Azule Energy, announced today the signing of an agreement with Afentra for the sale of Azule Energy’s participating interest in shallow-water Blocks 3/05 and 3/05A situated in the Lower Congo Basin.

The firm transaction, valued at $48.5 million, encompasses a deferred contingent payment amounting to up to $36 million. Completion of the transaction, expected by the end of the year 2023, is subject to customary adjustments and approvals by the Angolan authorities.

The divestment of Azule Energy’s minority non-operated interests in these shallow-water blocks aligns with the company’s strategic focus on core assets in Angola.

Commenting on the agreement, Adriano Mongini, Azule Energy Chief Executive Officer, stated: “We are pleased to announce the signing of this agreement with Afentra. This transaction represents a move consistent with the Azule Energy strategy to concentrate our efforts on our core assets in Angola while reducing the GHG footprint in the country.”

Azule Energy remains committed to its long-term vision of sustainable growth and development in Angola’s energy sector. As the company completes this divestment, it will continue to pursue opportunities that align with its strategic objectives while contributing to the social and economic progress of Angola.