Sonangol selects Afentra as preferred bidder for purchase of interests in Block 3/05 and Block 23, Angola
12-04-2022 10:16:00 | by: Pie Kamau | hits: 3359 | Tags:

Sonangol announced that Afentra has been selected as preferred bidder to purchase interests in Block 3/05 and Block 23 (the Acquisition) in Angola. This follows previous announcements that the Company had submitted a non-binding expression of interest for the two blocks which resulted in the subsequent suspension of Afentra shares.

During the first quarter of 2022, Afentra has continued to progress the Sale & Purchase Agreement (SPA) negotiations with Sonangol and have now been selected as preferred bidder for both blocks. The next steps will involve finalising the SPA and completing the final due diligence required on the Acquisition. There is, however, no guarantee at this stage that an agreement between the two companies will be reached.

If Afentra ultimately proceeds with the Acquisition, it would be classified as a reverse takeover transaction in accordance with Rule 14 of the AIM Rules for Companies. Trading in Afentra 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.