Afentra PLC (AIM:AET) signed a sale and purchase agreement to acquire additional 4% non-operated interest in Block 3/05 and 5.33% non-operated interest in Block 3/05A from INA-Industrija nafte, d.d. (ZGSE:INA) on July 19, 2022. Under the terms of the agreement, Afentra will make a firm consideration of $9 million and contingent payments of up to $16 million (in aggregate) in the case of Block 3/05 and consideration of $3 million and contingent payments of up to $5 million in the case of Block 3/05A. 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.

Richard Crichton, Paul Gillam and David McKeown of Peel Hunt LLP acted as financial advisors to Afentra in the transaction. Crowe acted as reporting accountant on the transaction, with the capital markets team led by Paul Blythe with support from Ferdia McCarville, Monty Cann and Jacob Porter.