Afentra’s entry into Angola in May 2023 saw the Company establish a foothold in a key target geography with a wealth of future growth opportunities. Afentra is acquiring interests in quality assets with scope to enhance and extend production alongside improving environmental performance, while positioning itself as a key stakeholder to support state-owned Sonangol with its transition strategy.
Overview
Angola: Blocks 3/05 And 3/05A
Somaliland: Odewayne Block
Afentra’s portfolio is comprised of a 4% non-operated interest in the long-life, offshore production Block 3/05 in Angola, and an up to 5.33% interest in the adjacent Block 3/05A offering additional development potential. Afentra also has a 34% non-operated (carried) interest in the Odewayne Block, onshore Somaliland. Afentra’s interest in Block 3/05 will increase to 24% upon completion of the Sonangol transaction announced in April 2022, and that transaction will also result in a 40% non-operated interest in the highly prospective Block 23 in Angola.
Afentra’s strategy is to build a material diverse portfolio of mid-life producing assets that no longer fit the portfolio of major companies. We seek to optimise, redevelop and extend their lives in a safe, responsible manner whilst reducing harmful emissions. These production assets underpin the business with low-risk cash flow. Over time, Afentra aims to build a portfolio of operated positions, levering the extensive technical operating experience possessed by the team. We will also acquire non-operated positions alongside quality operators and credible JV partners with a shared alignment to operational excellence and environmental stewardship.
