Afentra has completed its exit from Somaliland, transferring its Odewayne oil block stake to Petrosoma as it refocuses on lower-risk Angolan assets
LONDON — Afentra plc, the Africa-focused upstream oil and gas company listed on London’s AIM market, said Thursday that it has completed its long-planned exit from Somaliland, divesting its entire 34 percent non-operated interest in the onshore Odewayne exploration block and formally closing the book on a high-risk frontier asset that no longer fit its strategy.
The stake has been transferred to Petrosoma Limited, a small, privately held exploration company active in Somaliland, after receiving formal approval from the Ministry of Energy and Minerals of the Republic of Somaliland. As part of the transaction, Afentra received $1.97 million from Genel Energy Somaliland Limited to settle outstanding carry obligations related to the block.
“The completion of this transfer is consistent with our disciplined approach to portfolio management,” Paul McDade, Afentra’s chief executive, said in a statement. “It enables management to remain focused on our core Angolan assets and strategic priorities, while exiting a legacy, non-core exploration position in a way that delivers value for shareholders.”
A clean break from a frontier asset
Under the terms of the deal, Petrosoma assumes full responsibility for all past and future obligations under the Odewayne production sharing agreement, including environmental and decommissioning liabilities. Afentra retains no rights or obligations connected to the block.
Genel Energy, which had been the operator, has also transferred its participating interest in the Odewayne license to Petrosoma as part of the same transaction, consolidating ownership of the block under the private company.
Afentra said it did not receive any consideration directly from Petrosoma for the transfer. The $1.97 million payment from Genel represents the settlement of carry obligations owed to Afentra, which had not incurred direct expenditure on the asset.
The company had carried the Odewayne interest on its balance sheet at approximately $21.5 million as of June 30, 2025. Afentra confirmed that it will write down the full carrying value, though it stressed that the adjustment will not affect reported profit, as no profit had been attributed to the asset.
“This was a legacy position,” the company said, describing Odewayne as a “high-risk frontier exploration asset” that had never formed part of Afentra’s core investment thesis.
Strategic shift toward production
The exit underscores Afentra’s sharpened focus on production and development assets in West Africa, particularly offshore and onshore Angola, where the company has been building a portfolio of non-operated and operated interests.
Afentra currently holds stakes in several Angolan blocks, including a 30 percent non-operated interest in the producing Block 3/05 in the Lower Congo Basin, as well as interests in adjacent development and exploration blocks. Management has repeatedly framed these assets as central to the company’s strategy of acquiring mature or near-term production opportunities from international oil companies seeking to divest.
“Our purpose is to support a responsible energy transition in Africa by being a credible partner to host governments and divesting IOCs,” Anastasia Deulina, Afentra’s chief financial officer, said in an interview earlier this year. “That requires capital discipline and a clear focus on assets with a defined path to production and cash flow.”
Analysts say the Somaliland divestment aligns with that narrative.
“Frontier exploration in politically sensitive jurisdictions carries a very different risk profile than incremental development in established basins like offshore Angola,” said one London-based energy analyst, who requested anonymity because his firm does not formally cover Afentra. “This move removes uncertainty and allows investors to focus on the Angolan story.”
Who is Petrosoma?
Petrosoma Limited, the new holder of the Odewayne interest, is a privately held exploration company with a long but opaque association with Somaliland’s onshore oil and gas sector. Public information about the company is limited, and it does not publish financial statements or governance details.
Partner disclosures and local Somaliland media have described Petrosoma as a joint-venture participant in the Odewayne block and other early-stage licenses, often characterizing it as a local or regional bridge between Somaliland authorities and foreign exploration firms. A related holding vehicle, Petrosoma Holdings Limited, appears in offshore corporate databases as being incorporated in the British Virgin Islands, though beneficial ownership details are not publicly disclosed.
Somaliland media have at times linked the company’s local operations to Mohammed Yusuf Ali Deyr, a Somalilander from Sanaag region described as leading or running Petrosoma’s exploration activities, but no publicly accessible corporate filings confirm executive roles or ownership structures.
What is clear is that Petrosoma’s portfolio is firmly rooted in frontier exploration. In addition to Somaliland, the Petrosoma name has appeared in connection with offshore interests in the Comoros, largely through holding structures rather than as a named operator.
Broader implications
Somaliland, an independent republic since 1991, has long sought to attract international investment into its hydrocarbons sector as part of a broader push for economic self-sufficiency and international recognition. Exploration efforts, however, have been sporadic and fraught with geopolitical, legal, and security challenges.
Afentra’s departure does not signal an end to exploration ambitions in the territory, but it does highlight the difficulty of sustaining interest from publicly listed companies with global portfolios.
“Listed companies are under intense pressure to demonstrate capital discipline and manage geopolitical risk,” said a former executive at an Africa-focused exploration firm. “That often makes frontier basins the first to be exited when strategies are refined.”
For Afentra, the message to investors is one of focus and finality. “We have no remaining rights or obligations relating to the Odewayne interest,” the company said, emphasizing that the chapter is closed.
As global energy markets continue to reward scale, cash flow, and lower-risk barrels, Afentra’s clean exit from Somaliland marks a decisive step away from speculative exploration — and toward a more conventional production-led growth strategy anchored in Angola.
