LONDON - Afentra PLC (AIM: AET), an upstream oil and gas company with a focus on African assets, has been awarded the KON-15 onshore license in Angola, as confirmed by a Presidential Decree on February 24, 2025. This follows the company's previous announcement on January 22, 2024, where Afentra was selected as the non-operating preferred bidder for the KON-15 and KON-19 blocks in Angola's Kwanza basin.
The company, which already holds a 45% non-operating interest in the adjacent KON-19 block, will now also secure the same interest level in the KON-15 block. The operator of the block will be Sonangol, the state-owned oil company of Angola. The formal contract signing for the KON-15 license is expected to take place at a later, unspecified date.
Afentra's CEO, Paul McDade, expressed satisfaction with the formal approval of the KON-15 license, highlighting the company's strategy to establish a significant presence in the onshore Kwanza basin and its commitment to Angola's energy sector. McDade emphasized the potential of the KON-15 and KON-19 blocks and the wider basin, which has seen limited activity over the past four decades, suggesting a potential for significant upside within Afentra's diversified portfolio.
Afentra, headquartered in London, has other interests in Africa, including a 30% non-operated interest in Angola's offshore Block 3/05, a 21.33% interest in the adjacent Block 3/05A, and a 40% interest in the exploration Block 23 in the Kwanza Basin. Additionally, the company holds a 34% carried interest in the Odewayne Block onshore southwestern Somaliland.
This development is part of Afentra's broader strategy to support a responsible energy transition in Africa by partnering with international oil companies (IOCs) and host governments. The company plans to continue updating the market with further developments regarding their operations.
The information in this article is based on a press release statement.
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