TIDMAET
RNS Number : 5393X
Afrenta PLC
05 May 2021
05 May 2021
Corporate Update - Launch of Afentra Plc ("Afentra")
Launch of Afentra offers new opportunities for the energy
transition in Africa
Afentra plc (AIM: AET), the upstream operator focused on
opportunities in Africa, has been launched with a clear mandate to
look at opportunities to invest in the energy transition in Africa.
Spearheaded by CEO Paul McDade, the foundations have been laid with
the development of a comprehensive corporate strategy and
appointment of team members including a new CFO that can deliver
against this new vision.
African Energy Transition (Afentra)
The name Afentra, which stands for African Energy Transition,
reflects the Company's strategic imperative of capitalising on
opportunities resulting from the accelerating energy transition on
the African continent. Afentra has been established to support
sustainable change in the African energy industry, in a sector that
needs further responsible, well managed, independent operators.
The global energy transition is being driven by political,
corporate and civil society in pursuit of the goals set by the
international community to decarbonise. The energy industry is
seeing Oil and Gas majors recalibrate their strategies and business
models to a lower carbon energy portfolio. A significant divestment
cycle of legacy assets is expected in Africa similar to the
industry transition that occurred in both the Gulf of Mexico and
the North Sea generating a compelling market dynamic for agile and
innovative consolidators.
As the global energy transition progresses, hydrocarbons will
continue to play a critical role in future energy and economic
systems. Responsible supplies of oil and gas will be a necessary
part of a transition to a lower carbon world. Natural resources are
central to the economic and social development of the continent and
will require continued access to capital. To access capital
markets, Afentra will need to address stakeholders' ESG focus as a
central part of its business risk and opportunity management.
Afentra has embedded ESG into its operating model with the
imperative to reduce energy-related emissions, whilst also
protecting the positive socio-economic impact of oil and gas
revenues.
Strategy Update
Afentra's growth strategy is to achieve scale through
implementation of a buy and build model - positioning itself as a
trusted partner of divesting IOCs and host governments to build a
portfolio of assets that progress the growth strategy. The Company
is specifically targeting producing assets and discovered resources
in Africa where the team has existing knowledge, experience and
network. The Company is focusing on operated positions but will
also consider non-operated positions alongside credible operators
with shared standards. Target assets must be value accretive,
adding potential for robust cash flow and proven reserves.
Once acquired, the Company intends to leverage its deep
operating capabilities to increase efficiencies, enhance
production, reduce operating costs and improve environmental
performance. Afentra's overall aim is to support the energy
transition in Africa by responsibly realising the full potential of
assets for the benefit of all stakeholders.
Afentra has assembled a strong team with an established network
with IOCs and Host Governments, a proven track record for business
delivery and high operating standards. The team is actively
screening a pipeline of opportunities, consistent with the strategy
and aims to announce a transaction within the next 12 months.
CFO Appointment
The Company also announces the appointment of Anastasia Deulina
as Chief Financial Officer and to the Board of Directors of the
Company. Anastasia joins from Tullow Oil where she was Group Head
of Strategy, Planning and M&A. She brings over 20 years'
experience working in the energy sector within global investment
banks, private equity and corporates, and adds extensive expertise
in strategy development, M&A, deal origination, structuring and
execution, and business transformation and growth.
Anastasia's appointment completes the assembly of an experienced
executive management team with diverse and complementary skillsets
capable of delivering Afentra's growth strategy.
New Website and Investor Presentation
For further details on Afentra please visit the new corporate
website https://afentraplc.com/ which also includes a new investor
presentation
https://afentraplc.com/wp-content/uploads/2021/05/Afentra_IP_FINAL.pdf
Commenting on the launch of Afentra, CEO Paul McDade said:
"We have formed Afentra to capitalise on a compelling market
dynamic and see a clear role for our Company to support a
responsible and sustainable energy transition in Africa that serves
the purposes of all stakeholders. We have embedded an ESG agenda
into the core fabric of the business and see those objectives as
absolutely central to our growth strategy. The impact of a poorly
managed energy transition on the socio-economic wellbeing of many
countries on the continent is not currently part of the global
climate change narrative. Through our approach and operating model,
we hope to highlight the importance of credible operators like
Afentra in ensuring a smooth transition that continues to support
the socio-economic development of host countries.
We have ambitious growth plans and look forward to engaging with
the various counterparties on the target opportunities. Afentra has
a strong balance sheet, supportive shareholder base, experienced
and motivated leadership team, and a strategy that is tailored to
the present and future outlook for this industry. We believe that
the value accretive buy and build model coupled with our unwavering
commitment to ESG fits with the progressive agenda that investors
increasingly expect in terms of ensuring solid shareholder returns
alongside a positive broader stakeholder impact. We look forward to
updating the market on our progress."
Regulatory
The following information is disclosed in respect of Anastasia
Deulina (age 47) pursuant to Schedule 2(g) of the AIM Rules for
Companies:
Current Directorships: Past Directorships (within the last
5 years):
Ruby Murex Ltd n/a
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7 Montagu Square Limited
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Anastasia Deulina does not hold any ordinary shares nor options
over ordinary shares in the Company. There is no further
information which is required to be disclosed under Schedule Two,
paragraph (g) of the AIM Rules for Companies in respect of
Anastasia Deulina
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
Chris Judd
James Husband
Peel Hunt LLP (Nominated Adviser and Joint Broker) +44 (0)20
7418 8900
Richard Crichton
David McKeown
Tennyson Securities (Joint Broker) +44 (0)20 7186 9033
Peter Krens
About Afentra
Afentra plc (AIM:AET) is an upstream operator 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 a current carried interest in the Odewayne Block onshore
southwestern Somaliland.
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