Afentra acquisition of Azule assets approved in Angola

The government of Angola has approved Afentra’s acquisition of a 12% non-operating interest in offshore Block 3/05 and a 16% non-operating interest in offshore Block 3/05A from Azule Energy, Afentra announced on Thursday.

The previously announced acquisition had closed in July 2023 for a firm consideration of USD 48.5 million and deferred contingent payments of up to USD 36 million subject to oil price, production and development conditions.

Formal completion of the transaction is expected within Q2 2024. The purchase brings Afentra’s share of net proven and probable reserves to 32 million boe and net contingent resources to 20 million boe in both blocks.

Afentra also announced that the Punja development area in Block 3/05 has been granted marginal discovery status, triggering fiscal incentives that enhance the commercial value of the potential development.

“The improved fiscal terms for the Punja discovery further encourage 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,” said Afentra CEO Paul McDade.