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.
