Afentra Share Discussion Threads

[1senn] 13/2/2023 09:55

All aboard the 40p train

[pbj] 10/2/2023 09:21

Occrp
Interesting website.
Navigation search.

[mount teide] 09/2/2023 17:50

View of shareholder Gary Newman who has articles published on Shareprophet's, on his pal's article:

'Nothing that came as a total surprise to me (wasn’t aware an article was coming, never am until I read them!) - although I know when we spoke in the past via messages I wondered if he might have been selling without declaring it (as opposed to having increased)!'

[onedayrodders] 09/2/2023 17:27

Well you seem to have a spare one Billy

;0)

[zho] 09/2/2023 15:47

>>the management cannot choose its shareholders>>

Yes, although I think TW claims that AET NED Gavin Wilson is the investment director of Meridian.

[onedayrodders] 09/2/2023 15:40

Yep what a poorly worded headline ... seems intent on slurring Afentra as much as the Investor

Has TW got an agenda ... wouldn't be the first time

[mount teide] 09/2/2023 15:25

Must be short of material as it has nothing to do with how the management run the company.

Like any quoted company, the management cannot choose its shareholders.

[1senn] 03/2/2023 22:30

I wonder if at the same time 1 more bolt on deal will be done with extra cash generated?

Or a deal with kistos who are looking out of Europe now

[akinvest1] 02/2/2023 19:28

Lol i cracked it ??

[onedayrodders] 02/2/2023 08:58

30p such a hard nut to crack

[euclid5] 01/2/2023 21:48

Are there any broker notes on this?

[mount teide] 01/2/2023 15:19

Added 2 x 50k this afternoon - quiet market, was cheaper to buy that way than 1 x 100k.

[onedayrodders] 30/1/2023 16:10

Hopefully some pent up demand on next good news, and thankfully all these '30p' sellers can't sell again.

[mount teide] 27/1/2023 15:00

L2: MM's have moved up to 29.3p v 31.0p - Bots to 30.7p v 30.9p

[1senn] 27/1/2023 14:09

Way undervalued should be over 45p imho

[mount teide] 27/1/2023 13:02

31p paid for 80k - well over the 29.9p Offer price at the time.

[onedayrodders] 27/1/2023 10:53

SP poking it's head above 30p again ... hopefully the "religious cult" of round number sellers have been exhausted.

:o)

[mount teide] 26/1/2023 17:32

Investor Presentation Updated yesterday - Angola looks to be a core region for the company for further M&A activity - "Multiple opportunities remain under review with further ideas continually being identified"

Next steps for Afentra

Afentra are leveraging extensive regional experience and network to deliver significant value

African Pipeline of Opportunities

• Foothold established in Angola with initial acquisitions in Blocks 3/05 & 3/05A; long life production asset with low decline rate, material upside and future short-cycle developments

• Provides foundation for future growth and consolidation in Angola

• Similar scale & larger operated and non-operated opportunities onshore
and offshore West Africa being evaluated

• Opportunity for new credible & responsible operators like Afentra to benefit from the more pragmatic narrative for a just and responsible transition

An ability to create significant value from an industry transition that has just commenced

[x54v] 26/1/2023 15:16

"Angola

M&P’s working interest production (20%) from Block 3/05 in 2022 is 3,732 bopd (gross production: 18,660 bopd), up 9% from 2021.

Discussions regarding the extension of the Block 3/05 licence beyond its current term of June 2025 are now well underway. It is expected that the licence extension will be accompanied by new fiscal terms to strengthen the economics of the permit."

