Resumption of Trade: Afentra plc (AIM)
Afentra plc (Afentra), an upstream oil and gas company listed on AIM, has announced its successful resumption of trading in its shares on AIM and the publication of an admission document relating to one completed acquisition and two proposed acquisitions of interests in Angolan oil blocks, as follows:
- the completed acquisition from INA-Industrija d.d. of a 4% participating interest in Block 3/05 and a 4% (potentially rising to 5.33%) participating interest in Block 3/05A, for net upfront consideration of US$17 million
- the proposed acquisition from Sonangol P&P of a 14% participating interest in Block 3/05 and a 40% participating interest in Block 23 for a firm consideration of US$56.5 million and potential further payments of US$35 million
- the proposed acquisition from Azule Energy Angola Production B.V. of a 12% participating interest in Block 3/05 and a 12% (potentially rising to 16%) participating interest in Block 3/05A for a firm consideration of US$48.5 million and potential further payments of US$36 million.
The proposed acquisitions are expected to complete in Q4 2023 and are to be financed through cash reserves and a senior RBL debt facility. In addition, Afentra has entered into a prepayment facility. Both of these facilities have been provided by Trafigura PTE Ltd and The Mauritius Commercial Bank Limited.
Crowe's role and team
Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, supported by Ferdia McCarville, Monty Cann and Jacob Porter.
Client quote
"We were pleased to work with Crowe’s Capital Markets team once again, who were able to provide an efficient service throughout, enabling us to meet tight deadlines on this important transaction. We would recommend Crowe to companies looking to perform Capital Markets transactions."
