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27 May 2024

Afentra Completes Acquisition of Angolan Offshore Blocks

Afentra Completes Acquisition of Angolan Offshore Blocks
Upstream oil and gas company Afentra has finalized the acquisition of non-operating interests in two offshore Angola blocks – Block 3/05 and Block 3/05A – from upstream company Azule Energy.

The transaction, which involved a cash consideration of $28.4 million, has increased Afentra’s stakes in the offshore blocks to 30% in Block 3/05 and 21.33% in Block 3/05A. Additionally, Afentra has inherited approximately 480,000 barrels of crude oil stock as part of the acquisition.

According to Afentra CEO Paul McDade, the acquisition is the final step in the process of acquiring a material equity position in both blocks. He said, “We have now achieved our first goal of having significant exposure to these world-class production and near-term development assets. The next step, working closely with our joint venture partners, is to deliver the full potential of these assets for the benefit of all of our stakeholders while also reducing the carbon footprint of the assets.

For the first four months of 2024, the combined gross production from Blocks 3/05 and 3/05A averaged around 23,000 barrels of oil per day. Moving forward, the company plans to continue its ongoing Light Well Intervention program, aimed at enhancing production efficiency and realizing the full potential of the acquired assets.

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