Sungara Energies has signed a deal to buy a 10% stake in Block 15/06, offshore Angola, from state-owned Sonangol.
Namibia’s state-owned Namcor, Petrolog Energies and Sequa Petroleum UK jointly own Sungara.
The 10% stake will give Sungara production of around 10,000 barrels per day, forecast to grow beyond 15,000 bpd. Reserves under the deal for the stake were put at 75 million barrels.
Sungara said the deal was worth $500 million, including a contingent payment of up to $50mn. The three partners will provide equity and the company will also secure third-party debt.
Much like the Afentra deal, the effective date of the deal will be this month. The company expects completion this year.
While Block 15/06 is at the heart of the deal, Sungara is also buying a 40% stake in Block 23 and 35% in Block 27. It will become the operator of Block 23.
Eni is the operator of Block 15/06, with a 36.84% stake. SSI Fifteen has 26.32% and Sonangol P&P has 36.84%. The licence produces more than 100,000 bpd through two floating production, storage and offloading (FPSO) vessels. Plans are under way to boost output to 150,000 bpd, with further exploration opportunities.
Locally owned Somoil and London-listed Sirius Petroleum also won blocks under the Sonangol offering.
The companies are buying 8.28% and 10% respectively in the producing Blocks 18 and 31. They are also buying a 25% stake in the non-producing Block 27.
While Afentra and Sungara have announced the signing of formal contracts, Sirius and Somoil have not yet done so.