Gulf Energy Close To A Stake In Angola

Afren, the AIM listed African company, has entered into a Heads of Agreement with Gulf Energy Resources to acquire a 5% stake in Angola ‘s Cabinda Central License Block B. Devon Energy is the operator ofthe 1,125 sq km license located in the Cabinda province of Angola. Other partners in the block are Repsol 25%, Sonangol 20%, and Petrogal with 20%. The acquisition is consistent with Afren’s decision to further expand its presence in Western Africa by entering into one of the most promising onshore blocks in the second largest subSaharan producing country. Devon plans to recommence exploration work in the License subject to the effectiveness of the Production Sharing Agreement (PSA) Balkany revealed