Sonangol to acquire Etu's interests in Angola's offshore blocks

As part of a transaction process, Sonangol E&P has elected to participate in the acquisition of Etu Energia's interests in Blocks 3/05 and 3/05A offshore Angola 

This establishes Sonangol, Afentra and Etablissements Maurel & Prom SA's joint acquisition of Etu's 10% interest in Block 3/05 and 13.33% interest in Block 3/05A.

With Sonangol's participation -- which is also operator of the blocks -- Afentra's new sale and purchase agreement with Etu outlines the acquisition of 3.33% interest in Block 3/05 and a 3.66% interest in Block 3/05A.

The consolidated partnership of Sonangol E&P, Afentra and Maurel & Prom in Block 3/05 and 3/05A will accelerate the ongoing redevelopment programme that is beginning to unlock the full potential of the assets which will lead to sustained increases in both production and reserves over the coming years.

Afentra continues to pursue its disciplined approach to value creation, leveraging success-based transaction structures and a strong local partnership framework. The Company remains confident in the significant upside potential of Blocks 3/05 and 3/05A and looks forward to continued constructive engagement with all stakeholders.

Paul McDade, Chief Executive Officer of Afentra plc, said, "The evolution of the transaction structure to include Sonangol in the Etu acquisition is a welcome development and is a clear demonstration of the collaborative approach that has been achieved within the partnership. The joint acquisition further consolidates and aligns all parties as we work together to unlock the full potential of Blocks 3/05 and 3/05A. This transaction exemplifies Afentra's disciplined strategy of building a high-quality, cash-generative asset base in Africa in close partnership with host governments and local operators."