Hargeısa — Afentra plc said on Dec. 18 it has completed the transfer of its 34% non-operated participating interest in the Odwayne oil exploration block in Somaliland, formally exiting the frontier asset.
The AIM-listed company said the transfer to Petrosoma Limited received approval from Somaliland’s Ministry of Energy and Minerals of Somaliland, completing all requirements under the production-sharing agreement.
Petrosoma will assume all rights and obligations linked to the licence, including past and future liabilities.
Afentra also said it signed a settlement agreement with the block’s operator, Genel Energy Somaliland Limited, and received $1.97 million to settle outstanding carry obligations related to the interest. As part of the same transaction, Genel transferred its participating interest in the licence to Petrosoma.
Afentra described the Odewayne block as a legacy, high-risk frontier exploration asset that did not align with its strategy of focusing on producing and development assets in Angola.
The company said the carrying value of the interest stood at about $21.5 million as of June 30, 2025, adding it will record a full write-down of the asset. No consideration was paid by Petrosoma for the transfer.
Afentra’s portfolio is now centred on offshore and onshore assets in Angola, including producing fields in the Lower Congo Basin and prospective acreage in the Kwanza Basin.
