10th May 2023 15:05
Afentra PLC - Africa-focused energy company - Acquires a 4.0% interest in Block 3/05 and 4% in Block 3/05A, offshore Angola, from INA-Industrija DD.
Says acquisition is for USD17.0 million, plus a USD10.0 million deposit. The net upfront consideration will be funded by GBP18.9 million from the agreed reserve based lending and USD8.1 million from cash resources.
Block 3/05 and Block 3/05A are owned by Angolan oil and gas company Sonangol.
Adds that Block 3/05 joint-venture partners and the Angolan oil and gas regulator have agreed to the terms of a licence extension for Block 3/05, which extends its production sharing agreement to December 2040. Adds this is part of an agreement with Sonangol, after purchasing a 20% stake in Block 3/05 from it in April last year.
Chief Executive Officer Paul McDade says: "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."
By Sabrina Penty; Alliance News reporter
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Afentra Plc.