TIDMAET
RNS Number : 0740M
Afentra PLC
12 September 2023
12 September 2023
AFENTRA P L C
2023 HALF YEAR RESULTS
Afentra plc ('Afentra' or the 'Company'), the upstream oil and
gas company focused on acquiring mature production and development
assets in Africa, announces its half year results for the six
months ended 30 June 2023 (the 'Period').
Financial Summary
-- Cash resources as at 30 June 2023 of $15.7 million, which
includes restricted funds of $8.0 million(1) (30 June 2022; $35.1
million included restricted funds of $8.0 million(1) )
-- Crude oil stock as at 30 June 2023 of approx. 245,000 bbls
(30 June 2022: nil), including crude oil stock inherited from the
INA Acquisition and subsequent net entitlement production from
Blocks 3/05 and 3/05A
-- Adjusted EBITDAX loss of $0.8 million (H1 2022: loss $1.2 million)
-- Loss after tax of $3.9 million (H1 2022: loss $2.9 million)
-- Debt drawdowns: Reserve Based Lending Facility (The "RBL
Facility") $12.8 million and Working Capital Facility $9.1
million
Angolan Acquisitions
The Company completed the INA Acquisition in May 2023 and is
progressing its two strategically consistent and complementary
transactions in Angola.
-- INA Acquisition : completed the acquisition of interests in
Block 3/05 (4%) and Block 3/05A (5.33%)(2) offshore Angola for a
net $17.0 million payment on 10 May 2023 with a subsequent $10.0
million contingent payment made to INA on 17 May 2023 upon the
extension of the Block 3/05 licence from 31 December 2025 to 31
December 2040. The $27.0 million net upfront consideration was
funded through $18.9 million in agreed debt facilities and $8.1
million cash. The Company also inherited crude oil stock of 207,868
bbls, which has subsequently been sold Post- Period in August
(details below).
-- Block 3/05 License Extension : satisfaction of a key
condition precedent of the Sonangol Acquisition following the Block
3/05 Licence Extension to December 2040. Improved fiscal terms have
also been agreed between the JV partners and ANPG and are now
proceeding through the formal government approval process.
-- Block 23 License Extension : the exploration licence has been
extended until 2 December 2026.
-- Financing Agreements : Mauritius Commercial Bank entered both
the RBL and working capital facilities becoming lender to the
Company. Trafigura retains an interest in the RBL facility and will
continue as an offtake provider.
Post Period end, announcement of intended acquisitions:
-- Azule Acquisition : acquisition of interests in Block 3/05
(12%) and Block 3/05A (16%)(2) offshore Angola for a firm
consideration of $48.5 million and contingent payments of up to $36
million(3) . Transaction will be funded through the agreed capacity
within debt facilities with Mauritius Commercial Bank and Trafigura
and existing cash on balance sheet. A 10% transaction deposit of
$4.85 million has been placed in escrow as per the Sale and
Purchase Agreement ('SPA').
-- Amended Sonangol Acquisition: acquiring a reduced working
interest from Sonangol in Block 3/05, from 20% to 14% in order to
ensure an appropriate balance of equity interests in Block 3/05.
Firm and contingent considerations reduce to $56 million and up to
$35 million, respectively(4) (terms including the effective date of
20 April 2022 remaining unchanged). Combined with existing
ownership and the Azule Acquisition, Afentra's working interests
will be 30% in Block 3/05 and 21.33%(2) in Block 3/05A. The
consideration for the 40% interest in Block 23 remains unchanged at
$0.5 million.
Operations Summary
Existing operations and impact of ongoing acquisitions(5)
-- Block 3/05 (4% interest) : a programme of successful light
well interventions ('LWI') has been ongoing in 2023, delivering
incremental production; combined with further interventions
(post-period) gross daily production rates have exceeded 20,000
bbl/d since end July. An additional LWI campaign commenced in
August and will continue through to year end. Water injection
upgrades are also ongoing with injection rates more than doubling
YoY (averaging approx. 38,000 bw/d during H1 2023), injection
volumes are expected to continue to increase through H2 2023. This
improved water injection is expected to impact oil production in
the medium term as reservoir pressure increases.
-- Block 3/05A (5.33%):(2) production was restored at the Gazela
field in March and at end-July was approx. 1,450 bbl/d. This
extended test will help to establish the long-term resource
potential and appropriate development strategy.
-- Production : consolidated net H1 2023 production from Blocks 3/05 and 3/05A
Production (bopd)
Current Equity Post Transactions(5)
---------------------
Block 3/05 720 5,400
Block 3/05A 65 260
Total 785 5,660
-- Reserves and resources: following an updated CPR, effective 1
July 2023, reserves replacement in the first half of 2023 has been
in excess of 150%.
2P Reserves ( mmbbls ) 2C Resources ( mmbbls )(6)
Current Equity Post Transactions(5) Current Equity Post Transactions(5)
--------------------- ---------------------
Block 3/05 4.4 32.9 1.7 13.1
Block 3/05A - - 2 7
Total 4.4 32.9 3.7 20.1
-- Odewayne block : offshore Somaliland (34% interest fully
carried by operator, Genel Energy), the operator and Afentra
completed updated petroleum systems and satellite seep studies with
borehole planning in progress.
Post Period end
-- Suspension of shares and reverse takeover : in accordance
with the AIM Rules for Companies, the Company's ordinary shares
were suspended from trading on AIM from 19 July 2023 as the Azule
Acquisition and Amended Sonangol Acquisition each constitute a
reverse takeover ('RTO') under Rule 14 of the AIM Rules. Trading in
the Company's ordinary shares will remain suspended until such time
as either an admission document is published, or an announcement is
released confirming that the Azule Acquisition and Amended Sonangol
Acquisition are not proceeding.
-- AIM Readmission process and General Meeting : the Company has
made encouraging progress with respect to the recommencement of
trading on AIM and expects to publish an Admission Document
shortly, with both the Azule Acquisition and the Amended Sonangol
Acquisition being subject to shareholder approval thereafter. We
expect both transactions to complete, subject to shareholder
approval, in Q4 2023.
-- First crude cargo sale : the Company sold its first cargo of
300,000 bbls of crude oil in August comprising crude oil stock and
subsequent production from the INA Acquisition. The sales price
inclusive of the Brent premium was $88/bbl, generating pre-tax
sales of $26.4 million net to Afentra.
