This block is located in shallow waters, adjacent to M&P’s existing interests in Block 3/05 and 3/05A, and contains several established oil and gas discoveries. The proximity to existing infrastructure offers attractive opportunities for short-cycle development and synergies with current operations.
Under the agreed terms, Maurel & Prom Angola S.A.S. will hold a 40% interest in Block 3/24, alongside Afentra plc (operator, 40%) and Sonangol E&P (20%).
This new acreage strengthens M&P’s long-term partnership in Angola and underlines its commitment to developing resources responsibly, in collaboration with its partners and the Angolan authorities.
The Heads of Terms for the Block 3/24 set out an initial five-year period to review the development potential for existing discoveries and exploration prospectivity, followed by a 25-year production period that would subsequently be awarded when a discovery is developed.
