Afentra Lands Compelling New Opportunity in Angola

Afentra plc has signed a ‘Risk Service Contract’ for Block KON4 in Angola, acquiring a 35% operated interest in a large project area. The block includes significant oil and gas fields, notably the Quenguela Norte field. The company aims to revitalize legacy fields and explore underexploited regions. Shares rose approximately 3%, valuing Afentra around £120 million.

Afentra plc, a London-listed oil exploration firm, has secured a new and promising contract for Block KON4, located in Angola’s Kwanza basin. The company, trading on both the AIM and OTC markets, announced that this ‘Risk Service Contract’ grants them a 35% operated interest in a sizeable area of 1,387 square kilometers. This block encompasses eleven previously producing oil fields and two gas fields, with historical production reaching 90 million barrels of oil.

In conclusion, Afentra’s acquisition of Block KON4 presents a substantial opportunity for the firm and its partners. With plans to revitalize legacy oil fields and explore underdeveloped areas, Afentra aims to leverage modern techniques for improved production. The company’s recent contract signing signifies a potential growth journey within Angola, promising to attract interest among investors as they work to unlock the basin’s capabilities and expand operations further.

Original Source: www.proactiveinvestors.co.uk