Afentra PLC Participation in Angolan Onshore Bid Round (4917A)
January 22 2024 - 6:56AM
UK Regulatory
TIDMAET
RNS Number : 4917A
Afentra PLC
22 January 2024
22 January 2024
AFENTRA P L C
Participation in Angolan Onshore Bid Round
Afentra plc ('Afentra' or the 'Company') (AIM: AET) the upstream
oil and gas company focused on acquiring production and development
assets in Africa, submitted an application for two blocks in
Angola's 2023 onshore bid round and has today been informed that it
has been selected as preferred bidder for both blocks.
As part of the 2023 Public Tender process launched by ANPG,
Afentra submit ted bids for Blocks KON15 (1,000 Sqkm) and KON19
(900 Sqkm) located in the Kwanza onshore Basin as a non-operating
partner.
The onshore Kwanza basin, covering 25,000 Sqkm is an
under-exploited, over-looked proven hydrocarbon basin and has
numerous oil fields and discoveries dating back to 1955. The basin
produced over 15,000 bopd in the 1960's and 1970's from post-salt
traps. Onshore activity declined and ceased during the instability
of the Angolan civil war after which the focus moved to offshore
oil field development.
Both KON15 and KON19 blocks were high-graded by Afentra as they
have good signs of a working petroleum system and contain wells
that were drilled on salt structures with light oil recovered to
surface in one and oil shows in others from post and pre-salt
reservoirs. There is limited 2D Seismic data. The blocks are
adjacent to both legacy oil fields that are currently being
appraised for potential re-development and existing infrastructure
allowing rapid commercialisation.
Afentra have been chosen as a non-operated preferred bidder for
these two blocks and will now engage with the respective Operators
of Kon 15, Sonangol P&P(1) , and Kon19, ACREP(2) , to discuss
the engagement with the relevant authorities to negotiate the
license terms.
Kon 15 Kon 19
Status Name Interest Name Interest
---------- --------- -------- ---------
Operator Sonangol 40% ACREP 45%
---------- --------- -------- ---------
Non-Operator Afentra 45% Afentra 45%
---------- --------- -------- ---------
15% Enagol 10%
------------------------- --------- -------- ---------
Commenting on the update, CEO Paul McDade said:
"Afentra continues to demonstrate its commitment to the Angolan
industry through our participation in this process and this
commitment has been rewarded by being selected as preferred bidder
for our preferred blocks. We will now work with the selected
Operators, Sonangol P&P in Kon15, and ACREP in Kon19, to
successfully negotiate these new licenses with ANPG. We look
forward to continue to play a meaningful role in the development of
Angola's resource potential for the benefit of the country and its
people. These licenses would expand Afentra's footprint in this
attractive market and further diversify the portfolio with low-cost
onshore blocks with significant potential that would complement our
existing offshore portfolio which is principally focused on low
cost, long-life stable production and low-risk development assets.
We look forward to providing further details regarding this bid
round in due course"
(1) Sonangol P&P is the operating company within Sonangol
E-P, the national oil & gas company of Angola. Afentra
currently work with Sonangol P&P in Blocks 3/05,3/05A and 23
where they also operate.
(2) ACREP, who will act as Operator in the event of a successful
application, is an independent Angolan oil and gas company and
currently operates low cost onshore production assets.
For further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Buchanan (Financial PR) +44 (0)20 7466 5000
Ben Romney
Barry Archer
George Pope
Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20
7418 8900
Richard Crichton
David McKeown
Georgia Langoulant
Tennyson Securities (Joint Broker) +44 (0)20 7186 9033
Peter Krens
About Afentra
Afentra plc (AIM:AET) is an upstream oil and gas company focused
on opportunities in Africa. The Company's purpose is to support a
responsible energy transition in Africa by establishing itself as a
credible partner for divesting IOCs and Host Governments. Afentra
has 4% non-operated interests in the producing Block 3/05 and
adjacent development Block 3/05A offshore Angola in the Lower Congo
Basin. Afentra has a current carried interest in the Odewayne Block
onshore southwestern Somaliland.
Inside Information
This announcement contains inside information for the purposes
of article 7 of Regulation 2014/596/EU (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018) ('UK MAR'). Upon publication of this announcement, this
inside information (as defined in UK MAR) is now considered to be
in the public domain. For the purposes of UK MAR, the person
responsible for arranging for the release of this announcement on
behalf of Afentra is Paul McDade, Chief Executive Officer.
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END
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