Afentra has accelerated a two-well drilling campaign in Angola's Block 3/05 by securing access to a rig through an agreement with the block's operator, Sonangol. The campaign, originally planned for 2026, will now commence imminently using the jack-up rig Borr Grid, which is currently under contract to Sonangol.

Drilling Programme and Financing

The campaign consists of two wells. The first is an exploration well on the Pacassa SW prospect, which will be drilled from the existing Pacassa F4 platform. Depending on its outcome, the second well will either be a water injection well for Pacassa SW or a development well on the Impala field. Sonangol will finance the entire campaign, with costs to be recovered from future incremental production revenues generated by the wells.

Objectives and Potential

The programme aims to increase gross production by approximately 9,000 barrels per day. It is also designed to assess recoverable oil reserves, with estimates suggesting up to 70 million barrels in the Pacassa SW area and up to 50 million barrels in the Impala field. The Pacassa SW well targets an undrilled fault block adjacent to the prolific Pacassa field, which has the potential to contain up to 210 million barrels of oil in place. The Impala-2 well would help define the upside of a field that could hold up to 200 million barrels in place.

Operational Details and Implications

The Pacassa SW well is expected to take 80 to 90 days to drill. If successful, it can be rapidly completed and tied into existing infrastructure, paving the way for a full development plan. The funding structure allows Afentra to pursue this value without impacting its planned 2026 capital expenditure. The rig, Borr Grid, recently completed work in Congo-Brazzaville and is contracted in Angola until at least September.

Block Partnership

Sonangol operates Block 3/05A. Its partners are Afentra, Maurel & Prom, Etu Energia, and NIS Naftagas, though Etu Energia has recently agreed to sell its 10% stake to Sonangol, Afentra, and Maurel & Prom.