Expression of Interest Submitted to Sonangol for Potential Acquisition in Angola

Source: www.gulfoilandgas.com 10/8/2021, Location: Africa

Afentra plc, an upstream oil and gas company listed on AIM and focused on acquiring production and development assets in Africa, confirms that it has submitted a non-binding Expression of Interest to Sonangol E.P ('Sonangol')1 to purchase interests in Block 3/05 and Block 23 ('the Acquisition') in Angola.

This is in line with Afentra's strategy of acquiring assets across West Africa with solid low-cost production, proven reserves and significant upside. At this stage there can be no certainty that this application will proceed beyond the company's non-binding expression of interest and there is no guarantee that any bid made will be accepted. If accepted, the potential acquisition remains subject to the ongoing competitive process, satisfactory completion of the necessary due diligence and agreement of a sale and purchase agreement.

The process is at an early stage. However, if Afentra is ultimately successful in this acquisition, it would be classified as a reverse takeover transaction in accordance with AIM Rule 14. The Company now confirms that the shares will remain suspended until either the publication of an AIM admission document, or until confirmation is given that Afentra's participation in the bid process has ceased.


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