Etu Acquisition Update
Summary by AI BETAClose X
29th 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 3/05A 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”).
With the executive decrees for both blocks now published, the parties will proceed with the novation process and the remaining customary completion steps, with completion expected in the coming weeks.
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:
“The publication of the executive decree for Block 3/05A, following that of 3/05, represents a further important milestone in the expansion of our offshore acreage in Angola. We look forward to working towards closing the acquisition with Etu and our partners, 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 +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Christine Wootliff, Investor Relations
Celicourt Communications +44 (0)20 7770 6424
Sophie Brand
Kathleen Beams
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
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, 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.
[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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