Afentra PLC (AIM:AET) signed a non-binding expression of interest to acquire 20% non-operated interest in Block 3/05 and 40% non-operated interest in Block 23 from Sonangol Pesquisa e Produção, S.A. on October 8, 2021. This is in line with Afentra's strategy of acquiring assets across West Africa with solid low-cost production, proven reserves and significant upside. At this stage there can be no certainty that this application will proceed beyond the company's non-binding expression of interest and there is no guarantee that any bid made will be accepted. If accepted, the potential acquisition remains subject to the ongoing competitive process, satisfactory completion of the necessary due diligence and agreement of a sale and purchase agreement. The Company now confirms that the shares will remain suspended until either the publication of an AIM admission document, or until confirmation is given that Afentra's participation in the bid process has ceased. As on April 20, 2022, Afentra signed a signed a Sale and Purchase Agreement to acquire 14% non-operated interest in Block 3/05 and 40% non-operated interest in Block 23 from Sonangol Pesquisa e Produção, S.A. for $130 million. Under the terms of the agreement, Afentra will make a firm consideration of $80 million and contingent payments of up to $50 million (in aggregate) in the case of Block 3/05 and consideration of $0.5 million in the case of Block 23. The acquisition is expected to be funded with new debt facilities and existing cash on the balance sheet. Transaction is subject to regulatory consents, right of first offer, license extension and due diligence, the acquisition is subject to the receipt of shareholder approval and completion is expected in the third quarter of 2022. As on August 10, 2022, the transaction is yet to receive the government approvals and the extension of the Block 3/05 Production Sharing Agreement ('PSA') until at least 31 December 2040. Richard Crichton and David McKeown of Peel Hunt LLP acted as financial advisors to Afentra in the transaction. Paul Blythe, Ferdia McCarville, Monty Cann and Jacob Porter of Crowe LLP acted as Accountants to Afentra plc (AIM:AET). It is now anticipated that satisfaction of the remaining CPs will occur after the current long stop date of March 31, 2023. As of April 17, 2023, long-stop date extended from March 31, 2023, to June 30, 2023. As of July 19, 2023 The firm and contingent considerations will therefore reduce to $56 million and up to $35 million, respectively. We now expect both transactions to complete, subject to shareholder approval, in Q4 2023. the Amended Sonangol Acquisition and the Azule Acquisition will be financed through the existing Mauritius Commercial Bank and Trafigura debt facilities that were utilised to complete the INA acquisition and from existing cash on the balance sheet. The cash payable at completion will be reduced depending on the level of cash flows from the acquired assets between their respective effective dates and their dates of completion. As of September 18, 2023, the general meeting for the approval of the acquisition by Afentra shareholders is to be held electronically on October 5, 2023. As of November 9, 2023, Government of Angola approved this transaction. Peter Krens of Tennyson Securities acted as joint broker to Afentra in this transaction.

Afentra PLC (AIM:AET) completed the acquisition of 20% non-operated interest in Block 3/05 and 40% non-operated interest in Block 23 from Sonangol Pesquisa e Produção, S.A. for $91.5 million on December 8, 2023.