Afentra is in discussions to acquire additional stakes in two offshore Angolan blocks, specifically Blocks 3/05 and 3/05A, held by Etu Energias. The company intends to fund the acquisition through current cash resources, pending regulatory and governmental approvals. Collaboration with Sonangol continues to improve production and enhance reserves in these fields, which boast substantial oil reserves and ongoing development plans.
Afentra, a UK-based oil and gas company listed on the AIM, has confirmed its involvement in discussions regarding a potential increase in its stake in two offshore blocks in Angola. The company is collaborating with a joint venture partner to acquire interests held by another partner, Etu Energias, specifically seeking to buy 10% of Block 3/05 and 13.5% of Block 3/05A.
The firm emphasized the uncertainty surrounding the transaction, which would require existing cash resources for funding and be subject to customary closing conditions such as regulatory and governmental approvals. Afentra’s focus is on acquiring production and development assets in Africa.
Meanwhile, Afentra continues to collaborate with the operator, Sonangol, and its partners on redeveloping Blocks 3/05 and 3/05A, aiming to enhance production and reserves. The company expressed satisfaction with the ongoing cooperation to maximize the value of these assets, having entered Angola in May 2023.
As of December 2024, the total net 2P working interest reserves for Block 3/05 amount to 34.2 million barrels of oil. The block’s production potential has increased due to a reserve replacement ratio of 140%, with net working interest 2C resources of 13.8 million barrels. Furthermore, Afentra estimates the net 2C resources of Block 3/05A at 7.1 million barrels.
Block 3/05, which contains eight mature fields discovered in the early 1980s, has extensive infrastructure that includes approximately 40 production wells and multiple processing platforms, exporting oil through the FSO Palanca. The National Agency for Oil, Gas, and Biofuels (ANPG) notes that Angola presents 30 investment opportunities in the oil sector, encompassing, among others, 11 blocks available for permanent offers and opportunities for the upcoming 2025 bidding round.
Afentra is actively pursuing an increase in its stakes in two significant offshore blocks in Angola while collaborating on enhancing production in these fields. The transaction remains contingent upon regulatory approvals, underscoring the complexity of such acquisitions. With substantial reserves and ongoing developments, Afentra aims to solidify its position in the Angolan oil sector amidst broader investment opportunities in the region.
Original Source: www.offshore-energy.biz
