Afentra plc, the upstream oil and gas company focused on acquiring production and development assets in Africa, advises that, further to the announcement on 10 July confirming the award by Presidential Decree of the onshore Angola license KON 19, the formal award of KON 19 was signed yesterday with the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG).
Afentra has been assigned a 45% non-operated interest in KON 19 alongside two local Angolan companies ACREP and Enagol.
Contract discussions on Block KON 15 are ongoing and continue to make progress.
The onshore Kwanza basin, covering 25,000 Sqkm, is an under-exploited and overlooked proven hydrocarbon basin with numerous oil fields and discoveries dating back to 1955. Both KON15 and KON19 blocks are high-graded by Afentra as they have good signs of a working petroleum system. The blocks are adjacent to both legacy oil fields that are currently being appraised for potential re-development and existing infrastructure allowing rapid commercialisation.
Commenting on the update, CEO Paul McDade said:
"We are very pleased to have been formally awarded this new license, which further enhances our strategic position in Angola. The license expands Afentra's footprint in this attractive market and further diversifies our portfolio with a low-cost onshore block with significant potential. We look forward to bringing our technical expertise in support of our local Angolan Operator as we collaborate to define the full potential of this license. We will update the market fully on our onshore strategy and work program upon completion of the onshore award process."