Afentra PLC - Africa-focused energy company - Receives approval from the Angolan Ministry of Mineral Resources, Oil and Gas to acquire 4% interest in Block30/5 and Block3/05A offshore Angola from INA-Industrija DD. Says it is finalising details with INA towards formal completion of acquisition. Also confirms it agrees with Sonangol to extend long-stop date to March 31 from December 31.
‘The receipt of approval from the Ministry of Mineral Resources, Oil and Gas for the INA acquisition is a key step in this process and we now look forward to completing the acquisition in the coming weeks,’ says Chief Executive Officer Paul McDade. ‘It will mark our entry into Angola and the first of two highly complementary acquisitions that will provide Afentra with a strong growth platform, underpinned by robust cash flow and significant potential to deliver upside value.’
‘It will also mark the inception of our partnership with Sonangol in Blocks 3/05 and 3/05A where we intend to work closely with Sonangol to optimise production and to extend the life of this quality, long-life asset.’
Current stock price: 27.30 pence, up 8.4% in London on Thursday afternoon
12-month change: up 88%
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