Afentra will ultimately have a 30% interest in Block 3/05 and a 21.33% stake in Block 3/05A. Credit: wasi1370 from Pixabay.

UK-based Afentra, through its wholly-owned subsidiary Afentra (Angola), has secured approval from the Angolan Government for the acquisition of stakes in two offshore blocks from state-owned oil and gas company Sonangol.

The deal was announced in April 2022. It was later amended and restated in July 2023.

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As per the agreement, which is now schedule for completion by the end of this year, Afentra will acquire a 14% interest in Block 3/05 and a 40% stake in Block 23.

Afentra said it is due to receive government approval for the purchase of additional stakes of 12% in Block 3/05 and 16% in Block 3/05A from Azule Energy Angola Production. This deal is due to be completed in Q4 2023.

Following completion of the two deals, along with existing stakes, Afentra will have a 30% interest in Block 3/05 and a 21.33% stake in Block 3/05A.

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Furthermore, the Government of Angola has formally approved the redistribution of the stakes of China Sonangol International in Block 3/05A.

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Upon completion of the redistribution, Afentra’s current interest in Block 3/05A will be increased from 4% to 5.33%. This stake will be further increased to 21.33% upon the closure of the Azule acquisition.

Afentra CEO Paul McDade said: “The combination of these interests with our current interests in Block 3/05 and 3/05A will provide Afentra with a material equity position in this world-class production asset.

“We continue to work with the operator Sonangol and our joint venture partners to ensure that we maximise the production, reserves and value of this quality long-life asset for the benefit of all stakeholders whilst also reducing the emissions profile.”