Afentra PLC - upstream oil and gas company focused on acquiring mature production and development assets in Africa - Announces selection as preferred bidder for two blocks in Angola, having submitted an application in the 2023 onshore bid round. Blocks KON15 and KON19 are located in the Kwanza Basin, "an under-exploited, over-looked proven hydrocarbon basin [with] numerous oil fields and discoveries dating back to 1955." Afentra says blocks are high-graded due to "good signs of a working petroleum system". Will now engage with the blocks' operators to discuss negotiations with relevant authorities.
Chief Executive Officer Paul McDade says: "Afentra continues to demonstrate its commitment to the Angolan industry through our participation in this process and this commitment has been rewarded by being selected as preferred bidder for our preferred blocks...These licenses would expand Afentra's footprint in this attractive market and further diversify the portfolio with low-cost onshore blocks with significant potential that would complement our existing offshore portfolio which is principally focused on low cost, long-life stable production and low-risk development assets."
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By Emma Curzon, Alliance News reporter
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Afentra Plc. (AET)