25 April 2024
AFENTRA
PLC
Government Approval of Azule
Acquisition
Afentra plc ('Afentra' or the
'Company') (AIM: AET), the upstream oil and gas company focused on
acquiring production and development assets in Africa, provides the
following update regarding the previously announced Angolan
acquisition.
Government Approval of Azule Acquisition
Afentra is pleased to announce that
it has received approval from the Government of Angola for the
previously announced acquisition of a 12% non-operating interest in
Block 3/05 and a 16% non-operating interest in Block 3/05A from
Azule Energy Angola Production B.V. ('Azule') (the 'Azule
Acquisition'), pursuant to a sale and purchase agreement between
Azule and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd,
dated 19 July 2023.
The Company is now working with
Azule to finalise the formal completion of the Azule Acquisition
which is anticipated to occur within Q2 2024 as previously
announced. At that time, we will provide an update on the deal
completion including the asset cashflow from the 1 October 2022
effective date.
Punja Discovery Block 3/05A - Enhanced Fiscal
Terms
Following a request by the Block
3/05A partnership the Government of Angola have declared the Punja
Development Area located in Block 3/05A, as a marginal discovery.
As a result, the applicable fiscal incentives will be applied to
this discovery, significantly enhancing the commercial value of
this potential development.
Commenting on the update, CEO Paul McDade
said:
"The Angolan government's approval
of the Azule Acquisition allows us to proceed with the completion
of our third transaction in Angola providing Afentra a material
equity position in these world-class assets. The improved fiscal
terms for the Punja Discovery is another clear indication of the
support given by the Government of Angola to parties willing to
invest in their oil and gas sector. This further encourages us to
continue to work with Sonangol and our joint venture partners to
grow production and reserves as we develop the vast potential of
both the producing fields in Block 3/05 and the significant
discoveries within Block 3/05A."
For
further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Buchanan (Financial PR) +44 (0)20 7466 5000
Ben Romney
Barry Archer
George Pope
Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20
7418 8900
Richard Crichton
David McKeown
Georgia Langoulant
Tennyson Securities (Joint Broker) +44 (0)20 7186
9033
Peter Krens
About Afentra
Afentra plc (AIM:AET) is an upstream
oil and gas company focused on opportunities in Africa. The
Company's purpose is to support a responsible energy transition in
Africa by establishing itself as a credible partner for divesting
IOCs and Host Governments. Afentra has an
18% non-operated interest in the producing Block 3/05 and a 5.33%
non-operated interest in the adjacent development Block 3/05A and a
40% non-operating interest in the exploration Block 23, all
offshore Angola in the Lower Congo Basin. Afentra has a current carried interest in the Odewayne Block
onshore southwestern Somaliland.
Inside Information
This announcement contains inside
information for the purposes of article 7 of Regulation 2014/596/EU
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) and as subsequently amended by the Financial
Services Act 2021 ('UK MAR'). Upon publication of this
announcement, this inside information (as defined in UK MAR) is now
considered to be in the public domain. For the purposes of UK MAR,
the person responsible for arranging for the release of this
announcement on behalf of Afentra is Paul McDade, Chief Executive
Officer.