Afentra PLC

A Leap Towards a Robust Portfolio or a Risky Gamble?

By Alex Langton | 9 November 2023

Afentra, an oil and gas entity with strategic interests in Africa, has secured the Angolan government's nod for its purchase of stakes from the state-owned oil company Sonangol. This green light facilitates Afentra's acquisition of a 14% slice in Block 3/05 and a 40% share in Block 23, positioning the company for a more substantial offshore presence in Angola. The deal, routed through Afentra's subsidiary, was initially penned in April last year and underwent revisions in mid-July this year.

Afentra is now on the cusp of cementing this transaction, with expectations set on a Q4 2023 timeline for formalization. Concurrently, the company awaits governmental clearance for another set of acquisitions from Azule Energy Angola Production B.V., bolstering its interests to 30% in Block 3/05 and 21.33% in Block 3/05A. This expansion is projected to amplify Afentra's daily production by approximately 6,000 barrels of oil.