LONDON, UK: Afentra has announced that it has agreed to buy more stakes in two offshore blocks in Angola for a total of $105 million.

The company said it will buy a 12% interest in Block 3/05 and a 16% interest in Block 3/05A from Azule Energy Angola Production B.V. for $48.5 million upfront and up to $36 million in deferred payments linked to oil price, production and development conditions.

Afentra also said it has amended its deal with Sonangol Pesquisa e Produção S.A. to reduce the interest it will buy in Block 3/05 from 20% to 14% for $56 million upfront and up to $35 million in deferred payments.

The company said the deals will give it material equity in both blocks, which have significant production and near-term development potential. Block 3/05 has recently extended its licence term and improved its fiscal terms.

Afentra said the deals are subject to shareholder approval and are expected to complete in the fourth quarter of 2023.

The company’s shares have been suspended from trading on AIM pending the publication of an admission document.

Afentra CEO Nick Cooper said: “We are delighted to announce this additional acquisition which, together with our previously announced acquisition from INA, provides us with material equity in both Block 3/05 and Block 3/05A. We will therefore significantly increase our exposure to the upside potential of these material production and near-term development assets.”

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