Maurel & Prom Reduces Its Commitment in Angola Following Sonangol's Surprise Entry
Maurel & Prom announces a change in its acquisition strategy for blocks 3/05 and 3/05A in Angola, due to the entry of Sonangol as a joint acquirer. The group has reduced its initial commitment but maintains its goal of presence on these offshore assets.
Joint Acquisition with Sonangol and Afentra
Maurel & Prom, Afentra plc, and Sonangol E&P will jointly proceed with the acquisition of Etu's stakes in blocks 3/05 and 3/05A off the coast of Angola. This new arrangement results from Sonangol's decision, the operator of both blocks, to participate in the transaction initially announced on June 19, 2025. Consequently, the group has signed a new sale and purchase agreement (SPA) with Etu for a reduced stake of 3.33% in Block 3/05 and 3.66% in Block 3/05A, while the previously signed agreement has been terminated.
Regulatory Approvals Pending
The transaction remains subject to the approvals of the Angolan authorities and customary closing conditions. Upon completion of the acquisition, Sonangol will hold 39.34% in each block as the operator, Afentra 33.33% (Block 3/05) and 24.99% (Block 3/05A), Maurel & Prom 23.33% and 30.33%, and NIS Naftagas 4% and 5.33% respectively.
