Award of KON 19 License Onshore Angola

25 July 2024

AFENTRA PLC

Award of KON 19 License Onshore Angola

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, advises that, further to the announcement on 10 July confirming the award by Presidential Decree of the onshore Angola license KON 19, the formal award of KON 19 was signed yesterday with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG).

Afentra has been assigned a 45% non-operated interest in KON 19 alongside two local Angolan companies ACREP and Enagol. The equity participation in the license is:

Block KON 19 Ownership Interests

Contract discussions on Block KON 15 are ongoing and continue to make progress.

The onshore Kwanza basin, covering 25,000 Sqkm, is an under-exploited and overlooked proven hydrocarbon basin with numerous oil fields and discoveries dating back to 1955. Both KON15 and KON19 blocks are high-graded by Afentra as they have good signs of a working petroleum system. The blocks are adjacent to both legacy oil fields that are currently being appraised for potential re-development and existing infrastructure allowing rapid commercialisation.

Commenting on the update, CEO Paul McDade said:

"We are very pleased to have been formally awarded this new license, which further enhances our strategic position in Angola. The license expands Afentra's footprint in this attractive market and further diversifies our portfolio with a low-cost onshore block with significant potential. We look forward to bringing our technical expertise in support of our local Angolan Operator as we collaborate to define the full potential of this license. We will update the market fully on our onshore strategy and work program upon completion of the onshore award process."

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Barry Archer

George Pope

Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900

Richard Crichton

David McKeown

Georgia Langoulant

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

About Afentra

Afentra plc (AIM:AET) is an upstream oil and gas company focused on opportunities in Africa. The Company's purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and Host Governments. Offshore Angola Afentra has a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin and a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin. Onshore Angola Afentra has a 45% non-operated interest in the prospective Block KON 19 located in the western part of the Onshore Kwanza Basin. Afentra also has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland. 

Inside Information

This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and as subsequently amended by the Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.