Afentra PLC Acquisition Update (8764H)
April 11 2022 - 1:01AM
UK Regulatory
TIDMAET
RNS Number : 8764H
Afentra PLC
11 April 2022
11 April 2022
AFENTRA PLC - Acquisition Update
Afentra selected as preferred bidder; shares remain
suspended
Afentra plc ('Afentra' or the 'Company') confirms that Sonangol
E.P ('Sonangol') (1) has announced that Afentra has been selected
as preferred bidder to purchase interests in Block 3/05 and Block
23 (the "Acquisition"). This follows the announcements on 8 October
2021 and 3 February 2022 that the Company had submitted a
non-binding expression of interest for the two blocks which
resulted in the subsequent suspension of Afentra shares.
During the first quarter of 2022, Afentra has continued to
progress the Sale & Purchase Agreement (SPA) negotiations with
Sonangol and are pleased to now be selected as preferred bidder for
both blocks. The next steps will involve finalising the SPA and
completing the final due diligence required on the Acquisition.
There is, however, no guarantee at this stage that an agreement
between the two companies will be reached.
If Afentra ultimately proceeds with the Acquisition, it would be
classified as a reverse takeover transaction in accordance with
Rule 14 of the AIM Rules for Companies. Trading in Afentra shares
will remain suspended until either the publication of an AIM
admission document, or until confirmation is given that Afentra's
participation in the bid process has ceased.
The Company will make further announcements as appropriate.
Notes:
(1) In June 2021 Sonangol, Angola's national oil company,
initiated an asset sales process to divest some of its interests in
eight blocks across its portfolio. Afentra submitted a non-binding
expression of interest on 20 September 2021 and on 7 October 2021
was announced as one of six bidders on Block 03/05 and one of two
on Block 23.
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
Jon Krinks
James Husband
Peel Hunt LLP (Nominated Advisor 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 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 a current carried
interest in the Odewayne Block onshore southwestern Somaliland.
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END
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