Petroleum Africa
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Tuesday, June 20, 2023
According to the latest update from Afentra, subsequent to the approval of the license extension in May 2023, Sonangol is now pursuing the requisite government approvals for the Block 3/05 transaction to finalize.
“Based on the outstanding workstreams and associated timeframes, completion of the transaction is now expected to occur in July 2023 and we are working, together with Sonangol, to extend the long stop date for this acquisition accordingly,” a company statement read. “In addition, the enhanced fiscal terms associated with the Block 3/05 PSA extension have been submitted for the requisite government approvals.”
The company states that recent gross production levels in Block 3/05 have continued to remain stable, averaging approx. 18,900 bpd in May 2023. Water injection levels have averaged approx. 39,000 bw/d January through May 2023. Finally, production in Block 3/05A, at the Gazela field, has continued at approx. 1,100 bpd.
Afentra acquired a 4% non-operated interest in Block 3/05 through its transaction with INA that completed in May 2023. The transaction with INA included an up to 5.33% interest in the adjacent Block 3/05A offering additional development potential. Afentra’s interest in Block 3/05 will increase to 24% upon completion of the Sonangol acquisition that awaits completion of associated conditions precedent.
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