Angola’s Somoil sets plans to go public

Angola

LUANDA, May 13, 2022 – Somoil* is considering putting its shares on the stock exchange in 2025 after declaring its best financial results in 2021, the private Angolan E&P company announced at a press conference on Wednesday.

Chairman of the Board of Directors Edson dos Santos outlined Somoil’s strategic plan to enter the Angola Debt and Stock Exchange in 2025, with the intent to join international stock exchanges in the future.

Somoil almost doubled its oil production in two years to around 16,000 bopd and declared net income of USD 40.9 million in 2021, the highest in its 20-year history.

The company operates Block 2/05, Block FS and Block FST and is partnered on Block 3/05, Block 3/05A, Block 4/05 and Block 17/06.

The private entity has also diversified into commercialisation of oil products and plans to grow its network of service stations in the country.

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