The Government of Angola has granted approval to Afentra for its acquisition of a 12% non-operating stake in Block 3/05 and a 16% non-operating stake in Block 3/05A from Azule Energy Angola Production B.V. (‘Azule’). Afentra’s wholly-owned subsidiary, Afentra (Angola) Ltd., entered into a sale and purchase agreement with Azule on July 19, 2023, facilitating the Azule acquisition.
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 cash flow from the October 1, 2022, effective date.
Following a request by the Block 3/05A partnership, the Government of Angola has declared the Punja Development Area located in Block 3/05A 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.
The approval by the Angolan government of the Azule Acquisition enables Afentra to advance towards finalizing its third transaction in Angola, granting the company a significant equity stake in these top-tier assets. The enhanced fiscal terms for the Punja Discovery further demonstrate the Angolan government’s support for entities that demonstrate a commitment to investing in the country’s oil and gas sector.
Their ongoing collaboration with Sonangol and joint venture partners drives their determination to enhance production and reserves while unlocking the immense potential of the producing fields in Block 3/05 and the substantial discoveries within Block 3/05A.
