Afentra secures 35% operated interest in Angola's KON4 block

(Alliance News) - Afentra PLC on Wednesday said it has been awarded a 35% operated interest in Angola's onshore KON4 block, after the licence was approved by presidential decree.

The Africa-focused oil and gas company has been awarded the operated interest alongside its local Angolan partners, Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and Sodedurs.

The company said formal signing of the contract is anticipated "at a later date".

Afentra said the award of KON4 strengthens its position in the onshore Kwanza basin, and expands its operated portfolio in the country.

The company noted that the block contains multiple legacy oil fields, and offers field re-development opportunities alongside "overlooked near-field exploration potential".

Afentra added that initial technical and subsurface work gas begun on the block, with the contractor advancing the agreed early-phase work programme.

Shares in Afentra were down 1.4% at 73.10 pence on Wednesday afternoon in London.

"The formal award of KON4 is a significant milestone for Afentra, adding an operated position to our growing onshore Kwanza basin portfolio and reinforcing our commitment to building a material presence in this under-explored but highly prospective basin," said Chief Executive Paul McDade.

"KON4 brings a compelling mix of near-term redevelopment potential - anchored by the Quenguela Norte field - and meaningful exploration upside, supported by favourable fiscal terms and proximity to the Luanda refinery. Together with our non-operated interests in KON15 and KON19, we now hold a well-rounded and complementary position across the basin."

By Christopher Ward, Alliance News reporter

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