provide Afentra with a material equity position in this world-class production asset. The approval of the new fiscal terms and the redistribution of the CSI interests further enhances the value of these acquisitions and also demonstrates the Government of Angola’s commitment to providing an attractive and stable fiscal environment that encourages further investment in its oil & gas industry.
“We continue to work with the operator Sonangol and our joint venture partners to ensure that we maximize the production, reserves and value of this quality long life asset for the benefit of all stakeholders whilst also reducing the emissions profile.”
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