Independent energy company Afentra has received approval from Angola for the acquisition of stakes in Block 3/05 and Block 23 from the country’s National Oil Company Sonangol.
Under the agreement, which is pursuant to a sale and purchase agreement between Sonangol and Afentra through its wholly-owned subsidiary Afentra (Angola), the company will acquire a 14% interest in Block 3/05 and a 40% stake in Block 23, offshore Angola.
Afentra is also working with Sonangol to finalize formal completion for the purchase of an additional 12% non-operated interest in Block 3/05 and a 16% non-operated interest in Block 3/05A from international energy company Azule Energy.
The deal is due to be completed in Q4 2023. Completion of the two acquisitions will result in Afentra having a 30% equity interest in Block 3/05 and a 21.33% interest in Block 3/05A.
Additionally, Angola has formally approved the redistribution of the interests of exploration and production company, China Sonangol International Ltd., in Block 3/05A, which will result in Afentra’s current interest in the block to increase from 4% to 5.33% – which will be further increased to 21.33% upon closure of the Azule Energy acquisition.
“The combination of these interests with our current interests in Block 3/05 and 3/05A will provide Afentra with a material equity position in this world-class production asset,” stated Afentra CEO, Paul McDade.
“We continue to work with the operator, Sonangol, and our joint venture partners to ensure that we maximize production, reserves and value of this quality long-life asset for the benefit of all stakeholders whilst also reducing the emissions profile.”
