Afentra, M&P to Expand Stakes in Offshore Angola Blocks

Upstream oil and gas companies Afentra and Maurel & Prom (M&P) have signed a sale and purchase agreement with Etu Energias to acquire an additional minority stake in offshore Angola’s Blocks 3/05 and 3/05A.

Under the terms of the agreement, Afentra and M&P will each acquire 5% of Etu Energias’ working interest in Block 3/05 and 6.67% in Block 3/05A. The total cash consideration amounts to $23 million – $22 million allocated to Block 3/05 and $1 million to Block 3/05A – on a cash- and debt-free basis.

“This transaction enhances the alignment within the joint venture and reinforces our exposure to these high-quality production and development assets that continue to perform strongly as the partners demonstrate the ability to realize the upside of these world-class assets,” stated Paul McDade, CEO, Afentra.

The deal also includes contingent payments of up to $6 million for Block 3/05, based on production performance and oil prices between $75 and $123 per barrel in 2025 and 2026 – capped at $3 million per year and only applicable if average gross production exceeds 15,000 barrels per day.

An additional $5 million in contingent consideration may be payable for the Caco-Gazela and Punja discoveries, in two installments of $2.5 million each, triggered one year after first oil, provided 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.