REG - Afentra PLC - AGM and Update on Sonangol Acquisition

AfentraAnnouncement

20/06/2023 07:00

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RNS Number : 2239D  Afentra PLC  20 June 2023

20 June 2023

AFENTRA PLC

 

Annual General Meeting and Update on the Sonangol Acquisition

 

Afentra plc ('Afentra' or the 'Company') provides the following update
regarding the previously announced acquisition from Sonangol ahead of the
Annual General Meeting ('AGM') that will be held electronically today at 10:00
am via https://web.lumiagm.com. In addition to the Chairman's Statement, Paul
McDade (CEO) will provide a short presentation on the status of the Company;
this is available on the Afentra website and can be accessed at this link:
https://afentraplc.com/investors/

 

Update on the Sonangol Acquisition

Subsequent to the approval of the licence extension in May 2023, Sonangol is
now pursuing the requisite government approvals for the transaction. Based on
the outstanding workstreams and associated timeframes, completion of the
transaction is now expected to occur in July 2023 and we are working, together
with Sonangol, to extend the long stop date for this acquisition accordingly.

In addition, the enhanced fiscal terms associated with the Block 3/05 PSA
extension have been submitted for the requisite government approvals.

We look forward to providing shareholders with further updates in due course.

Operational Update

As previously announced, recent gross production levels in Block 3/05 have
continued to remain stable, averaging approx. 18,900 bbl/d in May 2023. Water
injection levels have averaged approx. 39,000 bw/d January through May 2023.
Finally, production in Block 3/05A, at the Gazela field, has continued at
approx. 1,100 bbl/d.

 

 

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

George Pope

energy@buchanan.uk.com

 

Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900

Richard Crichton

Paul Gillam

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.

 

Inside Information

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.

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