REG - Afentra PLC - Award of KON 15 License - Onshore Angola

AfentraAnnouncement

25/02/2025 11:00

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RNS Number : 3959Y  Afentra PLC  25 February 2025

25 February 2025

 

AFENTRA PLC

 

Award of KON 15 License - Onshore Angola

 

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas
company focused on acquiring production and development assets in Africa,
announces that the KON-15 onshore license has been formally approved and
awarded by Presidential Decree on 24 February 2025.

 

This follows the Company's announcement on 22 January 2024, confirming
Afentra's selection as the non-operating preferred bidder for both the KON-15
and KON-19 blocks. Since then, Afentra was awarded the adjacent KON-19
license, which was formally signed in July 2024.

 

Under the terms of the KON-15 award, Afentra has secured a 45% non-operating
interest in the block, alongside Sonangol who will be block operator. The
formal signing of the contract is expected at a later date.

 

The award of the KON-15 license represents another important step in Afentra's
strategy to build a meaningful presence in Angola's onshore Kwanza basin.

 

CEO Paul McDade commented:

"We are pleased to confirm the formal approval of the KON-15 license by
Presidential Decree. This award reinforces our commitment to Angola's energy
sector and underscores our focus on building strong partnerships with local
operators. We look forward to working closely with Sonangol and the relevant
authorities to fully understand the potential of KON-15 and KON-19 and the
wider onshore Kwanza basin. We consider that this proven hydrocarbon
basin, which has a history of production but where there has been very
limited activity for over 40 years, has the potential to deliver significant
upside potential for Afentra within our diversified portfolio. We will update
the market with further developments in due course."

 

 

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

 

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Barry Archer

George Pope

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20
7710 7600

Callum Stewart

Simon Mensley

Ashton Clanfield

 

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. Offshore, Angola Afentra has a 30%
non-operated interest in the producing Block 3/05 and a 21.33% non-operated
interest in the adjacent development Block 3/05A in the Lower Congo Basin and
a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin.
Onshore, Angola Afentra has a 45% non-operated interest in the prospective
Block KON 19 and 45% non-operated interest in Block KON 15 located in the
western part of the Onshore Kwanza Basin. Afentra also has a 34% 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) and as subsequently amended by the
Financial Services Act 2021 ('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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