Afentra exits Somaliland’s Odewayne Block to refocus on core Angolan assets

Afentra ( (GB:AET) ) just unveiled an update.

Afentra plc has completed the divestment of its 34% non-operated participating interest in the high-risk frontier Odewayne Block in Somaliland to Petrosoma Limited, following formal approval from Somaliland’s Ministry of Energy and Minerals. As part of the transaction, Petrosoma assumes all past and future liabilities under the production sharing agreement, including environmental and decommissioning obligations, while Afentra has exited the asset entirely and will record a write-down of the US$21.5 million carrying value. Afentra has also received US$1.97 million from operator Genel Energy Somaliland Limited in settlement of carry obligations related to the interest, but no consideration from Petrosoma, underscoring that the move is driven by strategic portfolio rationalisation rather than immediate sale proceeds. The disposal removes a non-core, legacy exploration exposure that had generated no profit and allows management to sharpen its focus and capital allocation on core Angolan production and development assets, in line with the company’s disciplined approach to portfolio management and Africa-focused growth strategy.

The most recent analyst rating on (GB:AET) stock is a Buy with a £44.00 price target. To see the full list of analyst forecasts on Afentra stock, see the GB:AET Stock Forecast page.

Spark’s Take on GB:AET Stock

According to Spark, TipRanks’ AI Analyst, GB:AET is a Outperform.

Afentra’s overall stock score is driven by its strong financial performance and attractive valuation, indicating a solid investment potential. However, technical analysis suggests caution due to bearish momentum. The company’s strategic initiatives and corporate events further bolster its growth prospects, contributing positively to the score.

To see Spark’s full report on GB:AET stock, click here.

More about Afentra

Afentra plc is an upstream oil and gas company focused on acquiring production, development and exploration assets in Africa, with a strategy of supporting a responsible energy transition by acting as a partner to international oil companies and host governments. Its core portfolio is concentrated in Angola, where it holds non-operated interests in producing offshore Blocks 3/05 and 3/05A, an operated interest in adjacent Block 3/24, non-operated stakes in onshore Kwanza Basin blocks KON15 and KON19, and a non-operated interest in offshore exploration Block 23.

Average Trading Volume: 569,167

Technical Sentiment Signal: Hold

Current Market Cap: £85.26M

Learn more about AET stock on TipRanks’ Stock Analysis page.