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Afentra PLC on Tuesday said the KON-15 licence for the onshore Kwanza basin in Angola has now been formally approved and awarded by presidential decree. The upstream operator in Africa with carried interest in the Odewayne block onshore in southwestern Somaliland has now secured a 45% non-operating interest in the KON-15 block, under the terms of the licence, alongside Angola’s state-owned oil and gas company and block operator Sonangol. The licence follows Afentra’s receipt of approval for the adjacent KON-19 licence in July 2024. The formal signing of the contract for KON-15 is expected ‘at a later date’. Chief Executive Officer Paul McDade said: ‘We are pleased to confirm the formal approval of the KON-15 licence by presidential decree. This award reinforces our commitment to Angola’s energy sector and underscores our focus on building strong partnerships with local operators. We look forward to working closely with Sonangol and the relevant authorities to fully understand the potential of KON-15 and KON-19 and the wider onshore Kwanza basin. ‘We consider that this proven hydrocarbon basin, which has a history of production but where there has been very limited activity for over 40 years, has the potential to deliver significant upside potential for Afentra within our diversified portfolio. We will update the market with further developments in due course.’ Shares in Afentra were up 0.9% at 44.50 pence in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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