Business
Award of KON4 Licence Onshore Angola
Afentra PLC has been awarded a 35% operated interest in the onshore Angolan KON4 license, following the formal approval and award by Presidential Decree on May 26, 2026. This block, covering 1,387 sqkm, contains multiple legacy oil fields, including the Quenguela Norte field estimated to hold over 200 mmbo of discovered oil in place, offering significant re-development and exploration opportunities. The award strengthens Afentra's position in the onshore Kwanza basin, complementing its existing licenses and supporting its strategy to build a material presence in the area, with initial technical work already commenced. Disclaimer*
About this update from Afentra Plc
27 May 2026 AFENTRA PLC Award of KON4 Licence - Onshore Angola Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announces that the Risk Service Contract ('RSC') for onshore Block KON4 has been formally approved and awarded by Presidential Decree on the 26 May 2026. Afentra has been awarded a 35% operated interest in KON4 alongside our local Angolan partners Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and Sodedurs. The formal signing of the contract is expected at a later date. The award of KON4 further strengthens Afentra's position in the onshore Kwanza basin and expands the Company's operated portfolio in Angola. The block contains multiple legacy oil fields, including the large Quenguela Norte field, and offers field re-development opportunities alongside overlooked near-field exploration potential. KON4 complements Afentra's existing onshore Kwanza licences and supports the Company's strategy of building a material position in the basin. About KON4 KON4 covers 1,387 sqkm and is situated in a historically productive area of the onshore Kwanza basin, where 11 oil and 2 gas fields have been discovered and over 90 mmboe produced to date. The block features the Quenguela Norte field - the largest onshore discovery in the onshore Kwanza basin to date - estimated to hold over 200 mmbo of discovered oil in place in Tertiary reservoirs. The field achieved peak production of 12,000 bopd, with 46 mmbo recovered before it was shut-in and abandoned in 1999. This field represents an opportunity to unlock significant value through the reactivation of the field production, supported by modern technology and re-development techniques that have advanced considerably since the fields were last in production decades ago. In addition, the Block's proximity to the Luanda refinery and the existing road infrastructure could allow early production and export to the refinery. KON4 also provides low-cost, overlooked near-field Tertiary and Cretaceous age exploration opportunities that further enhance Afentra's footprint and strategic optionality in the onshore Kwanza basin. Our portfolio of KON4, KON15 and KON19 offer a complementary portfolio with exposure to a diverse range of play types - across both...