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Sungara Energies Limited (“Sungara”) has entered into an agreement with Sonangol Pesquisa E Produção, S.A. (“Sonangol P&P”) to purchase a 10% participating interest in Block 15/06, 40% participating interest in Block 23 (with operatorship), and 35% participating interest in Block 27 (the “Transaction”). Sungara is jointly owned by three partners: the National Petroleum Corporation of Namibia’s subsidiary NAMCOR Exploration and Production (Proprietary) Limited (“Namcor”), Petrolog Energies Limited (“Petrolog”, a company affiliated with African multinational Petrolog Group), and SPNV’s subsidiary Sequa Petroleum UK Limited (“Sequa”).
Sungara is a new entity with a focus on Sub-Saharan African upstream oil and gas, combining world-class technical expertise with local capability and commitment, able to operate and develop oil and gas assets throughout the region in line with the highest standards of integrity, quality, governance and responsibility. Concurrent with the Transaction, NAMCOR, Petrolog and Sequa have signed a shareholder agreement relating to their interests in Sungara, with equal terms and shareholdings in Sungara for each partner. A general meeting of shareholders of SPNV will be convened to approve its entering into the Sungara partnership.
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The Block 15/06 Joint Venture comprises Eni (operator, 36.84%), Sonangol P&P (36.84%) and SSI Fifteen Limited (26.32%). Block 15/06 is one of the most prolific blocks in deepwater offshore Angola with current oil production of more than 100,000 barrels per day through two large floating production and storage facilities. Following successful exploration and appraisal in the past several years, an ongoing development programme is forecasted to increase production in the medium term beyond 150,000 barrels per day. The block has further upside potential which may materialise following future exploration, appraisal and development activity.
Sungara’s 10% participating interest in Block 15/06 provides it with current production of more than 10,000 barrels of oil per day, forecasted to grow beyond 15,000 barrels per day in the medium term, 75 million barrels reserves and resources, and further upside potential. Offshore exploration Blocks 23 and 27 also provide upside value. The consideration for the Transaction is ca. USD 500 million which includes a contingent payment of up to USD 50 million. The Transaction is planned to be funded by Sungara through a combination of equity contributions from each of the Sungara partners and third party debt. The economic effective date of the Transaction is April 2022 and completion, subject to customary conditions and approvals, is planned to occur in 2022.
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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.
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