London-listed oil and gas independent Afentra has signed a sales and purchase agreement (SPA) with Angola’s national oil company, Sonangol, for stakes in two offshore blocks in the Lower Congo and Kwanza Basins. Marking the entry of the UK independent into the southern African country, the deal comprises an $80 million upfront payment for stakes in Block 3/05 and Block 23, offshore Angola.

As per the terms of the deal, in addition to the $80 million upfront cash commitment, Afentra could likely pay up to $50 million in contingent payments for Block 3/05 and $500.000 for Block 23. The SPA will see Afentra holding a 20% non-operated interest and a 40% non-operated interest in Block 3/05 and Block 23, respectively. Sonangol will remain the operator of Block 3/05 with a 30% interest while holding a non-operating stake in Block 23 at 20%.

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