Afentra is in talks to enhance its interests in two offshore Angolan blocks, aiming to acquire stakes from Etu Energias. The decision to proceed is dependent on various regulatory approvals. The company reports significant reserves and is engaging with Sonangol on redevelopment initiatives. Angola has announced multiple investment opportunities in its oil sector.
Afentra, a UK-based upstream oil and gas company listed on the AIM, has confirmed ongoing discussions regarding its potential increase in stake for two offshore blocks in Angola. The firm is collaborating with a joint venture partner to acquire the interests held by Etu Energias in blocks 3/05 (10%) and 3/05A (13.5%).
While letters have circulated in the media about this possible transaction, Afentra emphasizes there is no guarantee it will occur. Should the acquisition be finalized, the company intends to utilize its existing cash resources, subject to regulatory and government approvals, to finance the deal.
Afentra has been working closely with Sonangol, the operator for blocks 3/05 and 3/05A, alongside other joint venture partners on a redevelopment plan aimed at enhancing asset production and reserves. The firm expresses satisfaction with their collaborative progress in maximizing value from these properties.
As of December 2024, the total net 2P working interest reserves for Block 3/05 are reported at 34.2 million barrels of oil. An impressive reserve replacement ratio of 140% over 18 months resulted in an increase in contingent resources, leading to net working interest 2C resources of 13.8 million barrels. Similarly, Block 3/05A has an estimated net 2C resource of 7.1 million barrels.
Block 3/05 includes multiple producing fields first discovered in the 1980s, operating around 40 production wells and nine water injectors. Infrastructure includes 17 wellhead and support platforms, four processing platforms, and oil is exported using the FSO Palanca. The National Agency for Oil, Gas, and Biofuels (ANPG) has identified 30 investment opportunities in Angola’s oil sector, spanning across 11 blocks currently available, with further prospects for the 2025 bidding round.
Afentra is actively engaged in discussions to increase its stake in two offshore Angolan oil blocks, highlighting its commitment to enhancing asset value. While the potential acquisition is under consideration, it remains contingent on regulatory approvals. With an increase in resources and an effective redevelopment plan in collaboration with Sonangol, Afentra continues to pursue growth within the dynamic Angolan oil sector.
Original Source: www.offshore-energy.biz
