10th Aug 2022 14:31
Afentra PLC - upstream operator in Africa with carried interest in Odewayne block onshore southwestern Somaliland - Calls general meeting for August 30 for shareholders to vote on proposed acquisitions of oil assets offshore Angola from Sonangol Pesquisa e Produco SA. The purchase of blocks 3/05 and 23 from Sonangol was first announced back in April. Afentra will pay USD80 million, plus up to USD51 million in contingent consideration. Block 3/05 has net proven and probable reserves of about 20 million barrels, while Block 23 is a prospective deepwater exploration opportunity. Afentra expects to complete the Sonangol deal in the fourth quarter, subject to Angolan government approval. "We view these inaugural deals in Angola as the early building blocks in our long-term growth ambitions and look forward to rewarding our shareholders for their trust and patience," Chief Executive Officer Paul McDade says.
Current stock price: 24.25 pence, up 67% on Wednesday after share suspension lifted.
12-month change: down 98%
By Tom Waite; [email protected]
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