20th Jun 2023 13:44
Afentra PLC - Africa-focused energy company - Says Angolan oil and gas company Sonangol is now pursuing requisite government approvals for the acquisition of its Block 3/05 and Block 3/05A offshore Angola.
This comes after Afentra acquired a 4.0% interest in Block 3/05 and Block 3/05A from INA-Industrija DD in May. The Block 3/05 joint-venture partners and the Angolan oil and gas regulator had agreed to the terms of a licence extension for Block 3/05, which extends its production sharing agreement to December 2040. This is part of an agreement with Sonangol, after purchasing a 20% stake in Block 3/05 from it in April last year. Says the transaction is now expected to be completed in July 2023.
Adds recent gross production levels in Block 3/05 have continued to remain stable, averaging around 18,900 barrels per day in May, while water injection levels have averaged approximately 39,000 barrels of water per day from January to May. Production in Block 3/05A has continued at approximately 1,100 bbl per day.
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By Sabrina Penty, Alliance News reporter
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