(offshore-energy.biz) UK-headquartered and AIM-listed company Afentra has confirmed that hydrocarbon production from a block off the coast of Angola has been offset by a growth in reserves based on the latest Competent Person’s Report (CPR) for Block 3/05, conducted by ERC Equipoise (ERCE).
Following its entrance into Angola in May 2023, the company disclosed a sale and purchase agreement (SPA) with Azule Energy Angola Production in July 2023 to buy an additional 12% interest in Block 3/05 and a 16% stake in Block 3/05A offshore Angola for a total consideration of up to $84.5 million with an effective date of October 31, 2022.
In an update on the latest CPR for Block 3/05, Afentra highlighted that total net 2P working interest reserves stand at 34.2 million barrels of oil (mmbo) as of December 2024. The firm underlined that gross production of approximately 11 mmbo was offset by a gross increase in reserves of 15.4 mmbo since the previous CPR in June 2023, resulting in a reserve replacement ratio of 140% over 18 months.
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