Business
Afentra acquires additional interests in Angola
Afentra acquires additional interests in Angola.
About this update from Afentra Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.\n \n \n The following amendment has been made to the 'Afentra acquires additional interests in Angola' announcement released on 19 July 2022 at 7.00 a.m. under RNS No 9448S.\n The relevant footnotes were missing from the original announcement and have now been added.\n All other details remain unchanged.\n The full amended text is shown below.\n \n \n 19th July 2022\n \n \n \n AFENTRA PLC\n \n \n \n Afentra acquires additional interests in Angola\n \n \n Afentra plc ('Afentra' or the 'Company') is pleased to announce that its wholly-owned subsidiary, Afentra (Angola) Ltd, has signed a Sale and Purchase Agreement ('SPA') with INA - Industrija Nafte, d.d. to acquire a 4% interest in Block 3/05 and a 5.33% interest1 in Block 3/05A, offshore Angola (the \"INA Transaction\"). This transaction builds upon the acquisition of a 20% interest in Block 3/05 from Sonangol announced in April 2022 (the \"Sonangol Acquisition\").\n The INA Acquisition has an effective date of 30th September 2021.\n \n \n \n Transaction Highlights:\n \n \n \n ·\n \n Strategic Rationale\n \n - Incremental acquisition builds upon Afentra's strategic entry into Block 3/05, a mature, shallow water, production asset with material upside\n \n \n \n \n \n ·\n \n Block 3/05\n \n - Acquisition results in a combined equity ownership of 24%2 \n \n \n o \n Initial consideration of $9 million\n \n \n o \n Additional consideration of $10 million, payable upon licence extension3\n \n \n o \n Contingent consideration of up to $6 million over 3 years, subject to certain oil price hurdles and an annual cap of $2 million\n \n \n \n \n \n ·\n \n Block 3/05A\n \n - Acquisition of 5.33% interest in a license adjacent to Block 3/05, providing the opportunity to tie back existing discoveries to the Block 3/05 infrastructure\n \n \n o&nb...