Afentra to finalise Angolan acquisition in "coming weeks"

(Alliance News) - Afentra PLC on Wednesday announced that it has received approval from the Angolan competition authority for the partial acquisition of two offshore sites.

In July 2023, the London-based upstream Africa-focused oil and gas company made a deal to acquire 12% and 16% non-operating interests in blocks 3/05 and 3/05A from Azule Energy Angola Production BV.

Chief Executive Officer Paul McDade said: "The strong performance of the Block 3/05 and 3/05A assets has continued into 2024 and highlights the significant upside potential of these assets. We expect the Angolan government's approval of the Azule Acquisition to be given in the coming weeks, and this will enable us to proceed with the completion of our third transaction in the country, providing Afentra with meaningful exposure to both of these quality assets."

In addition to this the Angolan oil and gas regulator ANPG declared Affentra as the preferred bidder for a 45% non-operating interest in two onshore sites. The company is now reviewing the licence documentation which will be negotiated over the coming months.

Shares in Afentra were up 4.7% to 40.00 pence per share at market close in London on Wednesday.

By Elijah Dale, Alliance News reporter

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