Afentra completes Azule acquisition offshore Angola

Afentra has completed the Azule acquisition offshore Angola with a 12% non-operating interest in Block 3/05, and 16% non-operating interest in Block 3/05A

This increases Afentra's interest in Block 3/05 to 30%, and that in Block 3/05A to 21.33%.

Well on schedule post government approval, this is a major development for the company since the sale and purchase agreement between Azule Energy Angola Production B.V. and Afentra (Angola) Ltd was announced last year on 19 July.

The acquisition makes Afentra the owner of a total 480,000 bbls of crude oil stock. 

Combined gross production for the first four months of 2024 has averaged 23,000bopd (Net: ~6,800, bopd).

With 45 interventions planned over two campaigns, Afentra will continue its light well intervention programme that began during 2023, continues into 2024. 

The next sale of crude oil cargo (~450,000 bbls) is planned in June.

Focus on production optimisation

Afentra CEO Paul McDade, who has always appreciated the investment environment of Angola, said, “The completion of the Azule Acquisition is the final step in the complex process of acquiring a material equity position in both Block 3/05 (30%) and Block 3/05A (21.33%) through three separate transactions. We have now achieved our first goal of having significant exposure to these world-class production and near-term development assets. The next step, working closely with our Joint Venture partners, is to deliver the full potential of these assets for the benefit of all of our stakeholders while also reducing the carbon footprint of the assets. As with the previous two transactions the acquisition structure ensures that Afentra benefits from the net cash flow from the assets while working through the completion process, significantly reducing the cash payment at completion. I would like to thank Azule, ANPG and all the other parties involved for their pragmatism and support through this complex process. The Block 3/05 asset continues to perform strongly following the successful implementation of an ongoing work programme designed to optimise production from the existing wells. The completion of this transaction presents a strong growth platform for Afentra to capitalise on further compelling opportunities in Angola as well as in target markets in West Africa as we seek to build Afentra into a leading African focused independent.”