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Formal completion of the acquisition is expected by the second quarter of the year. (Image source: Adobe Stock)

The Government of Angola has approved Afentra's acquisition of a 12% non-operating interest in Block 3/05 and a 16% non-operating interest in Block 3/05A from Azule Energy Angola Production B.V. 

The companies are now working to finalise the formal completion of the Azule acquisition which is expected to materialise by the second quarter of the year.

Consecutive, successful crude sales have strengthened Afentra's financial position, leaving it confident about the Azule transaction.

With the Punja Development Area being declared a marginal discovery by the government, applicable fiscal incentives will significantly enhance its commercial value. 

Favourable support from government 

CEO Paul McDade said, “The Angolan government’s approval of the Azule Acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets. The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector. This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A.”