Afentra continuing farm-in negotiations offshore Angola

Dec. 14, 2022

Afentra Plc aims to complete a transaction with Sonangol for interests in two blocks offshore Angola during first-quarter 2023.

Offshore staff

Development history of Block 3/05 & 3/05A. (Source: Afentra Plc's FOLLOW ON ACQUISITION OF ADDITIONAL INTEREST IN ANGOLA, July 2022 presentation)

LONDON —Afentra (Angola) aims to complete a transaction with Sonangol for interests in two blocks offshore Angola during first-quarter 2023.

Earlier this year, Afentra signed a sale and purchase agreement with Sonangol Pesquisa e Producao S.A. (Sonangol) to acquire 20% of Block 3/05 and 40% of Block 23. The transaction remains subject to government approvals and granting of an extension of the Block 3/05 production sharing agreement (PSA) until at least Dec. 31, 2040.

In July, Afentra (Angola) also signed a PSA with INA - Industrija Nafte to take a 4% interest in Block 3/05 and up to 5.33% of offshore Block 3/05A. This deal too should clear early next year.

The two sets of interests in Block 3/05 would give Afentra about 4,600 bbl/d net production, based on performance for the first nine months of this year.