Member Info for Dunijij

A few million quid could go a long way here looking at their options. Maybe Madagascar/Mozambique has caught someone’s eye?

Yep, not bad! Lots of ammo for the tank.

Explains why this has been held down here. Free to climb now.

Wow glad this has been locked-in, brilliant license to pick up for Afentra:

KON4 covers 1,387 sqkm and is situated in a historically productive area of the onshore Kwanza basin, where 11 oil and 2 gas fields have been discovered and over 90 mmboe produced to date. The block features the Quenguela Norte field - the largest onshore discovery in the onshore Kwanza basin to date - estimated to hold over 200 mmbo of discovered oil in place in Tertiary reservoirs. The field achieved peak production of 12,000 bopd, with 46 mmbo recovered before it was shut-in…

This team isn’t hanging about. Multiples likely from here imo and first oil from a new well in only several weeks!! Going to get interesting here

That sounded very confident and clear. Upside here pretty visible imo

Lots to digest. Looks very good!!

75% spread. Trouble in the water here.

Who else nearby us in Angola that we know is also in Paris ;)

https://www.linkedin.com/posts/emiliofaulmata_another-great-episode-with-ian-cloke-from-share-7453151378589458432-260p?utm_source=share&utm_medium=member_ios&rcm=ACoAADW4-0gBm1S81PTei_beHtf-wKi5ebZBLoE

Hmmm could be some potential hete

Reads like it, 100% increase first target to 3p not bad from here

Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days.

- Two-well programme will be financed by Sonangol, with costs recovered from future incremental production revenues from the wells and is therefore not expected to impact the Company's 2026 cash capex.

- Second well in the programme is expected to be the Impala-2 development well.

- Programme targets a potential gross production uplift of ~9,000 bopd and gross recoverable resources of over 100mmbo.

From the below LinkedIn post it looks like the rig is at the Pacassa field already - this team isn’t slowing down.

https://www.linkedin.com/posts/mohamed-elkouly-94652359_grid-borr-drilling-good-morning-angola-activity-7445583426876903425-2Jwy/

Think you’re writing about the first CEO during the turnaround, the Saffer, who did seem a competent pair of hands. But then he was replaced by someone from one of the new investor groups?

What do we know of this new CEO? I can’t find anything on him.

Iran have since denied any talks have taken place and asserting that DJT is simply trying to tame energy prices.

Theatre!

There are 25,000boepd producers now worth >£1bn

Given those production levels aren’t far off in the grand scheme of things, for a capitalised investor able to expedite that, a 2-3 valuation multiple of say £4-500m for Afentra today, is not out of reach of a usual PE exit term of 3-5 years. Let’s see what next week brings!

I think Afentra has its eyes on another significant deal that would at least double production. The RNS mentions being well positioned for further inorganic growth in Angola in addition to the organic growth prospects being pursued. Today’s other announcement involving more Sonangol support suggests to me they are working closely with the Angola state oil company and interests are aligned perfectly.

Expect fireworks either way imo

After completion adjustments, the upfront consideration for the additional ETU interests, given the effective date of the transaction being 31 December 2023, must be much much lower than the $15.2m; anyone have an estimate for what it will be?

Nicely.

Afentra on course. Organic growth ahead, lower debt repayment needs, but still greatly more cash at elevated prices.

Still expecting left field inorganic news at some point.

The impact of these high oil prices (they are likely going higher) must be very positive for the consideration that must be paid on completion of the Etu deal given the effective date was end of 2023. Must be almost free at current levels?

Big oil moves. AET to announce ETU deal soon. Increasingly strong here as work nears to increase production.

In this climate I imagine financing options for Afentra are looking very nice for extending their debt facilities.

Throw in a left field acquisition of a producing asset now and this won’t stay under a £200m cap for much longer.