-- Block 3/05 fiscal terms : the enhanced fiscal terms
associated with the Block 3/05 PSA extension remain subject to
requisite government approvals and we look forward to providing
shareholders with further updates in due course.
Paul McDade, Chief Executive Officer, Afentra plc commented:
"Having identified Blocks 3/05 and 3/05A as assets that align with
the strategic purpose of Afentra, we targeted acquiring a material
ownership in both licenses. This year we have made substantial
progress towards that goal. In the first half of 2023, we achieved
a significant milestone through the completion of our inaugural
deal with INA to introduce these producing and development assets
to the Company. This was followed with the announcement of the
Azule SPA and Amended Sonangol transaction post-period, allowing us
to maximise our ownership in both Block 3/05 and Block 3/05A while
ensuring an appropriate balance of interests in the partnership.
The positive news on the license extension and the favourable
improvement of the fiscal terms that are proceeding through the
approval process, underpins our belief that Angola is an attractive
investment environment where we can maximise the value of these
high-quality assets over the long-term.
In August we achieved another important milestone selling our
first cargo of crude, at an attractive price, allowing us to
monetise the barrels acquired at the completion of the INA
transaction and generate Afentra's first revenues.
On the operational side, the assets have performed well
following the maintenance, light well intervention and water
injection programmes undertaken and we take confidence in the
positive influence the Afentra team have had working alongside
Sonangol and our JV partners. The enhanced production and solid
reserve replacement achieved through an active work programme
demonstrates the considerable upside that we believe can be
realised from Block 3/05 out to the current license period of
2040.
The RTO process has progressed both efficiently and cost
effectively thus far, ensuring that the suspension period for our
shares is minimised. We look forward to demonstrating the highly
value-accretive nature of the Azule transaction, and the amended
Sonangol transaction, when they complete in the coming months, and
meanwhile due to the effective dates we continue to benefit from
the associated cash flow of those interests, which will be further
enhanced by the improved fiscal terms.
Finally, we look forward to ending the year having completed all
three transactions which will underpin the Company with material
proven reserves, robust production and cash flow, and significant
upside potential from a high-quality asset base."
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
(1) Please refer to Note 6 (notes to the accounts) for further
detail on restricted funds
(2) Assumes that the default China Sonangol interests have been
redistributed pro-rata amongst existing Partners, increasing
Afentra's interest in Block 3/05A from 4% to 5.33% post-INA
Acquisition and from 16% to 21.33% post-Azule Acquisition
completion
(3) Up to $21 million in contingent payments payable on a
sliding scale above Brent price of $75/bbl with an annual cap of $7
million over the years 2023, 2024 & 2025; and up to $15 million
in contingent consideration linked to the successful future
development of the Caco-Gazela and Punja discoveries (split $7.5
million equally), payable 1 year after first oil subject to a Brent
price of $75/bbl and production hurdles
(4) Firm and contingent considerations reducing from $80 million
to $56 million and from up-to $50 million to up-to $35 million
(capped at $3.5 million p.a. for an unchanged 10-year period
commencing 1 January 2023 and oil price hurdle of $65/bbl)
(5) Subject to completion of the Azule and Amended Sonangol
Acquisitions, Afentra's working interest increases from 4% to 30%
in Block 3/05, from 5.33% to 21.33% in Block 3/05A,(2) and from 0%
to 40% in Block 23
(6) Block 3/05A 2C resources of 33 mmbbls (gross) based on
Afentra resource estimate effective 1 July 2023
CEO Statement
The year thus far has seen Afentra take considerable strides
towards its long-term growth objectives. Through the first-half
period, our focus was to progress the Angolan transactions to
ensure that we secured a material equity position in both Block
3/05 and Block 3/05A.
The completion of the INA transaction in May represented a
watershed event for Afentra as we succeeded in underpinning the
Company with proven reserves and robust cash flow from the 4%
interest in Block 3/05, as well as obtaining exposure to the
adjoining Block 3/05A in which we see significant long-term upside
potential. The commercial terms structured for this transaction
have been shown to be clearly attractive for Afentra with the
Company benefitting from the long duration of associated production
from the acquired assets since the effective date of 30 September
2021. Indeed, selling this inherited crude oil stock and subsequent
production at $88/bbl in August generated pre-tax sales of $26.4
million .
Subsequently in May, we were able to satisfy a key condition
precedent on the Sonangol SPA with the extension of the Block 3/05
PSA term to 31 December 2040 following a prolonged period of
negotiation between the Angolan regulator ANPG and the Block 3/05
partners. The improved fiscal terms associated with the extension,
when approved, are anticipated to enhance the economics o f the
assets for the contracting partners and encourages the partners to
invest to deliver maximum value from these high-quality assets
through to 2040.
While resulting in delays to completion of the Sonangol
transaction there is no doubt that the better terms achieved will
benefit Afentra as we move forward within the 3/05 partnership,
especially in the context of the more material position we have
since obtained in the license. The regulatory authorities have only
shown to demonstrate a pragmatic approach throughout the
negotiation period, providing a strong signal of the Country's
willingness to encourage investment into the upstream sector. This
strengthens our confidence that we have entered a supportive market
with a firm understanding of the evolving industry landscape, and a
recognition of the important role that companies like Afentra can
play in delivering a responsible industry transition.
Post-period in July, Afentra announced signing of the SPA with
Azule to acquire an additional 12% non-operated interest in Block
3/05 and up to 16% interest in Block 3/05A for a firm consideration
of $48.5 million and contingent payments of up to $36 million. In
order to ensure an appropriate balance of equity interests in Block
3/05 post completion of all previously announced transactions, the
Company decided in tandem with Sonangol to amend the terms of the
Sonangol SPA, reducing the working interest in Block 3/05
associated with that transaction from 20% to 14%, and reducing the
associated firm and contingent considerations on a pro-rata basis.
Other terms including the effective date remain unchanged so
Afentra continues to benefit from the net share of production
dating back to the effective date of 20 April 2022. At the time of
the announcement, we explained why the acquired Azule barrels are
attractive to us (low cost, more advantageous contingent payment
structure and higher (on a relative basis) inherited cost pool) but
also the strategic significance of obtaining a meaningful interest
in the attractive development Block 3/05A.
