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Thursday, May 18, 2023
Afentra has confirmed that an Executive Decree from Angolan authorities to formally approve the period of its Block 3/05 license extension was granted. The Decree extends the production sharing agreement to December 2040, and has been published in the Diário da República.
The recent agreement between the Block 3/05 JV partners and the Angolan Oil & Gas regulator ANPG on the license extension terms will now allow these improved fiscal terms associated with the extension to be progressed towards formal approval.
Afentra is in the process of acquiring the Sonangol stake in Block 3/05. 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 . On May 10 Afentra reported that the JV partners and ANPG had agreed to the terms of the Block 3/05 license extension which originally was set to expire in July 2025.
Approval of the license extension term satisfies a key condition precedent under the Sonangol Sale and Purchase Agreement. Sonangol, as seller, is now in the process of obtaining the requisite government approvals for the transaction, the key outstanding condition precedent. Afentra states it remains on track to be completed by June 30, 2023.
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