Afentra has completed the acquisition of a 12% and 16% non-operating interest in blocks 3/05 and 3/05A, respectively, offshore Angola from Azule Energy.
The sale and purchase agreement (SPA) between Afentra’s subsidiary Afentra (Angola) and Azule Energy Angola Production was signed in 2023.
The acquisition has increased Afentra’s stakes in the offshore blocks, bringing its interest in Block 3/05 to 30% and in Block 3/05A to 21.33%.
The transaction involved a cash consideration of $28.4m at completion, adjusted from an initial $48.5m due to cash flow changes since the effective date of 1 October 2022.
In addition to the increased interests, Afentra has inherited approximately 480,000 barrels of crude oil stock.
What do you think?
The successful financing close is an acknowledgment of the project’s potential to positively impact the environment and contribute to a sustainable future. The support of investors and stakeholders is a resounding endorsement of the company’s vision and dedication to creating a better future for generations to come.