AFENTRA AND MAUREL & PROM ACQUIRE ADDITIONAL STAKES IN ANGOLA’S OFFSHORE BLOCKS
Strategic expansion strengthens joint venture position in high-performing production assets
Upstream oil and gas companies Afentra and Maurel & Prom have completed a strategic acquisition of additional working interests in Angola’s offshore Blocks 3/05 and 3/05A. The companies signed a sale and purchase agreement with Etu Energias to acquire 5% and 6.67% stakes respectively in the two blocks.
The total cash consideration amounts to $23 million, with $22 million allocated to Block 3/05 and $1 million to Block 3/05A on a cash and debt-free basis. Afentra CEO Paul McDade emphasized that the transaction enhances alignment within the joint venture and reinforces exposure to high-quality production and development assets.
The deal includes performance-based contingent payments of up to $6 million for Block 3/05, tied to production performance and oil prices between $75 and $123 per barrel during 2025 and 2026. An additional $5 million in contingent consideration may be payable for the Caco-Gazela and Punja discoveries, triggered one year after first oil if it occurs before December 31, 2029.
The transaction is expected to close in the second half of 2025, subject to customary conditions including approval from the Angolan government and final documentation. The acquisition demonstrates continued confidence in Angola’s offshore production potential and the partners’ ability to realize upside from these world-class assets.
Source: energycapitalpower.com