Afentra, an upstream oil and gas company, has received approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy.
The acquisition process between Afentra and Azule Energy is in its final stages, with expectations to conclude the deal within the second quarter of 2024.
Notably, the Angolan government has designated the Punja Development Area, located in Block 3/05A, as a marginal discovery.
Paul MacDade, CEO of Afentra, highlighted the significance of the improved fiscal terms for the Punja Discovery, emphasizing the government’s support for investments in the oil and gas sector.
He expressed confidence in working with Sonangol and joint venture partners to maximize production and reserves from both the producing fields in Block 3/05 and the substantial discoveries within Block 3/05A.
This marks Afentra’s third asset acquisition in Angola, with the initiation of the acquisition process dating back to July 2023.
