REG - Afentra PLC - Afentra Completes Somaliland Divestment

AfentraAnnouncement

18/12/2025 15:00

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RNS Number : 1743M  Afentra PLC  18 December 2025

18 December 2025

AFENTRA PLC

Afentra Completes Somaliland Divestment

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas
company focused on acquiring production and development assets in Africa,
announces that it has completed the transfer of its 34% non-operated
participating interest in the Odewayne Block, Somaliland (the "Interest") to
Petrosoma Limited ("Petrosoma"). The transfer has received formal approval
from the Ministry of Energy and Minerals of the Republic of Somaliland,
completing all requirements for the transfer under the relevant Production
Sharing Agreement ("PSA") and associated transfer documentation. Petrosoma
will now assume all rights and obligations relating to the Interest.

In addition, Afentra has signed a settlement agreement with the Operator Genel
Energy Somaliland Limited ("Genel") and received $1.97m in respect of settling
Genel's carry obligations to Afentra relating to the Interest. As part of the
same transaction Genel has transferred its participating interest in the PSA
to Petrosoma.

Summary of Terms

-       Afentra has transferred its 34% Interest in the Odewayne Block
to Petrosoma.

-       Afentra has received US$1.97 million from Genel in settlement of
Genel's carry obligations to Afentra.

-       Petrosoma has assumed full responsibility for all past and
future liabilities under the PSA.

-       Afentra has no remaining rights or obligations relating to the
Interest including in respect of environmental or decommissioning obligations.

 

Strategic Context

The Odewayne Interest is a legacy, non-core high risk frontier exploration
asset that has not formed part of Afentra's strategic focus of acquiring
production and development assets in West Africa. Afentra has not incurred any
expenditure on this asset and was committed to exit the asset in a manner that
provided value to Afentra's shareholders. The completion of the transfer is
consistent with this ambition and the Company's disciplined approach to
portfolio management. This enables management to remain focused on Afentra's
core Angolan assets and strategic priorities.

Additional Information

The carrying value of the Interest as at Afentra's last reported balance sheet
date 30 June 2025 was approximately US$21.5 million. No profit was
attributable to this asset. No consideration was payable to the Company by
Petrosoma for the transfer of its interest. There will be a write-down of the
entire carrying value of the Interest.

 

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

 

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Barry Archer

George Pope

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20
7710 7600

Callum Stewart

Simon Mensley

Ashton Clanfield

 

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

 

About Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on
opportunities in Africa. The Company's purpose is to support a responsible
energy transition in Africa by establishing itself as a credible partner for
divesting IOCs and host governments. Offshore Angola, in the Lower Congo
Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05,
a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in
Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05.
Onshore Angola, in the western part of the onshore Kwanza Basin, Afentra holds
45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra
also holds a 40% non-operated interest in the offshore exploration Block 23 in
the Kwanza Basin.

 

Inside Information

This announcement contains inside information for the purposes of article 7 of
Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018) and as subsequently amended by the
Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement,
this inside information (as defined in UK MAR) is now considered to be in the
public domain. For the purposes of UK MAR, the person responsible for
arranging for the release of this announcement on behalf of Afentra is Paul
McDade, Chief Executive Officer.

 

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