Afentra today announced the completion of the acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A offshore Angola . This is pursuant to the sale and purchase agreement between Azule Energy Angola Production B.V. and Afentra's wholly-owned subsidiary, Afentra (Angola) Ltd, announced on the 19 July 2023.

• The Azule acquisition increases Afentra's interest in Block 3/05 to 30% and in Block 3/05A to 21.33%
• Payable cash consideration at completion of $28.4million. Initial cash consideration of $48.5m reduced by impact of cash flow adjustments as of the transaction effective date of 1 October 2022
• Company inherits crude oil stock ~480,000 bbls

Financial position at completion:

• Net Debt is expected to be $46.2m
• Crude oil stock of around 840,000 bbls

Production Update

Combined gross production for the first four months of 2024 ending 30 April 2024 for Blocks 3/05 and 3/05A has averaged ~23,000bopd (Net: ~6,800, bopd). The Light Well Intervention programme, commenced by the joint venture during 2023, continues into 2024 with a further 45 interventions planned over two campaigns.

Lifting Update

The Company expects to sell its next cargo of crude oil (~450,000 bbls) in June 2024. 

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