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Thursday, April 25, 2024
Afentra has received approval from the Government of Angola for the previously announced acquisition of a 12% non-operated interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production B.V. pursuant to a sale and purchase agreement signed in July 2023.
Afentra and Azule are working to finalize the formal completion of the Azule Acquisition which is anticipated to occur within Q2 2024.
Punja Discovery Block 3/05A – Enhanced Fiscal Terms
Following a request by the Block 3/05A partnership the Government of Angola have declared the Punja Development Area located in Block 3/05A, as a marginal discovery. As a result, the applicable fiscal incentives will be applied to this discovery, significantly enhancing the commercial value of this potential development.
Commenting on the update, CEO Paul McDade said: “The Angolan government’s approval of the Azule Acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets. The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector. This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A.”
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