Investor Presentaiton
Building a material position across both Blocks 3/05 and 3/05A
Acquisition structures for Block 3/05 and 3/05A transactions
INA
Detailed acquisition structure
(at SPA)
Sonangol²
Azule
Aggregate
BI. 3/05
BI. 3/05A
BI. 3/05
BI. 3/05A
BI. 3/05
BI. 3/05A
BI. 3/05
BI. 3/05A
Working interest acquired
4%
5.33%¹
14%
0%
12%
16%1
30%
21.33%¹
Effective date
30-Sep-21
20-Apr-22
31-Oct-22
Completion date (expected)
05-May-23
(Q4 2023)
(Q4 2023)
(Q4 2023)
Initial consideration
$m
9
3
56
47.5
1
112.5
4
Licence extension payment
$m
103
10
Brent price linked contingent
payment
$m
Up to 64
Up to 355
Up to 216
Up to 62
Future developments linked
contingent payment
$m
57
Up to 158
Up to 20
Total Consideration
$m
Up to 25
Up to 8
Up to 91
Up to 68.5
Up to 16
Up to 184.5
Up to 24
1 Assumes that the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% (post-INA) and from 16% to 21.33% (post-Azule)
2 The Sonangol Acquisition also includes the acquisition of a 40% WI in exploration Block 23 for a consideration of $0.5m
3 Block 3/05 licence term was extended to 2040 on 17 May 2023 satisfying a condition precedent for the Sonangol Acquisition and triggering the contingent payment of $10m to INA
4 Payable as $2m per annum, over 3 years, and paid as a 30% share of revenue upside above Brent price of $65/bbl
5 Payable as $3.5m per annum over 10 years commencing 1 January 2023, subject to minimum Brent price of $65/bbl and minimum annual production of 15,000 bbl/d
6 Payable on a sliding scale above a Brent price of $75/bbl with an annual cap of $7m over the years 2023, 2024 & 2025
7 Subject to successful development of existing discoveries and a minimum Brent price of $65/bbl
8 Payable 1 year from first oil date and split equally between Caco-Gazela and Punja ($7.5m each), subject to annual average Brent price of US$75/bbl and minimum average annual production of 5 kbbl/d from both fields
Afentra plcView entire presentation