AfrOil: Afentra’s stock price jumps as Angola approves acquisition of Azule Energy’s assets

Angola’s government has approved the acquisition by London-listed junior Afentra of key stakes in a pair of producing shallow-water blocks from Azule Energy, a joint venture of supermajors Eni (Italy) and BP (UK).

Afentra is an upstream oil and gas company focused on acquiring production and development assets in Africa. News of the approval saw the stock price of Afentra on London’s AIM jump by an initial 6.7% in early morning trading on April 25 to hit 47.94 pence ($0.60), a near all-time peak for the company founded three years ago.

In a deal worth for up to $84.5mn, Azule agreed in July 2023 to sell Afentra non-operating interests of 12% and 16% in adjacent blocks 3/05 and 3/05A respectively.

“The Angolan government’s approval of the Azule acquisition allows us to proceed with the completion of our third transaction in Angola providing Afentra a material equity position in these world-class assets,” said CEO Paul McDade, commenting on the update.

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