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Afentra ( (GB:AET) ) has shared an announcement.
Afentra plc has signed Heads of Terms with Angola’s National Agency of Petroleum, Gas and Biofuels for the Risk Service Contract for offshore Block 3/24. This agreement marks Afentra’s first offshore operatorship and significantly expands its offshore acreage in Angola. The block contains several oil and gas discoveries and offers potential for short-cycle, low-cost development due to its proximity to existing infrastructure. The contract includes an initial five-year period to assess development potential, followed by a 25-year production period. Afentra will operate with a 40% interest, alongside partners Maurel & Prom Angola and Sonangol E&P. This strategic move is expected to enhance Afentra’s production capabilities and reserves, providing long-term value and cash flows.
The most recent analyst rating on (GB:AET) stock is a Buy with a £54.00 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 strong financial performance and an attractive valuation, indicating a solid investment potential. The technical analysis presents mixed signals, with some recent bearish momentum, but the long-term trend remains positive. The absence of earnings call data and corporate events does not impact the score significantly.
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 opportunities in Africa. The company aims to support a responsible energy transition by partnering with divesting international oil companies and host governments. Afentra holds various interests in offshore and onshore blocks in Angola and Somaliland, including non-operated interests in producing and development blocks in the Lower Congo Basin and exploration interests in the Kwanza Basin.
Average Trading Volume: 673,786
Technical Sentiment Signal: Strong Buy
Current Market Cap: £116.7M
Learn more about AET stock on TipRanks’ Stock Analysis page.