Petroleum Africa
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Wednesday, August 10, 2022
Afentra plc announced that further to the announcement made on 28 April 2022 regarding the proposed acquisition of interests in Block 3/05 and Block 23 from Sonangol Pesquisa e Produço S.A., an Admission Document in relation to the Acquisition and Notice of General Meeting to approve the Acquisition will be posted to shareholders today and is available to download from the Company’s website.
Following the publication of the Admission Document, the Company anticipates that the suspension of the trading in the Company’s shares will be lifted and that trading in the Company’s Ordinary Shares will recommence at 8.00am BST this morning.
The General Meeting will be held electronically on https://web.lumiagm.com/ at 2pm on 30th August 2022.
The Sonangol deal completion is expected in Q4 post Block 3/05 license extension and Government approvals. Admission of the enlarged group to trading on AIM is also expected in Q4.
Commenting on the update, CEO Paul McDade said: “We are very pleased to have Afentra’s shares re-admitted to trading after the lengthy suspension period associated with the RTO process. We are emerging from suspension with two complementary transactions that provide a strong growth platform underpinned by robust cash flow and significant upside value.
“Since launching just over a year ago, Afentra has been focused on establishing a profile as a credible and responsible independent oil and gas company with a clear vision to support an effective and just energy transition in Africa. In parallel we have been actively screening opportunities against the strict criteria we established at the outset in terms of asset type, geography and valuation metrics. To support our business development activities, we have also engaged in preliminary discussions with both debt and equity capital markets to ensure we have supportive investors for the deals we bring to market. These transactions are the culmination of all of those aspects and we look forward to demonstrating the value accretive nature as we complete them both in the coming months.
“The market drivers that support Afentra’s purpose and long-term growth strategy remain compelling, despite the current impact of a volatile commodity price environment, and we remain highly active and disciplined in our assessment of the opportunity landscape. We view these inaugural deals in Angola as the early building blocks in our long-term growth ambitions and look forward to rewarding our shareholders for their trust and patience.”
For more information view the full release here.
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