AGM and Update on Sonangol Acquisition

Afentra PLC

20 June 2023

 

20 June 2023

AFENTRA PLC

Annual General Meeting and Update on the Sonangol Acquisition

Afentra plc ('Afentra' or the 'Company') provides the following update regarding the previously announced acquisition from Sonangol ahead of the Annual General Meeting ('AGM') that will be held electronically today at 10:00 am via https://web.lumiagm.com. In addition to the Chairman's Statement, Paul McDade (CEO) will provide a short presentation on the status of the Company; this is available on the Afentra website and can be accessed at this link: https://afentraplc.com/investors/

Update on the Sonangol Acquisition

Subsequent to the approval of the licence extension in May 2023, Sonangol is now pursuing the requisite government approvals for the transaction. Based on the outstanding workstreams and associated timeframes, completion of the transaction is now expected to occur in July 2023 and we are working, together with Sonangol, to extend the long stop date for this acquisition accordingly.

In addition, the enhanced fiscal terms associated with the Block 3/05 PSA extension have been submitted for the requisite government approvals.

We look forward to providing shareholders with further updates in due course.

Operational Update

As previously announced, recent gross production levels in Block 3/05 have continued to remain stable, averaging approx. 18,900 bbl/d in May 2023. Water injection levels have averaged approx. 39,000 bw/d January through May 2023. Finally, production in Block 3/05A, at the Gazela field, has continued at approx. 1,100 bbl/d.

For further information contact:

Afentra plc [phone]

Paul McDade, CEO

Anastasia Deulina, CFO

Buchanan (Financial PR) [phone]

Ben Romney

George Pope

[e-mail]

Peel Hunt LLP (Nominated Advisor and Joint Broker) [phone]

Richard Crichton

Paul Gillam

David McKeown

Tennyson Securities (Joint Broker) [phone]

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. Afentra has a current 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) ('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.

 

END