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Wednesday, April 19, 2023
Afentra announced that having received the necessary approvals from the regulator and contractor group members to the formal transfer documentation ahead of the April 17 long stop date, the company has agreed with INA to proceed to completion while awaiting receipt of outstanding signatures to this documentation and expects to provide an update on final completion settlement payments in early May.
Sonangol Acquisition Update
Following extensive discussions between ANPG and the Block 3/05 JV partners, an updated proposal has been received from ANPG. This License Extension addendum is to extend the Block 3/05 PSA from December 31, 2025 to December 31, 2040 with improved fiscal terms that strengthen the economics of the permit, as anticipated in Afentra’s Admission Document published in August 2022. The Block 3/05 JV partners are currently reviewing this proposal and anticipate, upon acceptance, that ANPG, the regulator, can begin the process of obtaining the requisite governmental decree to approve the Addendum.
In accordance with the announcement on March 7, 2023, the company also confirms that it has extended the long-stop date from March 31, 2023 to June 30, 2023 in order to facilitate completion of the Sonangol transaction.
On April 28, 2022, Afentra announced that its wholly-owned subsidiary, Afentra (Angola) Ltd, had signed a sale and purchase agreement with Sonangol for non-operating interests in Block 3/05 and Block 23, offshore Angola. In July 2022, it signed an SPA with INA – to purchase interests in Block 3/05 and Block 3/05A, also offshore Angola.
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