Angola Approves Afentra, Azule Energy Acquisition Deal

Upstream oil and gas company Afentra secured approval from the Angolan government to acquire a 12% stake in Block 3/05 and a 16% share in Block 3/05A from international energy firm Azule Energy. Afentra and Azule Energy are finalizing the acquisition process, with expectations to finalize the deal within Q2 2024. The Angolan government has also declared the Punja Development Area, situated in Block 3/05A, as a marginal discovery.

“The improved fiscal terms for the Punja Discovery is another clear indication of the support given by the Government of Angola to parties willing to invest in their oil and gas sector,” stated Paul MacDade, CEO of Afentra, adding, “This further encourages us to continue to work with Sonangol and our joint venture partners to grow production and reserves as we develop the vast potential of both the producing fields in Block 3/05 and the significant discoveries within Block 3/05A.” The deal marks Afentra’s third asset acquisition in Angola. Afentra initiated the acquisition of the blocks in July 2023.