• Sonangol joins Afentra and Maurel & Prom in acquiring Etu’s stakes
• Afentra’s share reduced after deal restructuring in offshore blocks
• Transaction still pending regulatory approval in Angola

Afentra has restructured its planned acquisition of stakes in Angola’s offshore blocks 3/05 and 3/05A after state oil company Sonangol stepped into the original deal with Etu Energias.

The British firm disclosed the change in a statement published March 19 on the London Stock Exchange website.

In June 2025, Afentra had signed an agreement to acquire interests in the two producing blocks from Etu Energias, with Sonangol already operating the assets. During the sale process, Sonangol chose to participate directly in the acquisition of the divested stakes.

The transaction was subsequently reworked. Sonangol, Afentra, and Maurel & Prom will now jointly acquire Etu’s holdings, which represent 10% in block 3/05 and 13.33% in block 3/05A.

Under the revised agreement, Afentra will take smaller positions—3.33% in block 3/05 and 3.66% in block 3/05A. The deal remains subject to several conditions, including approval from Angolan authorities.

In a separate statement, France’s Maurel & Prom confirmed it will also acquire a share of Etu’s interests in both blocks.

No timeline has been announced for closing the transaction. Once completed, Sonangol will remain the operator, alongside Afentra, Maurel & Prom, and NIS Naftagas.

Following the deal, Sonangol will hold a 39.34% stake in block 3/05, with Afentra at 33.33%, Maurel & Prom at 23.33%, and NIS Naftagas at 4%.

In block 3/05A, Sonangol will also retain 39.34%, while Afentra will hold 24.99%, Maurel & Prom 30.33%, and NIS Naftagas 5.33%.

Afentra Expands Angola Footprint

Afentra’s chief executive, Paul McDade, said the transaction reflects a disciplined strategy to build a portfolio of cash-generating assets across Africa. It forms part of a series of acquisitions the company has pursued in Angola in recent years.

In July 2022, the company reached an agreement with Croatia’s INA to acquire additional stakes in the same blocks, strengthening its position at the time.

More recently, in October 2025, Afentra secured approval to enter offshore block 3/24, which holds estimated resources of about 130 million barrels of oil and 400 billion cubic feet of gas.

The block spans 545 square kilometers and lies close to blocks 3/05 and 3/05A, in an area where multiple oil discoveries have already been made, according to Sonangol.

Abdel-Latif Boureima