Petroleum Africa
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Thursday, January 12, 2023
Afentra has received approval from the Angolan Ministry of Mineral Resources, Oil and Gas for the acquisition from INA-Industrija d.d. (INA) of a 4% interest in Block 3/05 and 4% interest in Block 3/05A offshore Angola pursuant to a sale and purchase agreement between INA and Afentra’s wholly-owned subsidiary, Afentra (Angola) Ltd, dated July 19, 2022. The company is now working with INA to finalize the formal completion of this acquisition.
Afentra confirmed that it has agreed with Sonangol to extend the long-stop date from December 31, 2022 to March 31, 2023.
Commenting on the update, CEO Paul McDade said: “The receipt of approval from the Ministry of Mineral Resources, Oil and Gas for the INA Acquisition is a key step in this process and we now look forward to completing the acquisition in the coming weeks. It will mark our entry into Angola and the first of two highly complementary acquisitions that will provide Afentra with a strong growth platform, underpinned by robust cash flow and significant potential to deliver upside value. It will also mark the inception of our partnership with Sonangol in Blocks 3/05 and 3/05A where we intend to work closely with Sonangol to optimize production and to extend the life of this quality, long-life asset.”
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