REG - Afentra PLC - Award of KON 19 License Onshore Angola

AfentraAnnouncement

25/07/2024 07:00

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RNS Number : 7333X  Afentra PLC  25 July 2024

 

 

 

25 July 2024

 

AFENTRA PLC

 

Award of KON 19 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,
advises that, further to the announcement on 10 July confirming the award by
Presidential Decree of the onshore Angola license KON 19, the formal award of
KON 19 was signed yesterday with the Agência Nacional de Petróleo, Gás e
Biocombustíveis (ANPG).

 

Afentra has been assigned a 45% non-operated interest in KON 19 alongside two
local Angolan companies ACREP and Enagol. The equity participation in the
license is:

 

Block KON 19 Ownership Interests

 

 Status        Name     Interest
 Operator      ACREP    45%
 Non-Operator  Afentra  45%
               Enagol   10%

 

Contract discussions on Block KON 15 are ongoing and continue to make
progress.

 

The onshore Kwanza basin, covering 25,000 Sqkm, is an under-exploited and
overlooked proven hydrocarbon basin with numerous oil fields and discoveries
dating back to 1955. Both KON15 and KON19 blocks are high-graded by Afentra as
they have good signs of a working petroleum system. The blocks are adjacent to
both legacy oil fields that are currently being appraised for potential
re-development and existing infrastructure allowing rapid commercialisation.

 

Commenting on the update, CEO Paul McDade said:

 

"We are very pleased to have been formally awarded this new license, which
further enhances our strategic position in Angola. The license expands
Afentra's footprint in this attractive market and further diversifies our
portfolio with a low-cost onshore block with significant potential. We look
forward to bringing our technical expertise in support of our local Angolan
Operator as we collaborate to define the full potential of this license. We
will update the market fully on our onshore strategy and work program upon
completion of the onshore award process."

 

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

Barry Archer

George Pope

 

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

Richard Crichton

David McKeown

Georgia Langoulant

 

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 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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