Afentra ups stake in shallow-water plays in Angola

LUANDA, July 20, 2023 – Afentra has signed a deal worth up to USD 84.5 million with Azule Energy to acquire its shares of two offshore oil and gas blocks in Angola, the UK independent announced on Wednesday.

The deals include Afentra acquiring a further 12% stake in Block 3/05 and 16% stake in Block 3/05A.

Payment for the acquisitions will come in the form of USD 48.5 million in addition to USD 36 million subject to oil price, production and development conditions.

The deal will see Azule Energy divest its entire interest in the two concessions.

Additionally, Afentra has amended a previous deal to acquire an additional 20% stake in Block 3/05 from Angolan NOC Sonangol to a lowered 14% stake.

Once these deals are concluded, Afentra will hold a 30% stake in Block 3/05 and a 21.33% stake in Block 3/05A.

The purchases will see Afentra’s share of net proven and probable reserves rise to 32 million boe and net contingent resources rise to 20 million boe in both blocks.

The company’s share of net production volumes from the two concessions will hit around 6,000 boepd.

All transactions are subject to shareholder approval and are expected to be complete in Q4 2023.

Azule Energy is a joint venture between oil and giants BP and Eni.

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