Afentra expects its deals with Ina to be approved by the Angolan government in the second half of this year
Afentra continues Angola expansion
The London-listed independent has bought two more stakes in Angolan blocks
London-listed Afentra has signed SPAs with Croatia’s Ina to acquire a 4pc stake in block 3/05 and a 5.33pc stake in block 3/05A in Angola. The deal “provides additional exposure to proven assets with significant upside”, says Afentra CEO Paul McDade. The firm has explicitly linked this latest deal to its acquisitions from Sonangol earlier in the year, which included buying 20pc of block 3/05 from the state-owned oil company. Afentra now owns 24pc of the block, which it describes as “a mature, shallow-water production asset with material upside” in the Lower Congo basin. The UK independent has agreed to pay Ina an initial $9mn for its new stake in block 3/05, plus an additional $10mn once the
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