AGM and Update on Sonangol Acquisition

Source Company Press Release
Company Afentra plc, Sonangol
Tags Corporate: Overview/Strategy, Country: Angola, M&A: Asset Deal, Deals, Upstream: Drilling Activity, Upstream News
Date June 20, 2023

Afentra plc ('Afentra' or the 'Company') provides the following update regarding the previously announced acquisition from  Sonangol ahead of the Annual General Meeting ('AGM') that will be held electronically today at 10:00 am via https://web.lumiagm.com. In addition to the Chairman's Statement, Paul McDade (CEO) will provide a short presentation on the status of the Company; this is available on the Afentra website and can be accessed at this link: https://afentraplc.com/investors/

Update on the Sonangol Acquisition

Subsequent to the approval of the licence extension in May 2023, Sonangol is now pursuing the requisite government approvals for the transaction. Based on the outstanding workstreams and associated timeframes, completion of the transaction is now expected to occur in July 2023 and we are working, together with  Sonangol, to extend the long stop date for this acquisition accordingly.

In addition, the enhanced fiscal terms associated with the Block 3/05 PSA extension have been submitted for the requisite government approvals.

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

Operational Update

As previously announced, recent gross production levels in Block 3/05 have continued to remain stable, averaging approx. 18,900 bbl/d in May 2023. Water injection levels have averaged approx. 39,000 bw/d January through May 2023. Finally, production in Block 3/05A, at the Gazela field, has continued at approx. 1,100 bbl/d.

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