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Afentra PLC on Thursday said it has agreed to acquire 50% of Etu Energias SA’s working interests in two offshore Angolan oil blocks. The London-based mining firm focused on African oil and gas said subsidiary Afentra (Angola) Ltd signed a sale and purchase agreement with Etu for a 5% stake in Block 3/05 and a 6.7% holding in Block 3/05A. The company paid a net initial consideration of $23 million, plus contingent consideration of up to $11 million across both blocks. The contingent payment is linked to a combination of oil price thresholds, production performance, and the successful deployment of key discoveries, Afentra said. In 2024, net pretax profit on the Etu interest was $14 million. Afentra noted that the deal closing is subject to conditions including government approval. It anticipates completion in the second half of 2025. ‘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 realise the upside of these world-class assets, said Chief Executive Officer Paul McDade. ‘The structure of the transaction reflects our disciplined approach to capital deployment, combining a modest upfront payment with a value-linked contingent consideration. ‘We look forward to continuing to work closely with Sonangol and M&P to deliver the material upside in these assets providing long-term value for all stakeholders.’ Shares in Afentra closed up 1.3% at 51.26 pence on Friday. The stock remains down 4.7% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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