Update on the Angolan Acquisitions

Source Company Press Release
Company Afentra plc, INA Group, Sonangol
Tags Country: Angola, M&A: Corporate Deal, Deals, Upstream: Upstream News
Date April 17, 2023

Afentra plc ('Afentra' or the 'Company') provides the following update regarding the previously announced Angolan acquisitions.  

INA Acquisition

Afentra is pleased to announce that having received the necessary approvals from the regulator and contractor group members to the formal transfer documentation ahead of the 17 April 2023 long stop date, we have agreed with INA to proceed to completion whilst we await receipt of outstanding signatures to this documentation. We look forward to updating on final completion settlement payments which we expect to occur in early May.

Sonangol Acquisition Update

Following extensive discussions between ANPG and the Block 3/05 JV partners, an updated proposal has been received from ANPG. This Licence Extension addendum (the "Addendum") is to extend the Block 3/05 PSA from 31 December 2025 to 31 December 2040 with improved fiscal terms that strengthen the economics of the permit, as anticipated in Afentra's Admission Document published on 10 August 2022. The Block 3/05 JV partners are currently reviewing this proposal and we anticipate, upon acceptance, that ANPG, the regulator, can begin the process of obtaining the requisite governmental decree to approve the Addendum.

In accordance with the announcement on 7 March 2023, the Company also confirms that it has extended the long-stop date from 31 March 2023 to 30 June 2023 in order to facilitate completion of the Sonangol transaction.

We look forward to providing shareholders with further updates in due course.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd