Afentra plc said it has signed heads of terms with Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) for the risk service contract (RSC) for offshore Block 3/24, located adjacent to its existing Block 3/05 & 5A interests in Angola.
The formal award of the license is expected in the coming months following the completion of the government approval process, Afentra said in a news release.
Block 3/24 contains five oil and gas discoveries all located in shallow water, with several exploration prospects identified within the acreage on existing 3D seismic, according to the release. Its proximity to Block 3/05 offers short-cycle, low-cost development potential, Afentra said.
The granting of the license will increase Afentra’s gross offshore acreage position increases to 810 square kilometers from 265 square kilometers, the company said.
Under the agreement, Afentra will become the operator with a 40 percent interest in the block, along with Maurel & Prom Angola S.A.S. holding a 40 percent interest and Sonangol E&P with 20 percent. There will be an initial five-year period to review the development potential for existing discoveries and exploration prospectivity with a 25-year production period that will be awarded when a discovery is developed, according to the release.
Block 3/24 covers 210 square miles (545 square kilometers) and is adjacent to Afentra’s existing producing oil fields and undeveloped discoveries in Blocks 3/05 and 3/05A, the company said.
The block adds a further five discoveries: Palanca North East, Quissama, Goulongo, Cefo and Kuma. The discoveries are all located in the same Pinda reservoir as the existing oil fields in Blocks 3/05 and 3/05A, Afentra said.
The block also contains the previously developed Canuku field cluster, which has produced up to 12,000 barrels of oil per day. The block is estimated to include over 130 million barrels of stock tank oil initially in place and 400 billion cubic feet of gas initially in place of already discovered resources, the company stated.
“These discoveries and previous development assets offer a significant opportunity to apply modern technology to deliver short-cycle, low-cost developments tied back to the existing infrastructure in Block 3/05,” Afentra said.
Afentra CEO Paul McDade said, “We are pleased to announce this heads of terms and excited to progress towards Operatorship of Block 3/24, which represents the next step in our strategy to build a material production business in Angola. We look forward to reviewing the most efficient development options for the numerous discoveries, utilizing the extensive Block 3/05 infrastructure. This will provide upside potential to enhance the overall redevelopment plan for the Block 3/05 area where we expect to significantly increase production and reserves, delivering long-term value and cashflows. Furthermore, we see potential for future infrastructure led exploration given the prospectivity of the area”.
“We appreciate the trust invested in Afentra by the ANPG and our joint venture partners and we look forward to building on the successful collaborative working relationship with Block 3/05 Operator Sonangol to ensure we deliver the full potential of this multi-billion barrel area,” McDade added.
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