Afentra, the upstream oil and gas company focused on acquiring production and development assets in Africa, announced that it has initialed a Risk Service Contract (RSC) for Block KON4, located in the onshore Kwanza basin, Angola.
Afentra has been in discussions to secure an operated interest in KON4 as part of its strategy to further consolidate its position in the onshore Kwanza basin and to establish itself as an Operator in Angola. The initialling marks a significant step forward to securing Block KON4. Under the terms of the proposed KON4 RSC, Afentra will be Operator with a 35% equity interest.
The Block offers both short cycle, low-cost production opportunities linked to field redevelopment alongside low-cost near-term exploration potential similar to that being pursued in KON15 and KON19. The contract will now progress through the formal governmental approval process, and the Company will provide a further update to the market once the agreement has been fully executed and signed.
