Afentra has provided an update regarding the previously announced acquisition from Sonangol ahead of the annual general meeting
In addition to the chairman's statement, Paul McDade (CEO) will provide a short presentation on the status of the company; this is available on the Afentra website and can be accessed at this link: https://afentraplc.com/investors/
Update on the Sonangol acquisition
Subsequent to the approval of the licence extension in May, Sonangol is now pursuing the requisite government approvals for the transaction. Based on the outstanding workstreams and associated timeframes, completion of the transaction is now expected to occur in July and the company is working, together with Sonangol, to extend the long stop date for this acquisition accordingly.
In addition, the enhanced fiscal terms associated with the Block 3/05 PSA extension have been submitted for the requisite government approvals.
Operational update
As previously announced, recent gross production levels in Block 3/05 have continued to remain stable, averaging approximately 18,900 bbl/d in May. Water injection levels have averaged approximately 39,000 bw/d January through May. Finally, production in Block 3/05A, at the Gazela field, has continued at approximately 1,100 bbl/d.
