Afentra to operate KON4 block in Angola’s Kwanza basin

Afentra has been awarded a 35% operated involvement successful the KON4 block, located successful onshore Angola, pursuing ceremonial support of the Risk Service Contract (RSC) by Presidential Decree.

The institution secured the licence successful concern with section entities Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas, and Sodedurs.

The KON4 artifact lies wrong the onshore Kwanza basin and adds to Afentra’s operated portfolio successful Angola. The country contains respective bequest lipid fields, including the Quenguela Norte field, which is said to beryllium the largest onshore find successful the basin to date.

Quenguela Norte is estimated to person much than 200 cardinal barrels (mbbl) of discovered lipid successful spot successful Tertiary reservoirs.

Peak accumulation from the tract antecedently reached 12,000 barrels of lipid per time (bopd). A full of 46mbbl were recovered earlier operations ceased and the tract was abandoned successful 1999.

KON4 covers 1,387km² successful a portion that has historically produced some lipid and gas, with a full output of implicit 90 cardinal barrels of lipid equivalent (mboe) from 11 lipid and 2 state fields.

The caller hazard work declaration offers imaginable for tract re-development and overlooked near-field exploration, peculiarly successful Tertiary and Cretaceous property plays.

The block’s location, adjacent to the Luanda refinery and existing transport infrastructure, whitethorn enactment aboriginal accumulation and export.

Afentra’s method squad has commenced archetypal subsurface evaluations connected KON4, focusing connected the imaginable to restart accumulation from Quenguela Norte.

The contractor radical is besides reviewing section permitting requirements and integrating information from a caller high-resolution eFTG survey with existing seismic information to measure broader exploration prospects.

Afentra CEO Paul McDade said: “The ceremonial grant of KON4 is simply a important milestone for Afentra, adding an operated presumption to our increasing onshore Kwanza basin portfolio and reinforcing our committedness to gathering a worldly beingness successful this under-explored but highly prospective basin.

“KON4 brings a compelling premix of near-term redevelopment imaginable - anchored by the Quenguela Norte tract - and meaningful exploration upside, supported by favourable fiscal presumption and proximity to the Luanda refinery.

“Together with our non-operated interests successful KON15 and KON19, we present clasp a well-rounded and complementary presumption crossed the basin. We look guardant to progressing the enactment programme with our partners and volition supply further updates arsenic our method valuation advances.”

Under the awarded licence, ownership of the KON4 artifact is divided with Afentra and Grupo Simples Oil each holding 35%, Sonangol E&P with 20%, and Brite's Oil and Gas and Sodedurs each controlling 5%.