A s the Azule Acquisition constituted a reverse takeover by AIM
Rules, the Company's ordinary shares were suspended from trading on
AIM from 19 July 2023. While disruptive to enter another period of
suspension with the Sonangol transaction having neared completion,
we took the strategic decision to pursue the Azule transaction as a
compelling opportunity that delivers numerous strategic and
commercial benefits for Afentra. The parallel amendment to the
Sonangol transaction was deemed to better align interests in the
Block 3/05 JV going forward whilst allowing Afentra to become a
significant partner in Block 3/05A.
Following completion of the Azule and Sonangol transactions, now
expected to occur in Q4'23, Afentra will have material equity in
both Block 3/05 (30%) and Block 3/05A (21.33%), resulting in net 2P
reserves of approx. 33 mmbbls, net 2C resources of approx. 20
mmbbls and net production of approx. 5,700 bbl/d, and increased
exposure to the significant upside potential of these material
production , near-term developm ent assets and additional
prospective resources located around existing Block 3/05
fields.
The strategic rationale to acquire a more meaningful interest in
these Blocks aligns with Afentra's desire to ensure the Company can
utilise its technical and commercial expertise to influence the
operational and environmental performance of the assets in which it
is involved. In that regard, the Company continues to undertake
technical work on the assets which it is evaluating alongside its
new partners as we jointly seek to realise maximum value from these
assets for the benefit of all stakeholders.
In terms of operational performance through the period,
production from Block 3/05 averaged approx. 18,000 bbl/d, with
production trending upwards to average 19,100 bbl/d in June and
rates exceeding levels of 20,000 bbl/d since July, demonstrating
the benefit of continued restoration works over Q1'23 in addition
to the well intervention activities underway. Furthermore, r
eserves replacement in the first half of 2023 has been in excess of
150% and will be reflected in an updated CPR associated with the
RTO process.
Alongside efforts to deliver strategic growth, the Company
continued its commitment to governance through the appointment of
Mr. Thierry Tanoh to its Board as Independent Non-Executive
Director and Chairman of the Audit C ommittee. The appointment of
Mr. Tanoh, whose previous roles included leadership positions
within the International Finance Corporation (IFC), CEO of
pan-African banking conglomerate Ecobank Group and Minister of Oil,
Energy and Renewables of Cote d'Ivoire, reflected the Board's
commitment to ensure it maintains the appropriate level of
experience and independence, as well as its ambition to build a
credible business capable of attracting such impressive talent.
In summary, the strategic progress delivered through the first
half of the year and beyond maintain Afentra's strong momentum as
we continue to identify and execute value enhancing transactions.
The second half of the year looks set to be transformative for the
Company, as we seek to complete the Azule and amended Sonangol
acquisitions, and the associated RTO process, in an efficient and
timely manner. Upon completion, Afentra will have transformed
itself into one of the leading African focused independents listed
in London and a company with a strong growth platform from which to
deliver its more ambitious growth objectives.
Operations Review
Angola
Angola is one of the largest oil producers in Africa with
current production of 1.1 million bbl/d from deepwater, shallow
water and onshore dating back to 1956. The economy is dependent on
responsible management of hydrocarbon resources. Investment has
historically been dominated by IOCs, however assets are starting to
change hands. Afentra believes that the situation is similar to the
status to the UKCS where a more mature industry transition has
already played out. Global research and consultancy business Wood
Mackenzie has identified approx. 15 billion barrels of oil and gas
reserves and resources, highlighting the scale of opportunity in
Angola. According to IHS Markit Consulting, close to 300 fields
have been discovered with less than half developed (IHS 2022). Over
the last 5 years, the Angolan government led by President João
Lourenço has actively sought new oil and gas investors alongside
improving fiscal terms and extending licenses. There are large
opportunities for growth and limited competition in the independent
space.
Equity interests shown below relate to post completion of
Sonangol and Azule transactions.
Block 3/05 (30%)
Block 3/05 is located in the Lower Congo Basin and consists of
eight mature producing fields. The discoveries were made by Elf
Petroleum (now part of TotalEnergies) in the early 1980s.
Development was by shallow-water (40-100m) platforms that included
successful waterflood activities with first oil achieved in 1985.
Sonangol assumed operatorship from 2005 and has focused on
sustaining production through workovers and maintaining asset
integrity. The asset has a diverse portfolio of over 100 wells and
currently produces from approx. 40 production wells and has approx.
16 active water injectors. The facilities include 14 well-head and
support platforms, four processing platforms, a logistics and
living quarter barge, 3 subsea wells and oil is exported via the
Palanca FSO.
In the H1 of 2023 average daily gross production was approx.
18,000 bbl/d with an exit rate for June 2023 at approx. 19,100
bbl/d following good results from well intervention activities
carried out during Q2 2023. Additional well interventions are
ongoing through H2 2023 to enable further production rate
increments during this period. Re-instatement of water injection
has progressed steadily with H1 2023 averaging approx. 38,000 bw/d,
more than double the 2022 average, with further ramp-up planned for
the second half of the year. Gross 2P reserves are 110 mmbbls as of
30(th) June 2023 and 2C resources are 44 mmbbls. Block 3/05's
existing Production Sharing Agreement ('PSA') has successfully been
extended to the end of 2040. To date, the asset decommissioning
costs have been pre-funded to the amount of $554 million.
Post completion of the Acquisitions, the JV will be comprised as
follows: Sonangol (Operator, 36%), Afentra (30%), M&P (20%),
Etu Energias (10%) and NIS-Naftagas (4%).
Block 3/05A (21.33%)
Block 3/05A, which is located adjacent to Block 3/05, contains
the undeveloped discoveries Punja, Caco and Gazela with an
estimated in place resource of 0.3 billion barrels. The 2C
resources estimated by Afentra is 33 mmbbls. The Gazela field was
produced from 2015, with approximately 2 mmbls recovered, prior to
a wellbore shutdown in 2017. The well was successfully restarted at
the end of March 2023 at approx. 1,200 bbl/d on an extended well
test, increasing to 1,450 bbl/d post-period. Assessments to define
an optimal development framework of these fields benefitting from
the use of the nearby Block 3/05 facilities and infrastructure is
ongoing.
Post completion of the Sonangol and Azule Acquisitions and
subject to final approval of the distribution of the CSI interest,
the JV will be comprised as follows: Sonangol (Operator, 33.33%),
M&P (26.67%), Afentra (21.33%), Etu Energias (13.33%), and
NIS-Naftagas (5.33%).
