London-based upstream operator, Afentra plc, has announced the formal approval of the KON-15 onshore license in oil-rich Angola.
The agreement was officially approved by Presidential Decree on Monday, as stated in a press release signed by Paul McDade, CEO, and Anastasia Deulina, CFO of the oil and gas firm.
Paul McDade said the company is satisfied with the approval of the KON-15 license, emphasizing the company’s commitment to Angola’s energy sector and its strategic focus on the onshore Kwanza Basin.
“We look forward to working closely with Sonangol and the relevant authorities to fully understand the potential of KON-15 and KON-19 and the wider onshore Kwanza Basin,” he added.
This development follows Afentra’s confirmation on January 22, 2024, as the non-operating preferred bidder for the KON-15 and KON-19 blocks.
The company subsequently secured the KON-19 license, which was officially signed in July 2024.
Afentra, which already holds a 45% non-operating interest in the KON-19 block, will acquire the same stake in the KON-15 block.
Sonangol, Angola’s state-owned oil company, will serve as the operator.
The official signing of the KON-15 license contract is expected at a later, undisclosed date.
McDade further mentioned the company’s future outlook, stating:
“We consider that this proven hydrocarbon basin, which has a history of production but where there has been very limited activity for over 40 years, has the potential to deliver significant upside potential for Afentra within our diversified portfolio. We will update the market with further developments in due course.”
The award of the KON-15 license marks a significant milestone in Afentra’s strategy to establish a strong presence in the onshore Kwanza Basin of Angola.
Afentra holds several assets across Africa.
This includes a 40% stake in the exploration Block 23 in the Kwanza Basin.
The firm also has a 21.33% interest in the nearby Block 3/05A and a 30% non-operated interest in Angola’s offshore Block 3/05.
The company also owns a 34% carried interest in the Odewayne Block, located onshore in southwestern Somaliland.
