REG - Afentra PLC - Acquisition Update

AfentraAnnouncement

11/04/2022 07:00

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RNS Number : 8764H  Afentra PLC  11 April 2022

11 April 2022

AFENTRA PLC - Acquisition Update

Afentra selected as preferred bidder; shares remain suspended

Afentra plc ('Afentra' or the 'Company') confirms that Sonangol E.P
('Sonangol')(1) has announced that Afentra has been selected as preferred
bidder to purchase interests in Block 3/05 and Block 23 (the "Acquisition").
This follows the announcements on 8 October 2021 and 3 February 2022 that the
Company had submitted a non-binding expression of interest for the two blocks
which resulted in the subsequent suspension of Afentra shares.

During the first quarter of 2022, Afentra has continued to progress the Sale
& Purchase Agreement (SPA) negotiations with Sonangol and are pleased to
now be selected as preferred bidder for both blocks. The next steps will
involve finalising the SPA and completing the final due diligence required on
the Acquisition. There is, however, no guarantee at this stage that an
agreement between the two companies will be reached.

If Afentra ultimately proceeds with the Acquisition, it would be classified as
a reverse takeover transaction in accordance with Rule 14 of the AIM Rules for
Companies. Trading in Afentra shares will remain suspended until either the
publication of an AIM admission document, or until confirmation is given that
Afentra's participation in the bid process has ceased.

The Company will make further announcements as appropriate.

 

Notes:

(1)In June 2021 Sonangol, Angola's national oil company, initiated an asset
sales process to divest some of its interests in eight blocks across its
portfolio. Afentra submitted a non-binding expression of interest on 20
September 2021 and on 7 October 2021 was announced as one of six bidders on
Block 03/05 and one of two on Block 23.

 

For further information, contact

 

 Afentra plc

 +44 (0)20 7405 4133

 Paul McDade, CEO

 Anastasia Deulina, CFO

 Buchanan (Financial PR)

 +44 (0)20 7466 5000

 Ben Romney

 Jon Krinks

 James Husband

 Peel Hunt LLP (Nominated Advisor and Joint Broker)

 +44 (0)20 7418 8900

 Richard Crichton

 David McKeown

 Tennyson Securities (Joint Broker)

 +44 (0)20 7186 9033

 Peter Krens

 About Afentra

 Afentra plc (AIM:AET) is an upstream oil and gas company focused on
 opportunities in Africa. The Company's purpose is to support a responsible
 energy transition in Africa by establishing itself as a credible partner for
 divesting IOCs and Host Governments. Afentra has a current carried interest in
 the Odewayne Block onshore southwestern Somaliland.

 

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