Block 23 (40%)
Block 23 is a 5,000 km(2) exploration and appraisal block
located in the Kwanza basin in water depths from 600 to 1,600
meters and has a working petroleum system. Whilst the large block
is covered by modern 3D and 2D seismic data sets, with no
outstanding work commitments remaining, the majority of the block
remains under-explored.
The block contains the Azul oil discovery, the first deepwater
pre-salt discovery in the Kwanza basin. This discovery made in
carbonate reservoirs has oil in place of approx. 150 mmbbls and
tested at flow rates of approx. 3,000 - 4,000 bbl/d of light
oil.
Post completion of the Acquisition, the JV is expected to be
comprised of: Namcor, Sequa and Petrolog (40% and operator);
Afentra (40%) and Sonangol (20%).
Somaliland
Somaliland offers one of the last great opportunities to target
an undrilled onshore rift basin in Africa. The Odewayne block
covers 22,840 km(2) ,and with access to Berbera deepwater port less
than a 100km to the north, is ideally located to commercialise any
discovered hydrocarbons.
Odewayne Block (34%)
In H1 the operator completed an updated petroleum system
analysis complemented by a satellite seep study. Both the operator
and Afentra have now confirmed the presence of trace oil in the
sample taken at the water well drilled by the Ministry of Water
Resources Development at the village of Baha-Dhamal in 2022. The
likely source for the oil is a Mesozoic age source rock which fits
with an Upper Jurassic source rock.
In H2 2023 the Company will work alongside the Operator in
developing an appropriate forward work program to further evaluate
the prospectivity of the license, including attempting to resample
the fluid with a new borehole at the original well location to
define the future work program.
The Company's 34% working interest in the PSA is fully carried
by Genel Energy Somaliland Limited for its share of the costs of
all exploration activities during the Third and Fourth Periods of
the PSA.
Financial Rev iew
From a financial perspective, the completion of the INA
transaction in H1 2023 and the associated activation of the Reserve
Based Lending and Working Capital facilities brings to fruition a
long period of careful planning, negotiation and preparation for
deal completion and Financial and Commercial JV operations. A
robust and conservative approach towards cash management continued
to be a focus area during H1, as did the progression of both the
Sonangol and Azule transactions and the screening of further
M&A opportunities in the West Africa Region. Looking to the
second half of the year, we will look to become an active and
supportive commercial partner in Blocks 3/05 and 3/05A, manage our
cash and debt obligations robustly and prepare for the completion
of the Sonangol and Azule transactions, whilst ensuring a
successful re-admission of trading on the AIM market.
Selected financial data
H1 2023 H1 2022 FY 2022
Cash and cash equivalents net to Group ($m) 7.7 27.1 20.4
--------------------------------------------- ----------- -------------- ------------
Restricted Funds 8.0 8.0 10.2
--------------------------------------------- ----------- -------------- ------------
Adjusted EBITDAX(1) ($m) (0.8) (1.2) (5.2)
--------------------------------------------- ----------- -------------- ------------
Loss after tax ($m) (3.9) (2.9) (9.1)
--------------------------------------------- ----------- -------------- ------------
Debt facilities:
--------------------------------------------- ----------- -------------- ------------
Reserve Based Lending Facility ($m) 12.8 - -
--------------------------------------------- ----------- -------------- ------------
Working Capital Facility ($m) 9.1 - -
--------------------------------------------- ----------- -------------- ------------
Share price (at period end) (GBP pence) 24.5 14.6 26.4
--------------------------------------------- ----------- -------------- ------------
(1) Adju s t ed EBITDAX is cal c u lat ed as earnings be f ore
int ere s t, taxat i on, depreciation, amor t i sat i on, impa i r
m ent, pr e - l i cence expend i tur e, pr ov isio ns and shar e
-ba s ed pa y m ents.
Revenue
Currently, all of the Group's production is from Block 3/05 and
Block 3/05A with net production in the period averaging c.a. 785
bbl/day. No revenue was recognised in H1 2023 (first cargo of crude
oil sold in August 2023).
Loss from operations
T he loss from operations for H1 2023 was $3.4 million (H1 2022:
loss $2.9 million).
During the period, net administrative expenditure increased to
$3.4 million (H1 2022: $2.9 million) predominantly as a result of
increased headcount and costs relating to the Angolan Acquisitions
and its associated workstreams. Pre-license costs for H1 2023 were
$2.2 million (H1 2022: $1.6 million).
Adjusted EBITDAX and loss after tax
A d j usted EBI T DAX totaled a loss of $0.8 million (H1 2022:
loss $1.2 million).
Finance inco me of $0.1 million r epre sents inter est r e c
eived on cash h eld by the Group (H1 2022: $2k).
Finance costs totaled $0.6 million (H1 2022: $0.1 million).
The loss after tax totaled $3.9 million (H1 2022: loss $2.9
million). Basic loss per share was 1.8 USc per share (H1 2022: 1.3
USc loss per share).
No dividend is proposed to be paid for the six months to 30 June
2023 (30 June 2022: nil).
Cash flow
Net cash outflow from operating activities (pre-working capital
movements) totaled $2.9 million (H1 2022: outflow $2.8 million).
After working capital, net cash outflow from operating activities
totaled $5.8 million (H1 2022: outflow $2.5 million).
Net cash used in investing activities totaled $25.1 million (H1
2022: $8.0 million) primally due to the acquisitions of Block 3/05
and Block 3/05A, offset by a reduction in the restricted funds
(payable on closing of the INA transaction, detailed in Note
6).
Net cash generated in financing activities totaled $18.3 million
(H1 2022: used $0.1 million) primally as a result of the drawdowns
on debt facilities of $21.9 million offset by the associated
financing fees for the Angolan transactions of $2.9 million.
Statement of financial position
At 30 June 2023 Non-current assets totaled were $62.6 million
(30 June 2022: $21.8 million), the increase related to the
acquisition of Block 3/05 and Block 3/05A (detailed in Notes 4, 5
and 9).
At 30 June 2023, Current assets stood at $34.5 million (30 June
2022: $35.4 million) including; oil inventories of $9.7 million (30
June 2022: nil), cash and cash equivalents of $7.7 million (30 June
2022: $27.1 million), restricted funds of $8.0 million (30 June
2022: $8.0 million) and trade and other receivables of $9.0 million
(30 June 2022: $0.3 million). The increase in trade and other
receivables related to Joint Venture working capital items (Block
3/05 and Block 3/05A).
