AIM listed Afentra, the upstream oil and gas company focused on acquiring production and development assets in Africa, provides the following update regarding the previously announced Angolan acquisition.

Government Approval of Azule Acquisition

Afentra has received approval from the Government of Angola for the previously announced acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production B.V. ('Azule'), pursuant to a sale and purchase agreement between Azule and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd, dated 19 July 2023.

The Company is now working with Azule to finalise the formal completion of the Azule Acquisition which is anticipated to occur within Q2 2024 as previously announced. At that time, we will provide an update on the deal completion including the asset cashflow from the 1 October 2022 effective date.

Punja Discovery Block 3/05A - Enhanced Fiscal Terms

Following a request by the Block 3/05A partnership the Government of Angola have declared the Punja Development Area located in Block 3/05A, as a marginal discovery. As a result, the applicable fiscal incentives will be applied to this discovery, significantly enhancing the commercial value of this potential development.

Commenting on the update, CEO Paul McDade said:
"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. This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A."

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