Afentra to become operator of offshore Angola block

Afentra plc signed a Heads of Terms agreement with Angola's National Agency of Petroleum, Gas and Biofuels (ANPG) for the Risk Service Contract (RSC) for Block 3/24 offshore Angola. 

Block 3/24 is Afentra's first offshore operatorship and increases the company's gross offshore acreage position to 810 sq km from 265 sq km.

The agreement, which assigns Afentra as operator of the block (40%) with partners Maurel & Prom Angola SAS (40%) and Sonangol E&P (20%), includes an initial 5-year period to review development potential for existing discoveries, as well as exploration prospectivity. A 25-year production period would subsequently be awarded when a discovery is developed.

The 545-sq km block lies adjacent to Afentra's producing oil fields and undeveloped discoveries in Blocks 3/05 (30%) and 3/05A (21.33%) where the company holds non-operating interests, and adds five discoveries (Palanca North East, Quissama, Goulongo, Cefo, Kuma) in the same Pinda reservoir. Exploration prospects have been identified on existing 3D seismic within the acreage, the company said.

Block 3/24 also contains the previously developed Canuku field cluster, which has produced up to 12,000 bo/d. The block is estimated to include over 130 million bbl of STOIIP and 400 bcf GIIP of already discovered resource.