11 April 2022

AFENTRA PLC - Acquisition Update

Afentra selected as preferred bidder; shares remain suspended

Afentra plc ('Afentra' or the 'Company') confirms that Sonangol E.P ('Sonangol')¹ has announced that Afentra has been selected as preferred bidder to purchase interests in Block 3/05 and Block 23 (the "Acquisition"). This follows the announcements on 8 October 2021 and 3 February 2022 that the Company had submitted a non-binding expression of interest for the two blocks which resulted in the subsequent suspension of Afentra shares.

During the first quarter of 2022, Afentra has continued to progress the Sale & Purchase Agreement (SPA) negotiations with Sonangol and are pleased to now be selected as preferred bidder for both blocks. The next steps will involve finalising the SPA and completing the final due diligence required on the Acquisition. There is, however, no guarantee at this stage that an agreement between the two companies will be reached.

If Afentra ultimately proceeds with the Acquisition, it would be classified as a reverse takeover transaction in accordance with Rule 14 of the AIM Rules for Companies. Trading in Afentra shares will remain suspended until either the publication of an AIM admission document, or until confirmation is given that Afentra's participation in the bid process has ceased.

The Company will make further announcements as appropriate. 

Notes:

¹In June 2021 Sonangol, Angola's national oil company, initiated an asset sales process to divest some of its interests in eight blocks across its portfolio. Afentra submitted a non-binding expression of interest on 20 September 2021 and on 7 October 2021 was announced as one of six bidders on Block 03/05 and one of two on Block 23.

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