Sonangol Commences Due Diligence on 35 Proposals for its Divestment from Eight Blocks

Sonangol has commenced due diligence on 35 proposals submitted by the bidders of the Partial Divestment of its Participating Interests in eight offshore acreages.

Angola’s state hydrocarbon company says the bids were received from 19 companies looking to purchase its interests in Blocks 3/05, 4/05, 5/6, 15/06, 18, 23, 27, and 31.

A preliminary evaluation of the bids, which involved IHS Markit, was conducted between September 20 and October 6, 2021.

12 companies grouped themselves together into five consortia.  Seven companies applied as individual entities.

The due diligence process, being carried out by Trace International, will end on November 8, 2021, followed by negotiations with the candidates, which will lead to “signing of purchase and sale contracts with those that better reflect contractual procedures in accordance with the assessment criteria”, Sonangol says. 

The bidders were as follows: 

1. Block 3/05 a. Consortium Adisandra and Growth Axis Holdings b. Afentra c. Equinox d. Falcon Oil e. Consortium Somoil and Sirius f. Red Sky Energy 2. 

2. Block 4/05 a. Consortium Sancorp and Artic Securities.

3. Block 15/06 a. Consortium Adisandra and Growth Axis Holdings b. Falcon Oil c. MTI Energy d. Consortium Namcor, Sequa, and Petrolog e. Red Sky Energy f. Consórcio Sancorp and Artic Securities g. Consortium Somoil and Sirius h. SSI 15 i. TYR Conseil. 

4. Block 18 a. Consortium Adisandra and Growth Axis Holdings b. Falcon c. MTI Energy d. Consortium Namcor, Sequa, and Petrolog e. Consortium Sancorp and Artic Securities.

f. Consortium Somoil and Sirius g. TYR Conseil.

5. Block 23 a. Afentra b. Consortium Namcor, Sequa, and Petrolog.

6. Block 27 a. Consortium Namcor, Sequa, and Petrolog b. Red Sky Energy c. Consortium Somoil and Sirius.

7. Block 31 a. Consortium Adisandra and Growth Axis Holdings b. Equinox c. Falcon Oil d. MTI Energy e. Consortium Namcor, Sequa, and Petrolog f. Red Sky Energy g. Consortium Sancorp and Artic Securities h. Consortium Somoil and Sirius i. TYR Conseil.

For any further questions, interested parties should contact the Evaluation Committee, created for this purpose, by e-mail alienacaoblocospp@sonangol.co.ao.