Afentra Shares Rise on Restoration of Listing

News Room
2 Min Read

By Joe Hoppe

Shares in Afentra rose Monday after the oil-and-gas company was restored to trading in London, having been temporarily suspended in July pending the publication of an admission document related to offshore acquisitions in Angola.

Shares at 0728 GMT were up 3.75 pence, or 15% at 28.1 pence.

The London-listed company said in mid-July that its subsidiary had signed an agreement with Azule Energy Angola Production to purchase interests in two offshore blocks.

The agreement included a 12% interest in Block 3/05 and up to a 16% interest in Block 3/05A offshore Angola for $48.5 million, with deferred contingent payments of up to $36 million subject to oil price, production and development conditions.

The company also said it had agreed to change the terms of a sale-and-purchase agreement with Sonangol Pesquisa e Producao, reducing the interest it was acquiring in Block 3/05 to 14% from a previous 20%.

The Azule acquisition and amended Sonangol acquisition are expected to be completed by the end of the year. A general meeting to approve the acquisition will be held on Oct. 5.

“We are pleased to see Afentra’s shares recommence trading after a short suspension associated with these value enhancing transactions,” Chief Executive Paul McDade said.

Write to Joe Hoppe at [email protected]

Read the full article here

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *