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AfrOil: Afentra sees acquisition of Angolan assets delayed until early 2023

AIM-listed Afentra said in a statement on December 14 that it did not expect to achieve its goal of finalising the acquisition of minority stakes in two blocks offshore Angola before the end of 2022.

Afentra had signed a sales and purchase agreement (SPA) with Angola’s national oil company (NOC) Sonangol for a 20% stake in Block 3/05 and a 40% stake in Block 23 in late April. In August, it explained that execution of the SPA was subject to certain conditions, including obtaining government permissions and an extension of the production-sharing agreement (PSA) for Block 3/05 to December 31, 2040.

In its December 14 statement, though, Afentra said that discussions on the extension of the Block 3/05 PSA were ongoing and unlikely to be completed before the end of 2022. Shareholders in the project are “continuing to make good progress” but will need more time, it reported.