Upstream oil and gas companies Afentra and Maurel & Prom (M&P) have signed a sale and purchase agreement with Etu Energias to acquire additional minority stakes in Angola’s offshore Blocks 3/05 and 3/05A.
Under the agreement, both Afentra and M&P will each acquire a 5% working interest in Block 3/05 and 6.67% in Block 3/05A.
The total consideration for the deal is $23 million, allocated as $22 million for Block 3/05 and $1 million for Block 3/05A, on a cash- and debt-free basis.
“This transaction enhances alignment within the joint venture and strengthens our exposure to high-quality production and development assets that continue to deliver strong performance,” said Paul McDade, CEO of Afentra.
The agreement also includes contingent payments of up to $6 million for Block 3/05. These payments will be triggered based on production levels and oil prices between $75 and $123 per barrel during 2025 and 2026, capped at $3 million per year, and only applicable if average gross production exceeds 15,000 barrels per day.
Additionally, a further $5 million in contingent consideration may be payable for the Caco-Gazela and Punja discoveries.
These payments will be made in two installments of $2.5 million each, starting one year after first oil, provided it occurs before December 31, 2029.
The transaction is expected to close in the second half of 2025, pending customary conditions and regulatory approvals from the Angolan government.
