Afentra Explores Acquisition of Angolan Offshore Blocks Amid Media Speculation

UK-headquartered and AIM-listed upstream oil and gas company Afentra has confirmed its participation in discussions to potentially increase its stake in two Angolan offshore blocks. The company, together with one of its joint venture partners, is in talks to acquire the interests currently held by another JV partner.

Afentra has addressed recent media speculation by disclosing its engagement in discussions to acquire the stakes in Blocks 3/05 (10%) and 3/05A (13.5%) currently owned by Etu Energias.

While the outcome of the potential acquisition is uncertain, Afentra has stated that it would utilize its existing cash resources to fund the transaction if it proceeds. The deal would be subject to various closing conditions, including regulatory and government approvals.

The company remains focused on working with its joint venture partners and the operator, Sonangol, on a redevelopment plan for the assets in Blocks 3/05 and 3/05A. The goal is to enhance production levels and reserves in these offshore blocks.

Afentra’s recent announcement also highlighted the total net 2P working interest reserves for Block 3/05, which stand at 34.2 million barrels of oil as of December 2024. With a reserve replacement ratio of 140% over 18 months, contingent resources have increased, leading to net working interest 2C resources of 13.8 million barrels of oil.

Block 3/05A is estimated to have net 2C resources of 7.1 million barrels of oil. This block comprises eight mature producing fields discovered in the Lower Congo Basin and operates hydrocarbon production from multiple wells and platforms.

According to the National Agency for Oil, Gas, and Biofuels (ANPG), Angola currently offers 30 investment opportunities in the oil sector. These opportunities include blocks in permanent offers, onshore blocks, marginal fields with existing discoveries, and upcoming bidding rounds for 2025.