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Thursday, May 11, 2023
Afentra has announced completion of the acquisition from Croatian firm INA-Industrija d.d. of a 4% interest in Block 3/05 and 4% interest in Block 3/05A offshore Angola and has agreed to terms with Angolan state regulator ANPG for a license extension for Block 3/05 which paves the way for Sonangol to seek approvals for an Afentra acquisition.
The deal with INA is pursuant to a sale and purchase agreement between and Afentra’s wholly owned subsidiary, Afentra (Angola) Ltd from July 2022. This acquisition marks Afentra’s entry into Angola where Afentra says it is well positioned to build a material production business and contribute to a responsible energy transition for the country.
Regarding the Sonangol acquisition, the Block 3/05 JV partners and ANPG, the Angolan Oil & Gas regulator, have agreed to the terms of the Block 3/05 license extension, extending the production sharing agreement from July 2025 to December 2040 with improved fiscal terms that strengthen the economics of the permit. ANPG will now begin the process of obtaining the requisite governmental approvals for the license extension.
The agreement between ANPG and the JV partners of the terms for the license extension, which is a Condition Precedent to the Sonangol acquisition, now allows Sonangol, as seller, to start the process of obtaining the requisite government approvals for the Sonangol transaction. Afentra says it remains on track to complete by June 30, 2023.
Commenting on the update, CEO Paul McDade said: “We are very pleased to complete the INA Acquisition and we would like to thank all involved, especially our shareholders, for their continued patience and support. The indicative transaction metrics upon sale of crude inventories speak to the competitiveness with which we have been able to structure this deal and we are pleased to mark the inception of our partnership with Sonangol in Blocks 3/05 and 3/05A. It is also highly encouraging that the terms for the Block 3/05 license extension award have been agreed; this represents a major step towards completion of the Sonangol transaction within our previously guided timeline. We now look forward to working with the partnership to enhance production and reserves to a level that reflects the potential of this very material asset.”
For the full announcement with further terms and operational status on the acquisitions, see the company’s release here.
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