Afentra PLC on Tuesday confirmed it is in discussions to acquire stakes in two offshore Angolan oil blocks from Etu Energias SA but cautioned that there is no ‘certainty’ a deal will be reached.
The London-based mining firm focused on African oil and gas said it is in talks - alongside one of its joint venture partners that remained unnamed - to buy a 10% interest in Block 3/05 and around a 14% interest in Block 3/05A from Etu.
Afentra stressed that the deal remains subject to customary closing conditions, including regulatory and government approvals, and that it would use its existing cash resources to fund the transaction if it proceeds.
The confirmation follows a media report from African Intelligence saying Afentra and fellow oil company Kariya Energy are vying for Etu’s assets.
Afentra noted that it continues to work with Sonangol, the state-owned operator of Blocks 3/05 and 3/05A, and other partners on a redevelopment plan aimed at boosting production and reserves.
‘We are pleased with the collaborative progress being made alongside Sonangol as operator and remain focused on supporting the joint efforts to unlock further value from these assets,’ Afentra said.
Shares in Afentra were up 5.8% at 41.90 pence in London on Tuesday afternoon.
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