Angola M&A | Afentra takes Azule out of Blocks 3/05 and 3/05A

July 21, 2023

On 19 July 2023, Afentra announced an agreement to acquire a 12% interest in Block 3/05 and 16% in Block 3/05A offshore Angola from Azule Energy, a 50:50 JV between Eni and bp. The deal with Azule is for an initial consideration of US$48.5 million. There is a contingent payment of up to US$21 million over three years subject to certain oil price and Block 3/05 production triggers. And a further contingent consideration of up to US$15 million linked to the successful future development of certain Block 3/05A discoveries as well as associated oil price and production hurdles.