Afentra plc (AIM: AET), the upstream oil and gas company with a focus on African assets, has officially been awarded the KON 19 onshore license in Angola, further cementing its strategic footprint in the region. The formal agreement, signed with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), follows the initial announcement made on 10 July and marks a significant step in Afentra’s expansion strategy.

Afentra secures 45% stake in KON 19 license

Afentra plc, alongside local Angolan companies ACREP and Enagol, has been assigned a 45% non-operated interest in the KON 19 license. This means that Afentra plc and ACREP each hold a 45% share in the license, while Enagol retains a 10% non-operated interest.

This partnership reflects a balanced approach to leveraging local expertise and international experience to maximize the potential of this under-exploited hydrocarbon basin.

Ongoing contract discussions for Block KON 15

Afentra is also progressing in its contract discussions for Block KON 15. These negotiations are expected to advance the company’s foothold in the Kwanza basin, a region rich with historical oil fields and discoveries dating back to 1955. The Kwanza basin, spanning 25,000 square kilometres, remains a key area of interest for its proven petroleum system and existing infrastructure that supports rapid commercialisation.

Afentra’s strategic vision and technical expertise

Paul McDade, CEO of Afentra plc, expressed his enthusiasm about the new license, highlighting its strategic importance for the company. McDade noted that the KON 19 license enhances Afentra’s position in Angola and diversifies its portfolio with a low-cost onshore block that holds significant potential. He emphasised the company’s commitment to collaborating with local operators to fully explore the license’s capabilities and mentioned that further updates on the onshore strategy and work program will follow.

Afentra’s broader operations and regional interests

Beyond its recent acquisition, Afentra plc holds a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin. In the Kwanza Basin, the company has a 40% non-operated interest in the exploration Block 23. Onshore Angola, in addition to KON 19, Afentra has a 34% carried interest in the Odewayne Block located in southwestern Somaliland. This extensive portfolio underscores Afentra’s commitment to supporting a responsible energy transition across Africa by establishing itself as a credible partner for international oil companies and host governments.

  ACREP, Afentra plc, Agência Nacional de Petróleo, Angola, Block 23, Block 3/05, Block 3/05A, Enagol, KON 19, Kwanza basin, Odewayne Block, oil exploration, Paul McDade