Afentra (AET): Etu Energias acquisition

This situation live

AET Afentra

£203m · 71.3p · +58% since the first step

19 Nov 2025 · Approval process ongoing; completion slipped to Q1 2026 · +9% until the next step Approval process is ongoing and completion is now expected in Q1 2026.

5 Feb 2026 · Approval ongoing; completion expected Q1 2026 · +50% until the next step Approval process is ongoing and completion is expected in Q1 2026.

19 Mar 2026 · Restructured with Sonangol; completion expected Q2 2026 · +5% until the next step The Company expects completion in Q2 2026 and will provide further updates in due course.

23 Apr 2026 · New SPAs signed; completion expected Q2 2026 · −24% until the next step Completion of the transaction, now expected in Q2 2026, remains subject to customary conditions precedent, including government approval in Angola.

7 Jul 2026 · Awaiting conditions; completion slipped to Q3 2026 · +24% until the next step The transaction continues to progress through the remaining customary conditions precedent, including government approval in Angola, with completion now expected in Q3 2026.

11 Aug 2026 · Awaiting conditions; completion expected Q3 2026 · +11% until the next step Completion of the Etu transaction expected Q3 2026

15 Sep 2026 · Awaiting conditions; completion expected Q3 2026 · −13% until the next step Under the Etu transaction Afentra will acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A, following the decision by Sonangol to participate alongside Afentra and M&P, with completion

6 Oct 2026 · Block 3/05 decree published; 3/05A awaited · +2% since The Company now awaits publication of the corresponding decree for Block 3/05A, following which the parties will proceed with the novation process and the remaining customary completion steps.

Large acquisition / reverse takeover

Etu Energias acquisition

Block 3/05 decree published; 3/05A awaited

Next: Block 3/05A decree, then novation and completion steps

Every step · 8

19 Nov 2025 Approval process ongoing; completion slipped to Q1 2026 – Approval process is ongoing and completion is now expected in Q1 2026. ↗
5 Feb 2026 Approval ongoing; completion expected Q1 2026 – Approval process is ongoing and completion is expected in Q1 2026. ↗
19 Mar 2026 Restructured with Sonangol; completion expected Q2 2026 – The Company expects completion in Q2 2026 and will provide further updates in due course. ↗
23 Apr 2026 New SPAs signed; completion expected Q2 2026 – Completion of the transaction, now expected in Q2 2026, remains subject to customary conditions precedent, including government approval in Angola. ↗
7 Jul 2026 Awaiting conditions; completion slipped to Q3 2026 – The transaction continues to progress through the remaining customary conditions precedent, including government approval in Angola, with completion now... ↗
11 Aug 2026 Awaiting conditions; completion expected Q3 2026 – Completion of the Etu transaction expected Q3 2026 ↗
15 Sep 2026 Awaiting conditions; completion expected Q3 2026 – Under the Etu transaction Afentra will acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A, following the decision by Sonangol to participate... ↗
6 Oct 2026 Block 3/05 decree published; 3/05A awaited – The Company now awaits publication of the corresponding decree for Block 3/05A, following which the parties will proceed with the novation process and the... ↗

What is happening

Afentra: Etu Energias acquisition – Block 3/05 decree published; 3/05A awaited. ['Block 3/05 decree published; 3/05A awaited']

In short: Afentra agreed to buy extra interests in Blocks 3/05 and 3/05A from Etu (announced 19 Nov 2025). New SPAs followed Sonangol's pre-emption on 19 Mar 2026. On 6 Oct 2026 the Block 3/05 executive decree was published; the Block 3/05A decree is still awaited, then novation. Completion is not yet confirmed.
Announced: 19 Nov 2025 · Approval process ongoing; completion slipped to Q1 2026
Latest: 6 Oct 2026 · Block 3/05 decree published; 3/05A awaited
Contingent price: Up to US$6.74 million, linked to oil price, production and development of key discoveries
Co-buyers: Sonangol and M&P acquire the rest of Etu's interests
Post-completion stake: Afentra 33.33% in 3/05 and 24.99% in 3/05A
Conditions: Customary conditions precedent, including Angolan government approval
Completion: Expected Q3 2026, reiterated 11 Aug 2026
Interest: Additional 3.33% in Block 3/05 and 3.66% in Block 3/05A
Approval: Block 3/05 executive decree published 6 Oct 2026; Block 3/05A decree awaited
Next milestone: Block 3/05A decree, then novation and remaining completion steps; no date stated

What comes next

Block 3/05A decree, then novation and completion steps.

From the company's own announcements. Not investment advice.

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Also at Afentra 1 open

Project milestonesBlock 3/05 redevelopment and drilling – Rig moved to Impala-2; Pacassa SW sidetrack follows Insider conviction2 directors buying – £67k in 2 buys · closed Dilutive fundraiseEquity fundraising – Placing and retail offer reported completed · closed Takeover targetPossible offer – review · closed Insider conviction1 director buying – £106k in 1 buy · closed Afentra – company page →