Afentra (Angola) Ltd, a subsidiary of the London Stock Exchange-listed oil and gas company Afentra plc, has signed a sale and purchase agreement (SPA) with Croatia's INA-Industrija nafte, to acquire stakes in Angola’s offshore for a combined initial consideration of $12 million.

For a 4% stake in Block 3/05, the initial consideration is $9 million. Other terms include an additional consideration of $10 million, and a contingent consideration of up to $6 million over 3 years, the company said in a statement on Tuesday.

For a 5.33% stake in Block 3/05A, the initial consideration is $3 million. Other terms include an additional consideration of $5 million linked to the successful future development of certain discoveries and oil price hurdles.

The latest move follows the company's signing of an SPA with Angola's Sonangol to buy a 20% interest in Block 3/05 from Sonangol announced in April 2022.

The latest INA transaction and the previously announced Sonangol acquisition are expected to be financed through new debt facilities and existing cash, said Afentra.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com