Acquisition of Etu Energias Stakes in Angolan Blocks 3/05 and 3/05A

planned

Sonangol, Angola's state oil company, has joined London-listed Afentra and France's Maurel & Prom (M&P) in acquiring stakes held by local player Etu Energias in two shallow water blocks, 3/05 and 3/05A. The acquisition involves a new sales and purchase agreement where each buyer will acquire a 3.33% interest in Block 3/05 and a 3.66% interest in Block 3/05A. The buyers will pay an upfront amount of $15.2 million and a contingent consideration of up to $6.74 million linked to oil prices, production, and development of key discoveries. After completion, Sonangol will hold a 39.34% operating stake in both blocks.