[affc21] 24/1/2023 18:06

Afentra Aims to Get More Black Gold Out of BrownfieldsFormer Tullow Oil CEO Paul McDade is leading a new company, Afentra, aimed at rejuvenating mature West Africa oil fields.By Jennifer Pallanich, Hart Energy Tue, 01/24/2023 - 09:16 AMPaul McDade has a track record of rejuvenating mature oil projects. Now, he has set its sights on legacy assets offshore West Africa.The former CEO of Tullow Oil now leads Afentra, a company supported by a number of his former Tullow colleagues, establishing a foothold offshore Angola. Their goal: breathe new life into Blocks 3/05 and 3/05a in the Lower Congo Basin, explore and potentially developing Block 23 in the Kwanza Basin.Since its founding in May 2021, the company has focused on helping Africa through the energy transition by reducing emissions while increasing oil and gas production."A lot of oil there [in Angola] is going to be sold and transitioned over to smaller independents." - Paul McDade, Afentra. McDade, the CEO and co-founder of Afentra, spent much of his career buying brownfield assets in the North Sea from supermajors and rejuvenating them to extend their productive lifespans. West Africa is ripe for the same type of activity, he said, because the region's oil industry transition has only been in progress for the past couple of years."It's about 15 or 20 years behind where the North Sea is," he said.West Africa's oil industrial transition paired with the global energy transition was a "huge" business opportunity that McDade, his co-founders and backers couldn't pass up. They named the company Afentra as a nod to both Africa and the energy transition.Because the energy transition will take time and oil and gas will continue to make up a large portion of the energy mix for a while, McDade said it's critical that hydrocarbons be produced responsibly and for companies to be transparent about the management of assets.But even more critical, McDade said, is that any company operating in West Africa needs to generate a positive social impact."Can you run a well-governed business in West Africa? Our answer is that absolutely you can," he said.The company is focusing on existing assets with relatively high emissions."We see lots of opportunities to reduce those emissions. If you go into a gas project with a low emissions footprint, there's not much you can do to improve it," he said. "But some of these older assets in West Africa, we see a lot of opportunity to create value, and in the creation of the value, reducing the emissions as well."Overall, he said, "there's a lot more I can do with high-emission assets. It makes a delta impact."Angola angle:In order to expand, Afentra picked up "quite a bit of debt capacity" in the market, McDade said. Its first two deals were for blocks offshore Angola, which he called the company's key strategic target, but Afentra is also screening other assets along the West African coastline. One of the Angolan deals received government approval while the other was pending government approval as of mid-January."I know Angola reasonably well," he said, noting it has historically been the domain of integrated oil companies. Afentra's reception in Angola was "very welcoming. They paid a lot of attention to Afentra, despite our size."One reason smaller companies are being welcomed, he said, is because the larger companies are migrating away from the shallow water where mature assets are "at the end of their lives for IOCs [integrated oil companies], and they are happy to sell them on to smaller companies."The government is encouraging smaller independent companies to redevelop these assets to extend their productive lives by extending existing licenses and improving fiscal terms, he said.Currently, he said, Angolan waters hold about 15 Bbbl of discovered but not developed resources."A lot of oil there is going to be sold and transitioned over to smaller independents," McDade said.In April 2022, Afentra signed an agreement with Sonangol for interest in the blocks and later followed that up with a deal from Industrija Nafte (INA). Both transactions are awaiting government approval.Block 23 includes a working petroleum system and contains a small pre-oil discovery. Afentra, which purchased its 40% stake in the block from Sonangol, said 95% of the basin is underexplored, with the potential to be derisked using advanced geophysics.Block 23 contains the 2012 Azul oil discovery, which is the first deepwater pre-salt find in the Kwanza Basin.The other two blocks have more immediate possibilities.Generally speaking, Afentra aims to become the operator of producing assets and would be "delighted to replace a company as operator" but is willing to enter an asset as a joint venture partner if the operator intends to farm out after a few years.Afentra is entering the Sonangol-operated Blocks 3/05 and 3/05a as a partner."They were looking for a partner to bring experience from other areas and bring a mature field operator to the table in an active way," McDade said. "We don't want to be a passive partner."Block 3/05:As an active partner in Block 3/05, one of the main expectations is that Afentra will help Sonangol "squeeze the asset," which is currently producing about 19,000 bbl/d from infrastructure covering eight fields. The block's fields, discovered between 1981 and 1992, are Palanca, Pacassa, Buffalo, Cobo, Pambi, Oombo, Impala and Impala SE.There's about 3 Bbbl of light sweet oil initially in place (OIIP) in the shallow water block. Breakeven here would be about $35/bbl, and every 1% increase in recovery from the OIIP of 3 Bbbl translates to 30 MMbbl of additional production, according to Afentra."It's a mature asset with a long life ahead of it," McDade said. "There's lots of opportunities for workovers, the usual things you do for a mature asset."Afentra said it has a wish list of ways to improve production and reduce emissions here.Sonangol operates the asset with 30% after selling 20% to Afentra. Afentra also bought 4% interest from minority partner INA, making Afentra the second largest interest holder in the block with 24%. Sonangol took over operatorship of the block when Total exited the asset in a phased handover from 2005 to 2013."They have been doing a good job of maintaining the asset, but they haven't been squeezing the asset," he said.While there are 100 wells in the block, "only half of those wells are active at the moment," McDade said. "There's lots of opportunity to go in and redevelop those assets."The initial aim is to boost current production of 19,000 bbl/d to over 20,000 bbl/d, he said, but "I think we can increase it to 30,000 barrels a day."First off the bat will be resuming water injection to increase production, he said, since there "hasn't been a lot of water injection going on."Some of the inactive wells may resume production with the water injection due to increasing reservoir pressure, McDade said.There are also plans to re-enter some of the inactive wells with a light workover rig, as well as plans to test how wells perform with electrical submersible pumps."We'll move over to that if it works," he said.No infill drilling has been carried out in about 15 years, he said, so identifying potential locations for those wells is also on the to-do list. Block 3/05a:Block 3/05A is adjacent to Block 3/05, and Afentra acquired 5.3% interest in the block from INA.The shallow water block operated by Sonangol has three discoveries. Block 3/05a's three fields were discovered in 1982, 1986 and 1990, but initial production didn't follow until 2015. The fields are Punja, Caco and Gazela, which hold about 300 MMbbl in place."After we do infill drilling in the main area, we can start to think about developing these assets and tying them back to infrastructure," he said. "There's a long list of things we're looking at in the five-year plan."https://www.hartenergy.com/ep/exclusives/afentra-aims-get-more-black-gold-out-brownfields-203841