Afentra to Buy Interests in Offshore Angola Blocks for USD 80m.
MANews-(C)2009-2022
UK-based oil and gas company Afentra plc's (OTC: STGAF) Afentra (Angola) Ltd subsidiary has signed a Sale and Purchase Agreement with Sonangol Pesquisa e ProduÃ[section sign]o S.A. to purchase interests in Block 3/05 and Block 23, offshore Angola for a firm consideration of USD 80m and contingent payments of up to USD 50m in the case of Block 3/05 and consideration of USD 0.5m in the case of Block 23, the company said.
The company said the deal facilitates a first entry for Afentra into Angola, one of the company's key target markets in West Africa, with opportunities to build a material production business and contribute to a sustainable transition.
Funding is expected to be financed through new debt facilities and existing cash on the balance sheet. Discussions with prospective debt providers...
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