“We are looking at a number of other countries in West Africa,” says McDade, a former CEO of Tullow Oil. He aims to turn Afrenta, formerly known as Sterling Energy, into a medium-sized company holding a range of African oil-producing assets.
Afentra shares resumed trading on London’s Alternative Investment Market on 10 August. Trading was suspended due to proposed Angola purchases from state-owned oil and gas company Sonangol and Croatia’s INA. That was because the scale of the assets in relation to the company meant the deal qualified as a “reverse takeover”.