Business
Afentra Completes Somaliland Divestment
Afentra plc has completed the divestment of its 34% non-operated interest in the Odewayne Block, Somaliland, to Petrosoma Limited, receiving $1.97 million from Genel Energy Somaliland Limited in settlement of carry obligations. This strategic exit from a non-core, high-risk frontier exploration asset aligns with Afentra's focus on production and development assets in West Africa, particularly its Angolan operations. The carrying value of the divested interest was approximately $21.5 million as of June 30, 2025, and its write-down will not impact profit as no profit was attributable to this asset. Disclaimer*
About this update from Afentra Plc
[{"type":"text","content":"\n\n18 December 2025\nAFENTRA PLC\nAfentra Completes Somaliland Divestment\nAfentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announces that it has completed the transfer of its 34% non-operated participating interest in the Odewayne Block, Somaliland (the \"Interest\") to Petrosoma Limited (\"Petrosoma\"). The transfer has received formal approval from the Ministry of Energy and Minerals of the Republic of Somaliland, completing all requirements for the transfer under the relevant Production Sharing Agreement (\"PSA\") and associated transfer documentation. Petrosoma will now assume all rights and obligations relating to the Interest.\nIn addition, Afentra has signed a settlement agreement with the Operator Genel Energy Somaliland Limited (\"Genel\") and received $1.97m in respect of settling Genel's carry obligations to Afentra relating to the Interest. As part of the same transaction Genel has transferred its participating interest in the PSA to Petrosoma.\nSummary of Terms\n- Afentra has transferred its 34% Interest in the Odewayne Block to Petrosoma.\n- Afentra has received US$1.97 million from Genel in settlement of Genel's carry obligations to Afentra.\n- Petrosoma has assumed full responsibility for all past and future liabilities under the PSA.\n- Afentra has no remaining rights or obligations relating to the Interest including in respect of environmental or decommissioning obligations.\n \nStrategic Context\nThe Odewayne Interest is a legacy, non-core high risk frontier exploration asset that has not formed part of Afentra's strategic focus of acquiring production and development assets in West Africa. Afentra has not incurred any expenditure on this asset and was committed to exit the asset in a manner that provided value to Afentra's shareholders. The completion of the transfer is consistent with this ambition and the Company's disciplined approach to portfolio management. This enables management to remain focused on Afentra's core Angolan assets and strategic priorities.\nAdditional Information\nThe carrying value of the Interest as at Afentra's last reported balance she...