Afentra PLC Block 3/05 Licence Extension (7580Z)
17 May 2023 - 9:17PM
UK Regulatory
TIDMAET
RNS Number : 7580Z
Afentra PLC
17 May 2023
17 May 2023
AFENTRA P L C
Ministerial Approval of Block 3/05 Licence Extension
Afentra plc ('Afentra' or the 'Company') provides the following
update regarding the previously announced Angolan acquisitions.
Sonangol Acquisition Update
We are pleased to confirm that an Executive Decree to formally
approve the period of the Block 3/05 licence extension, extending
the production sharing agreement ('PSA') to 31 December 2040, has
been published in the Diário da República. The recent agreement
between the Block 3/05 JV partners and ANPG (the Angolan Oil &
Gas regulator) on the licence extension terms, as communicated on
10 May 2023, will now allow these improved fiscal terms associated
with the extension to be progressed towards formal approval.
Approval of the licence extension term satisfies a key condition
precedent ('CP') under the Sonangol Sale and Purchase Agreement
('SPA'). Sonangol, as seller, is now in the process of obtaining
the requisite government approvals for the transaction, the key
outstanding CP. We remain on track to complete by 30 June 2023.
INA Acquisition Update
As previously advised on 10 May 2023, the successful licence
extension satisfies the condition in the INA-Industrija d.d.
('INA') SPA for the payment of $10m of contingent consideration to
INA. This $10m had previously been set aside into an escrow deposit
upon completion of the INA Acquisition.
The Company looks forward to providing shareholders with further
updates in due course.
Commenting on the update, CEO Paul McDade said:
"Approval of the Block 3/05 licence extension represents a major
milestone towards completion of the Sonangol transaction. We are
pleased with the progress made in recent weeks and continue to
expect completion of this transaction to occur within our
previously guided timeline."
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
Jon Krinks
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 4% non-operated interests in the producing Block 3/05 and
adjacent development Block 3/05A offshore Angola in the Lower Congo
Basin. In addition, Afentra maintains a 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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END
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