Afentra Revises Angola Oil and Gas Deal as Sonangol Joins Acquisition

Afentra has revised its planned acquisition of stakes in Angola’s offshore blocks 3/05 and 3/05A after state oil company Sonangol moved to participate directly in the transaction. The update was disclosed in a statement published on March 19 on the London Stock Exchange, confirming a change in the structure of a deal that had already been agreed in principle.

The British firm had initially signed an agreement in June 2025 to acquire interests in the two producing blocks from Etu Energias, with Sonangol already operating the assets. As the transaction progressed, Sonangol opted to take part in acquiring the divested stakes itself. This decision required the deal to be restructured to accommodate multiple buyers.

Under the revised arrangement, Sonangol, Afentra, and Maurel & Prom will jointly acquire Etu’s interests, which amount to a 10% stake in block 3/05 and 13.33% in block 3/05A. Afentra’s position has been adjusted as part of this restructuring. It will now take 3.33% in block 3/05 and 3.66% in block 3/05A, smaller than initially planned but still maintaining a presence in both assets.

The transaction remains subject to regulatory approval from Angolan authorities, and no timeline has been provided for completion. Maurel & Prom confirmed separately that it will acquire portions of Etu’s holdings as part of the same arrangement. Once finalised, Sonangol will continue as operator, alongside Afentra, Maurel & Prom, and NIS Naftagas.

Following completion, Sonangol is expected to hold a 39.34% stake in block 3/05, with Afentra at 33.33%, Maurel & Prom at 23.33%, and NIS Naftagas at 4%. In block 3/05A, Sonangol will also retain 39.34%, while Afentra will hold 24.99%, Maurel & Prom 30.33%, and NIS Naftagas 5.33%. The revised structure reflects a redistribution of interests rather than a change in the underlying assets.

Afentra Strengthens Its Angola Portfolio

The transaction forms part of Afentra’s broader approach to building a portfolio of producing assets across Africa. The company has focused on acquiring stakes in established fields where production is already in place, allowing it to generate cash flow while expanding its footprint.

Afentra has been building its position in Angola over several years. In July 2022, it reached an agreement with Croatia’s INA to acquire additional stakes in the same blocks, reinforcing its presence in the area. The current transaction builds on that earlier move, adding to a portfolio that is already concentrated around these assets.

More recently, in October 2025, Afentra secured approval to enter offshore block 3/24, which is estimated to hold around 130 million barrels of oil and 400 billion cubic feet of gas. The block covers approximately 545 square kilometres and lies close to blocks 3/05 and 3/05A, placing it within an area where multiple discoveries have already been made.