At 30 June 2023, Current liabilities were $23.5 million (30 June
2022: $0.9 million) including borrowings of $11.5 million (30 June
2022: $ nil), provisions of $1.4 million (30 June 2022: $ nil) and
trade and other payables of $10.6 million (30 June 2022: $0.8
million). The increase in trade and other payables relates to Joint
Venture working capital items (Block 3/05 and Block 3/05A).
At 30 June 2023, Non-current liabilities were $27.6 million (30
June 2022: $0.4 million) including borrowings of $10.5 million (30
June 2022: $ nil) and provisions of $17.0 million (30 June 2022:
$32k).
Group net assets at 30 June 2023 were $45.9 million (30 June
2022 were $55.9 million), with net current assets reducing to $10.9
million (30 June 2022: $34.4 million). The reduction in both Group
net assets as well as net current assets is due to the impact of
the INA acquisition reducing cash balances and increasing current
and non-current liabilities (borrowing), partially, offset by
higher PP&E balances representing the consideration for
tangible assets purchased.
Going Concern
T he Group's business activitie s, togeth er with the factors
likely to af f ect its future de v elop ment, performance and
position is s et out above (pages 1 and 2) and within the CEO State
ment, Op erations Re vie w and Financial Review. The financial
position of the Group is described in the Financial Review.
The Group has sufficient cash resources for its working capital
needs and its committed capital expenditure programme at least for
the next 12 months. Consequently, the Directors believe that the
Group is well placed to manage its business risks successfully.
The Directors have at the time of preparing the results for the
six months ended 30 June 2023, a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future. This assessment has been made by the
Directors who remain confident the Group has sufficient cash
resources to meet its liabilities as they fall due for a period of
at least 12 months, notwithstanding the impact of the situation in
Ukraine and the impact to commodity prices and foreign exchange
rates. With respect to the completion of the Sonangol and Azule
Angolan asset acquisition's (refer to subsequent events Note 10),
the Directors believe that the Group is in a strong position, due
to significant liquid resources being available, resulting from a
combination of on balance sheet cash reserves, a conventional RBL
arrangement, and a revolving working capital facility, in place
with Trafigura and Mauritius Commercial Bank. The board has also
looked at scenarios associated with additional acquisitions and
believe that liquidity is sufficient through existing and further
debt funding arrangements to pursue further opportunities and cover
all financial covenants. As a consequence, the Directors believe
that the Group is in a strong position and thus, they continue to
adopt the going concern basis in preparing the results for the six
months ended 30 June 2023.
Disclaimer
T his document contains ce r tain forward-looking statements
that are subj ect to the usual risk factors and uncertainties
associated with the oil and gas e xploration and production busines
s. Whilst the Group beli e v es the e xpectation re flected he r
ein to be reasonable in light of the information available to it at
this time, the actual outcome may be materially diff erent owing to
factors eith er beyond the Group's control or oth erwise within the
Group's control but where, for e xample, the Group decides on a
change of plan or strategy. Accordingly, no reliance may be plac ed
on the figures contained in such for ward -looking statements.
Glossary
$ US Dollars
2D two dimensional
------------------------------------------------------
3D three dimensional
------------------------------------------------------
Adjusted EBITDAX earnings before interest, taxation, depreciation,
amortisation, impairment, pre-
licence expenditure, provisions and share based
payments
------------------------------------------------------
AIM Alternative Investment Market of the London Stock
Exchange
------------------------------------------------------
ANPG Agência Nacional de Petróleo, Gás
e Biocombustíveis (holder of the mining rights
of Exploration, Development and Production of liquid
and gaseous hydrocarbons in Angola)
------------------------------------------------------
Azule an incorporated Joint Venture between Eni and bp
------------------------------------------------------
Block 3/05 the contract area described in and covered by the
Block 3/05 PSA
------------------------------------------------------
Block 3/05A the contract area described in the Block 3/05A
PSA
------------------------------------------------------
Block 23 the contract area described in and covered by the
Block 23 PSA
------------------------------------------------------
bbl/d barrels of oil per day ('k-' / 'mm-' for thousand
/ million)
------------------------------------------------------
Bopd Barrels of Oil per day
------------------------------------------------------
CPR Competent Persons Report
------------------------------------------------------
CSI China Sonangol International
------------------------------------------------------
ERCe Independent and qualified Reserves and Resources
evaluator (CPR)
------------------------------------------------------
Group Afentra plc, together with its subsidiary undertakings
(the 'Group')
------------------------------------------------------
INA Industrija Nafte, d.d
------------------------------------------------------
IOCs international oil company
------------------------------------------------------
JV joint venture
------------------------------------------------------
Km kilometre
------------------------------------------------------
km(2) square kilometre
------------------------------------------------------
Mmbo million Barrels of Oil
------------------------------------------------------
Petrosoma Petrosoma Limited (JV partner in Somaliland)
------------------------------------------------------
PSA production sharing agreement
------------------------------------------------------
RBL Reserve-Based Lending
------------------------------------------------------
Reserves reserves are those quantities of petroleum anticipated
to be commercially recoverable by application of
development projects to known accumulations from
a given date forward under defined conditions.
Reserves must satisfy four criteria; they must
be discovered, recoverable, commercial and remaining
based on the development projects applied. Reserves
are further categorised in accordance with the
level of certainty associated with the estimates
and may be sub-classified based on project maturity
and/or characterised by development and production
status
------------------------------------------------------
RTO reverse takeover (pursuant to Rule 14 of the AIM
Rules)
------------------------------------------------------
Seismic Geophysical investigation method that uses seismic
energy to interpret the geometry of rocks in the
subsurface
------------------------------------------------------
SOFR Secured Overnight Financing Rate
------------------------------------------------------
SPA Sale and Purchase Agreements
------------------------------------------------------
Sonangol Sonangol Pesquisa e Produção S.A.
