Etu Acquisition Update

Afentra PLC

06 October 2026

 

6th October 2026

AFENTRA PLC

Etu Acquisition Update

Acquisition of Additional Interests in Blocks 3/05 and 3/05A, Offshore Angola

Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on mature production and development assets in Africa, is pleased to announce the publication of the executive decree for Block 3/05 by the Angolan Ministry of Mineral Resources, Petroleum and Gas (“MIREMPET”) for the previously announced acquisition from Etu Energias S.A. (“Etu”) of additional interests in Blocks 3/05 and 3/05A, offshore Angola (the “Etu Acquisition”).

The Company now awaits publication of the corresponding decree for Block 3/05A, following which the parties will proceed with the novation process and the remaining customary completion steps.

As previously announced, Sonangol E&P, the operator of both blocks, elected to participate in the acquisition process alongside Afentra and Etablissements Maurel & Prom S.A. ("M&P"). Accordingly, Sonangol, Afentra and M&P agreed to jointly acquire Etu's 10% interest in Block 3/05 and 13.33% interest in Block 3/05A. Under the transaction, Afentra will acquire an additional 3.33% interest in Block 3/05 and an additional 3.66% interest in Block 3/05A, increasing the Company's interests to 33.33% and 24.99%, respectively.

Transaction Highlights

• Acquisition of additional interests of 3.33% net in Block 3/05 and 3.66% net in Block 3/05A, offshore Angola.
• Net upfront consideration of $15.20 million[1].
• Contingent consideration of up to $6.74 million, of which up to $4.74 million could become payable1,2 across both blocks, linked to a combination of oil price thresholds, production performance, and the successful development of key discoveries.
• Effective date of the transaction is 31 December 2023.

The payment due at completion is expected to be significantly lower than the upfront consideration, reflecting adjustments for the period since the transaction’s effective date of 31 December 2023.

Paul McDade, Chief Executive Officer of Afentra plc, commented:

“We are pleased to receive the Block 3/05 approval. Receipt of the corresponding approval for Block 3/05A will allow us to progress the Etu Acquisition towards completion. Once completed, this transaction will further consolidate Afentra’s position in Blocks 3/05 and 3/05A and increase our exposure to the ongoing drilling and redevelopment programme. We look forward to completing the remaining steps with Etu, Sonangol and M&P."

Following completion, participating interest in both Blocks 3/05 and 3/05A will be as follows:

Post-completion interest
	Block 3/05	Block 3/05A
Sonangol (Operator)	39.34%	39.34%
Afentra	33.33%	24.99%
M&P	23.33%	30.33%
NIS Naftagas	4%	5.33%

For further information contact:

Afentra plc [phone]

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) [phone]

Barry Archer

Louise Mason-Rutherford

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) [phone]

Callum Stewart

Simon Mensley

Ashton Clanfield

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. Offshore Angola, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24, both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza basin, Afentra holds a 35% operated interest in Block KON4 and 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.

More information is available at www.afentraplc.com or by visiting  Afentra’s Curation Showcase.

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.

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[1]. The upfront and contingent considerations represent Afentra’s pro-rata share of the total considerations agreed by Afentra, M&P and Sonangol to acquire 100% of Etu’s interests in Blocks 3/05 and 3/05A. The upfront consideration is subject to customary completion adjustments.

2. The 2025 contingent payment of up to $2m has lapsed. While the production threshold was met, the Brent price trigger was not reached; therefore, no contingent payment is due for 2025.

 

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