Afentra Secures Onshore Angola License, Sees Potential in Kwanza Basin
Why we think this is good
The RNS announcement indicates that Afentra has been awarded the KON-15 onshore license in Angola, which represents an important step in the company's strategy to build a presence in the Kwanza basin. The company has secured a 45% non-operating interest in the block, partnering with the local operator Sonangol. The CEO's comments suggest that the company sees significant upside potential in the onshore Kwanza basin, which has a history of production but limited recent activity. There are no obvious negative factors or concerning insights based on the information provided.
Key Points
- Afentra awarded KON-15 onshore license in Angola
- Secured 45% non-operating interest in the block
- Partnering with local operator Sonangol
- CEO sees potential upside in the onshore Kwanza basin
Summary
Afentra plc (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, has announced that the KON-15 onshore license in Angola has been formally approved and awarded by Presidential Decree. The company has secured a 45% non-operating interest in the block, alongside Sonangol as the block operator. The CEO, Paul McDade, commented that this award reinforces Afentra's commitment to Angola's energy sector and underscores their focus on building strong partnerships with local operators. The company also sees significant upside potential in the onshore Kwanza basin, which has a history of production but limited recent activity.