------------------------------------------------------
Trafigura Trafigura PTE
------------------------------------------------------
WI working interest
------------------------------------------------------
Condensed consolidated income statement for the six m onths to
30 June 2023
Six months Six months
to to Year ended
30th June 30th June 31st December
2023 2022 2022
$000 $000 $000
(unaudited) (unaudited) (audited)
------------------- ------------------ --------------------
Revenue - - -
Cost of Sales - - -
Gross loss - - -
Other administrative expenses (1,278) (1,301) (5,484)
Pre-licence costs (2,155) (1,574) (3,491)
----------------------------------- ------------------- ------------------ --------------------
Total administrative expenses (3,433) (2,875) (8,975)
Loss from operations (3,433) (2,875) (8,975)
Finance income 135 2 86
Finance expense (575) (73) (197)
Loss before tax (3,873) (2,946) (9,086)
Tax - - -
Loss for the period attributable
to the owners of the parent (3,873) (2,946) (9,086)
------------------- ------------------ --------------------
Other comprehensive expense
- items to be
reclassified to the income
statement in subsequent periods
Currency translation adjustments (9) (21) -
Total comprehensive expense
for the period (9) (21) -
------------------- ------------------ --------------------
Total comprehensive expense
for the period attributable
to the owners of the parent (3,882) (2,967) (9,086)
=================== ================== ====================
Basic and diluted loss per
share (US cents) (1.8) (1.3) (4.1)
Condensed consolidated statement of financial position as at 30
June 2023
As at As at As at
30th 30th June 31st December
Note June 2023 2022 2022
$000 $000 $000
(unaudited) (unaudited) (audited)
------------ ------------------ ----------------------------
Non-current assets
Intangible exploration and
evaluation assets 3 21,346 21,305 21,324
Property, plant and equipment 4 28,531 542 540
Other non-current assets 5 12,718 - -
62,595 21,847 21,864
------------ ------------------ ----------------------------
Current assets
Inventories 9,735 - -
Trade and other receivables 9,008 290 419
Cash and cash equivalents 7,725 27,096 20,384
Restricted Funds 6 8,000 8,000 10,200
34,468 35,386 31,003
------------ ------------------ ----------------------------
Total assets 97,063 57,233 52,867
============ ================== ============================
Equity
Share capital 28,143 28,143 28,143
Currency translation reserve (211) (223) (202)
Retained earnings 17,994 28,007 21,867
Total equity 45,926 55,927 49,808
------------ ------------------ ----------------------------
Current liabilities
Borrowings 7 11,465 - -
Trade and other payables 10,579 836 2,689
Provisions 8 1,378 - -
Lease liability 114 111 210
23,536 947 2,899
------------ ------------------ ----------------------------
Non-current liabilities
Borrowings 7 10,473 - -
Provisions 8 16,982 32 33
Lease liability 146 327 127
27,601 359 160
------------ ------------------ ----------------------------
Total liabilities 51,137 1,306 3,059
------------ ------------------ ----------------------------
Total equity and liabilities 97,063 57,233 52,867
============ ================== ============================
Condensed consolidated statement of changes in equity for the
six months ended 30 June 2023
Currency
Share translation Retained
capital reserve earnings Total
$000 $000 $000 $000
--------------- ------------------- --------- --------
At 1 January 2022 28,143 (202) 30,953 58,894
------------------------------- --------------- ------------------- --------- --------
Total comprehensive expense
for the period attributable
to the owners of the parent - (21) (2,946) (2,967)
---------
At 30 June 2022 28,143 (223) 28,007 55,927
------------------------------- --------------- ------------------- --------- --------
Total comprehensive expense
for the period attributable
to the owners of the parent - 21 (6,140) (6,119)
---------
At 31 December 2022 28,143 (202) 21,867 49,808
------------------------------- --------------- ------------------- --------- --------
Total comprehensive expense
for the period attributable
to the owners of the parent - (9) (3,873) (3,882)
At 30 June 2023 28,143 (211) 17,994 45,926
------------------------------- --------------- ------------------- --------- --------
Condensed consolidated statement of cash flows for the six
months ended 30 June 2023
Six months Six months
to to Year ended
30th June 30th June 31st December
Note 2023 2022 2022
$000 $000 $000
(unaudited) (unaudited) (audited)
------------ -------------------------------- --------------------------------
Operating activities:
Loss before tax (3,873) (2,946) (9,086)
Depreciation, depletion
& amortisation 491 119 244
Finance income and gains (135) (2) (86)
Finance expense and
losses 575 15 197
------------ -------------------------------- --------------------------------
Operating cash outflow
prior
to working capital
movements (2,942) (2,814) (8,731)
Increase in inventories (1,690) - -
Decrease/(increase) in
trade
and other receivables 175 (2) (131)
(Decrease)/Increase in
trade
and other payables (1,371) 318 2,170
Increase/(decrease) in
provisions 2 (4) (3)
Net cash outflow from
operating
activities (5,826) (2,502) (6,695)
Investing activities
Corporate acquisitions 9 (26,995) - -
Interest received 135 2 86
Purchase of property,
plant
and equipment 4 (457) (1) (127)
Exploration and
evaluation
costs 3 (22) (16) (35)
Decrease/(increase) in
restricted
funds 6 2,200 (8,000) (10,200)
Net cash used in
investing
activities (25,139) (8,015) (10,276)
Financing activities
Draw-down on loan
facilities
(net of transaction
fees) 7 19,000 - -
Interest paid (531) - -
Principal paid on lease
liability (115) (99) (204)
Interest paid on lease
liability (12) (14) (21)
Net cash
generated/(used)
in financing activities 18,342 (113) (225)
Net decrease in cash and
cash equivalents (12,623) (10,630) (17,196)
Cash and cash
equivalents
at beginning of period 20,384 37,727 37,727
Effect of foreign
exchange
rate changes (36) (1) (147)
Cash and cash
equivalents
at end of period 7,725 27,096 20,384
============ ================================ ================================
Notes to the consolidated results for the six months ended 30
June 2023
1. Basis of preparation
The financial information contained in this announcement does
not constitute statutory financial statements within the meaning of
Section 435 of the Companies Act 2006.
The financial information for the six months ended 30 June 2023
is unaudited. In the opinion of the Directors, the financial
information for this period fairly represents the financial
position of the Group. Results of operations and cash flows for the
period are in compliance UK adopted International Accountings
Standards.
The accounting policies, estimates and judgements applied are
consistent with those disclosed in the annual financial statements
for the year ended 31 December 2022, and are also consistent with
additional policies, estimates and judgements as noted below .
Critical Accounting judgements and Estimates.
In the application of the Group's accounting policies, the
Directors are required to make judgements, estimates and
assumptions about the carrying value of assets and liabilities that
are not readily available from other sources. The estimates and
associated assumptions are based on historical experience and other
factors that are relevant. Actual results may differ from these
estimates.
