Afentra PLC Expression of Interest in Angola
RNS Number : 5404O
08 October 2021
8 October 2021
Expression of Interest submitted to Sonangol for potential
acquisition in Angola; Shares Suspended
Afentra plc ('Afentra' or the 'Company'), an upstream oil and
gas company listed on AIM and focused on acquiring production and
development assets in Africa, confirms that it has submitted a
non-binding Expression of Interest to Sonangol E.P ('Sonangol')(1)
to purchase interests in Block 3/05 and Block 23 ('the
Acquisition') in Angola.
This is in line with Afentra's strategy of acquiring assets
across West Africa with solid low-cost production, proven reserves
and significant upside. At this stage there can be no certainty
that this application will proceed beyond the company's non-binding
expression of interest and there is no guarantee that any bid made
will be accepted. If accepted, the potential acquisition remains
subject to the ongoing competitive process, satisfactory completion
of the necessary due diligence and agreement of a sale and purchase
The process is at an early stage. However, if Afentra is
ultimately successful in this acquisition, it would be classified
as a reverse takeover transaction in accordance with AIM Rule 14.
The Company now confirms that the shares will remain suspended
until either the publication of an AIM admission document, or until
confirmation is given that Afentra's participation in the bid
process has ceased.
The Company will make further announcements as appropriate.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
(1) In June 2021 Sonangol, Angola's national oil company,
initiated an asset sales process to divest some of its interests in
eight blocks across its portfolio. This announcement follows the
disclosure by Sonangol yesterday evening of the names of all
bidders in this ongoing sales process.
For further information, contact
+44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Buchanan (Financial PR)
+44 (0)20 7466 5000
Peel Hunt LLP (Nominated Advisor and Joint Broker)
+44 (0)20 7418 8900
Tennyson Securities (Joint Broker)
+44 (0)20 7186 9033
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 a current carried interest in the Odewayne Block
onshore southwestern Somaliland.
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(END) Dow Jones Newswires
October 08, 2021 08:29 ET (12:29 GMT)
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