Afentra PLC on Thursday said that it has received approval from the Government of Angola for its acquisition of two non-operating interests from Azule Energy Angola Production BV.
Afentra is an upstream oil and gas company focused on acquiring mature production and development assets in Africa.
The approval is for a 12% non-operating interest in Block 3/05, and a 16% non-operating interest in Block 3/05A. Both are in Block 23, located in the Lower Congo Basin, offshore Angola.
Afentra is now working with Azule to complete the acquisition, which it expects to happen in the second quarter.
Following a request by the Block 3/05A partnership, the Angolan government has also declared the Punja development area - which is in Block 3/05A - as a marginal discovery, meaning certain fiscal incentives can be applied.
‘The Angolan government’s approval of the Azule Acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets. The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector,’ said Chief Executive Officer Paul McDade.
Shares in Afentra were trading 2.5% higher at 46.00 pence each in London on Thursday afternoon.
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