Inventory (Oil) .
Inventory is stated at the lower of cost and net reali s able
value, as are underlifts and overlifts which may occur because of
imbalances between cumulative entitlement to production and
cumulative liftings .
Business Combinations and Asset Acquisitions
The Group reviews acquisitions to determine whether the
acquisition should be accounted for as an asset acquisition or a
business combination. For each transaction, the Group may elect to
apply the concentration test under IFRS 3 to determine if the fair
value of assets acquired is substantially concentrated in a single
asset (or a group of similar assets). If this concentration test is
met, the acquisition qualifies as an acquisition of a group of
assets and liabilities, not of a business. Accounting for business
combinations under IFRS 3 is applied once it is determined that a
business has been acquired. Under IFRS 3, a business is defined as
an integrated set of activities and assets conducted and managed
for the purpose of providing a return to investors. A business
generally consists of inputs, processes applied to those inputs,
and resulting outputs that are, or will be, used to generate
revenues.
Where the group have acquired a non-controlling participating
interest in an asset, when determining a suitable accounting policy
the group has regard to the guidance in included in IFRS 11 - Joint
arrangements and where applicable accounts for its interest in the
joint operation by accounting for its share of the income,
expenses, assets and liabilities from the acquisition date.
Financial Liabilities
Borrowings and Loans. Interest bearing bank loans and overdrafts
are recorded at the proceeds received. Finance charges relating to
securing the loans and overdrafts are capitalised as a prepayment
on the balance sheet and amortised over the repayment term period
of the loan.
Development & Production Assets (PP&E)
Costs associated with Development and Production assets,
including the costs of facilities, wells and subsea equipment are
capitalised within Property, Plant & Equipment. These costs are
depreciated on a unit of production basis based on the total proved
and probable reserves of the asset .
Decommissioning
Provisions for Decommissioning are recognized in accordance with
IAS37 and are recorded at the present value of the expenditures
expected to be required to settle the Group's future obligations.
Reference note 5.
These financial statements should be read in conjunction with
the annual financial statements for the year ended 31 December
2022. All financial information is presented in USD, unless
otherwise disclosed.
An unqualified audit opinion was expressed for the year ended 31
December 2022, as delivered to the Registrar.
The Directors of the Company approved the financial information
included in the results on 11 September 2023.
2. Results & dividends
T he Group has r etained earnings at the end of the p eriod of
$18.0 million (30 June 2022: $28.0 million r etained earnings) to
be carried forward. The Directors do not recom mend the paym ent of
a dividend (H1 2022: nil ).
3. Intangible exploration and evaluation (E&E) assets
Group intangible assets:
Total
$000
(unaudited)
------------
Net book value at 31 December
2021 21,289
------------
Additions during the period 16
Net book value at 30 June
2022 21,305
------------
Additions during the period 19
Net book value at 31 December
2022 21,324
------------
Additions during the period 22
Net book value at 30 June
2023 21,346
------------
Odewayne PSA, Somaliland: A(EA)L 34%, Genel Energy Somaliland
Limited 50%, Petrosoma 16%.
4. Property, plant and equipment
Computer
Oil and and office
Office
gas assets Lease equipment Total
Group $000 $000 $000 $000
Cost
At 31 December 2021 - 1,203 279 1,482
----------- ------- ------------ --------
Modification during
the period - (54) (12) (66)
Additions during
the period - - 1 1
At 30 June 2022 - 1,149 268 1,417
----------- ------- ------------ --------
Modification during
the period - (6) 4 (2)
Additions during
the period - - 126 126
Disposals during
the period - - (49) (49)
At 31 December 2022 - 1,143 349 1,492
----------- ------- ------------ --------
Modification during
the period - 22 9 31
Acquisitions 27,992 - - 27,992
Additions during
the period 453 - 4 457
At 30 June 2023 28,445 1,165 362 29,972
----------- ------- ------------ --------
Computer
Oil and and office
Office
gas assets Lease equipment Total
$000 $000 $000 $000
Accumulated depreciation
and impairment
At 31 December 2021 - (598) (159) (757)
----------- ------- ------------ --------
Charge for the period - (96) (22) (118)
--------
At 30 June 2022 - (694) (181) (875)
----------- ------- ------------ --------
Charge for the period - (91) (35) (125)
Disposals during
the period - - 49 49
At 31 December 2022 - (785) (167) (952)
----------- ------- ------------ --------
Charge for the period (354) (91) (44) (489)
At 30 June 2023 (354) (876) (211) (1,441)
----------- ------- ------------ --------
Net book value
at 30 June 2023 28,091 289 151 28,531
----------- ------- ------------ --------
Net book value at
31 December 2022 - 358 182 540
----------- ------- ------------ --------
Net book value at
30 June 2022 - 455 87 542
----------- ------- ------------ --------
Net book value at
31 December 2021 - 605 120 725
----------- ------- ------------ --------
Block 3/05 PSA, Angola: Afentra Angola 4%, Sonangol (Operator)
50%, M&P 20%, Azule 12%, Etu Energias 10% and NIS-Naftagas
4%.
Block 3/05A PSA, Angola: Afentra Angola 4%, Sonangol (Operator)
25%, China Sonangol International 25%, M&P 20%, Azule 12%, Etu
Energias 10% and NIS-Naftagas 4%. Should the China Sonangol
interest be redistributed pro-rata amongst existing Partners,
Afentra's interest in Block 3/05A would increase from 4% to
5.33%.
5. Other non-current assets
The Group have reviewed the accounting treatment for the
Decommissioning Fund held by the Block 3/05 Operator and have
recognised a Non-Current Asset and an offsetting Non-Current
Liability for $12.7 million, which equates to the present value of
the future Decommissioning Liability. It is Management's view that
the future liability for Decommissioning is represented by the
totality of the funds held by the Operator, specifically for such
purposes.
6. Restricted Funds
The Company has provided a bank guarantee issued by Nedbank
Limited to Sonangol in respect of a $8.0 million cash deposit in
respect of the Sonangol Acquisitions that would otherwise have been
required to be paid shortly after the signing of the Sonangol
Acquisition Agreement. This guarantee has been fully cash
collateralised by the Company.
Movement in the period of $2.2 million relates to the release of
Escrow funds held by Citibank, in respect of the INA
Acquisitions.
