Afentra’s acquisition of stakes in offshore Blocks 3/05 and 3/05A from INA-Industrija, a Croatian multinational oil company, have been approved by Angola’s Ministry of Mineral Resources, Petroleum and Gas, following the signing of the sales and purchase agreement last July.
According to the agreement, Afentra will assume a four percent interest in each of the respective blocks, working in partnership with national oil company Sonangol to maximize output and extend the lifespan of the assets.
“We now look forward to completing the acquisition in the coming weeks,” stated Paul McDade, CEO of Afentra. “It will mark our entry into Angola and the first of two highly complementary acquisitions that will provide Afentra with a strong growth platform, underpinned by robust cash flow and significant potential to deliver upside value.”
London-listed Afentra is an independent oil and gas company focused on the African energy transition and made its Angola debut with an $80-million sales and purchase agreement signed last May with Sonangol, for stakes in Blocks 3/05 and 23.