7. Borrowings
The Group has activated elements of both the RBL Facility and
Working Capital facility in order to facilitate the completion of
the INA acquisition. As of June 30th, 2023, the Group has
borrowings of $12.8 million (RBL) and $9.1 million (Working
Capital) with the following key terms:
RBL Facility up to $75 million
-- 5-year tenor
-- 8% margin over 3-month SOFR (Secured Overnight Financing Rate)
-- Semi- annual linear amortisations
-- Key financial covenant of Net Debt to EBITDA < 3:1
Working Capital up to $30m revolving facility
-- 5-year tenor
-- 4.75% margin over1-month SOFR
-- Repayable with proceeds from liftings
Total
$000
Current
Reserve Based Lending
Facility 2,327
Working Capital Facility 9,138
At 30 June 2023 11,465
-------
Non-current
Reserve Based Lending
Facility 10,473
At 30 June 2023 10,473
-------
A charge is placed on Afentra (Angola) Ltd shares to Mauritius
Commercial Bank Limited as required by the terms of the debt
facilities.
8. Provisions
Contingent consideration
Provisions include contingent consideration payable to INA on
blocks 3/05 and 305/A:
-- 3/05 of up to $4 million over 2 years, subject to certain oil
price hurdles and an annual cap of $2 million; and
-- 3/05A of up to $5 million linked to the successful future
development of certain discoveries and oil price hurdles.
Management have reviewed the contingent payments related to the
INA acquisition, which are dependent upon future oil price hurdles
and future B3/05A developments. Judgement has been applied to the
probability of the circumstances occurring that would give rise to
some or all of the future payments. In addition, Management has
applied a discount rate that approximates to the Company's cost of
capital in arriving at a present value at the balance sheet date of
the probable future liabilities. Management is therefore
comfortable with the liabilities recorded at the balance sheet date
in respect of these contingent future events.
Decommissioning provision
As detailed in note 5.
Total
$000
Current
Contingent consideration 1,378
At 30 June 2023 1,378
-------
Non-current
Contingent consideration 4,228
Decommissioning 12,718
Other 36
At 30 June 2023 16,982
-------
9. Acquisition
During the period the Company completed the acquisition of
interests in Block 3/05 (4%) and Block 3/05A (4%) offshore Angola
for a net $17.0 million payment with a subsequent $10.0 million
contingent payment made upon the extension of the Block 3/05
licence from 31 December 2025 to 31 December 2040.
Block 3/05 Block 3/05A Total
$000 $000 $000
Consideration
Initial consideration 9,000 3,000 12,000
Actual adjustments from
effective date 765 2,202 2,967
Contingent consideration
- Extension of Block 3/05
licence 10,000 - 10,000
Contingent consideration
- Oil price linked 2,028 - 2,028
Consideration paid 21,793 5,202 26,995
----------- -------------------------------- --------
Contingent consideration
- Oil price linked / future
developments 2,318 3,288 5,606
Total consideration 24,111 8,490 32,601
=========== ================================ ========
Block 3/05 Block 3/05A Total
$000 $000 $000
Net assets
Oil and gas properties 18,456 9,536 27,992
Inventory (Oil Stock) 7,957 88 8,045
Joint Venture partner balance (2,165) 627 (1,538)
Joint Venture working capital (137) (1,761) (1,898)
Net assets acquired 24,111 8,490 32,601
=========== ================================ ========
The Group performed an assessment of the INA acquisition to
determine whether the acquisition should be accounted for as an
asset acquisition or a business combination. For the INA
transaction, the Group elected to apply the concentration test
under IFRS 3 to determine if the fair value of assets acquired are
substantially concentrated in a single asset (or a group of similar
assets). This test was met and thus the Group have deemed the
acquisition to qualify as an acquisition of a group of assets and
liabilities, not of a business. Furthermore, the Group gave regard
to guidance included under IFRS 11- Joint Arrangements, and will
account for its share of the income, expenses, assets, and
liabilities from the acquisition date.
10. Subsequent Events
Subsequent to the Balance Sheet date of June 30(th) , the
following business activities are anticipated to occur:
-- Azule Acquisition : acquisition of interests in Block 3/05
(12%) and Block 3/05A (16%)(2) offshore Angola for a firm
consideration of $48.5 million and contingent payments of up to $36
million(3) . Transaction will be funded through the agreed capacity
within debt facilities with Mauritius Commercial Bank and Trafigura
and existing cash on balance sheet. A 10% transaction deposit of
$4.85 million has been placed in escrow as per the Sale and
Purchase Agreement ('SPA').
-- Amended Sonangol Acquisition: acquiring a reduced working
interest from Sonangol in Block 3/05, from 20% to 14% in order to
ensure an appropriate balance of equity interests in Block 3/05.
Firm and contingent considerations reduce to $56m and up to $35m,
respectively (terms including the effective date of 20 April 2022
remaining unchanged)(4) . Combined with existing ownership and the
Azule Acquisition, Afentra's working interests will be 30% in Block
3/05 and 21.33%(2) in Block 3/05A. The consideration for the 40%
interest in Block 23 remains unchanged at $0.5 million.
-- Suspension of shares and reverse takeover: in accordance with
the AIM Rules for Companies, the Company's ordinary shares were
suspended from trading on AIM from 19 July 2023 as the Azule
Acquisition and Amended Sonangol Acquisition each constitute a
reverse takeover ('RTO') under Rule 14 of the AIM Rules. Trading in
the Company's ordinary shares will remain suspended until such time
as either an admission document is published, or an announcement is
released confirming that the Azule Acquisition and Amended Sonangol
Acquisition are not proceeding.
-- AIM Readmission process and General Meeting: the Company has
made encouraging progress with respect to the recommencement of
trading on AIM and expects to publish an Admission Document
shortly, with both the Azule Acquisition and the Amended Sonangol
Acquisition being subject to shareholder approval thereafter. We
expect both transactions to complete, subject to shareholder
approval, in Q4 2023.
-- First crude cargo sale: the Company sold its first cargo of
300,000 bbls of crude oil in August comprising crude oil stock and
subsequent production from the INA Acquisition. The sales price
inclusive of the Brent premium was $88/bbl, generating pre-tax
sales of $26.4 million net to Afentra.
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END
IR FLFERASILLIV
(END) Dow Jones Newswires
September 12, 2023 02:00 ET (06:00 GMT)
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