REG - Afentra PLC - Approval of Block 3/24 License - Offshore Angola

AfentraAnnouncement

Tue 12:30

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RNS Number : 3305D  Afentra PLC  14 October 2025

14 October 2025

 

AFENTRA PLC

 

Approval of Block 3/24 License - Offshore Angola

 

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas
company focused on acquiring production and development assets in Africa,
announces that the Risk Service Contract ('RSC') for offshore Block 3/24 has
been formally approved by Presidential Decree.

 

This follows the Company's announcement on 4 September 2025 confirming the
signing of Heads of Terms with Angola's National Agency of Petroleum, Gas and
Biofuels (ANPG). Block 3/24 is located adjacent to Afentra's existing
interests in Blocks 3/05 and 3/05A and contains five established discoveries
in shallow water, offering short-cycle, low-cost development as well as
near-field exploration potential.

 

Under the terms of the RSC, Afentra will be Operator with a 40% interest in
the block, alongside Maurel & Prom Angola S.A.S. (40%) and Sonangol
E&P (20%).

 

About Block 3/24

Block 3/24 covers 545 km(2) and is adjacent to Afentra's existing producing
oil fields and undeveloped discoveries in Blocks 3/05 and 3/05A. The block
adds a further five discoveries - Palanca North East, Quissama, Goulongo, Cefo
and Kuma - all located in the same Pinda reservoir as the existing oil fields
in Block 3/05 and 3/05A. In addition, the block contains the previously
developed Canuku field cluster, which has produced up to 12,000 bopd. The
block is estimated to include over 130 mmbbls of STOIIP and 400 bcf GIIP of
already discovered resources.

These discoveries and previous development assets offer a significant
opportunity to apply modern technology to deliver short-cycle, low-cost
developments tied back to the existing infrastructure in Block 3/05. A number
of exploration prospects have also been identified based on existing 3D
seismic data.

 

Key Discoveries

-       Palanca North East discovered in 1988, tested at 6,000 bopd (38
API)

-       Goulongo discovered in 1988, tested at a constrained rate of
2,400 bopd (23 API)

-       Quissama discovered in 1987, appraised in 1992 and tested at a
constrained rate of ~3,000 bopd (36 API)

-       Kuma discovered in 1988, tested at 1,800 bopd (32 API)

-       Cefo discovered in 1988, tested at 1,150 bcpd and 32 mmcfd (48
API condensate with high H₂S content)

-       Canuku field cluster developed by Sonangol (2001-2008); produced
up to 12,000 bopd (31 API)

 

CEO Paul McDade commented:

"We are pleased to confirm the formal approval of the Block 3/24 license. This
milestone marks Afentra's first offshore operatorship and represents a
significant step in our strategy to build a material production business in
Angola. Our attention will now turn to technical analysis of the historic
wells on the license as we commence a phased programme to re-access wells and
fast-track first oil. We look forward to working with our joint venture
partners to unlock the full potential of this highly prospective block."

 

Supporting Presentation

A short presentation summarising the strategic context and technical
opportunity associated with Block 3/24 is available on the Company's website:
https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/09/Block-324-final.pdf
(https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/09/Block-324-final.pdf)

 

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

 

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 Afentra has a 30%
non-operated interest in the producing Block 3/05 and a 21.33% non-operated
interest in the adjacent development Block 3/05A in the Lower Congo Basin and
a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin.
Onshore, Angola Afentra has a 45% non-operated interest in the prospective
Block KON 19 located in the western part of the Onshore Kwanza Basin. Afentra
also has a 34% carried interest in the Odewayne Block onshore southwestern
Somaliland.

 

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.

 

 

Glossary

 API     American Petroleum Institute gravity
 bcf     billion cubic feet
 bcpd    barrels of condensate per day
 bopd    barrels of oil per day
 GIIP    gas initially in place
 H₂S     Hydrogen Sulphide
 mmbbls  million barrels of oil
 mmboe   million barrels of oil equivalent
 mmcfd   million cubic feet per day
 STOIIP  stock tank oil initially in place

 

Standard

Estimates of reserves and resources have been prepared in accordance with the
June 2018 Petroleum Resources Management System ("PRMS") as the standard for
classification and reporting.

Technical Information

The technical information contained in this announcement has been reviewed and
approved by Robin Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss
has over 30 years of experience in oil and gas exploration, production and
development. He is a member of the Society of Petroleum Engineers (SPE) and
holds a Bachelor of Science (BSc) and a Bachelor of Science Honours (BSc Hons)
in Physics and Mathematics from the University of Cape Town.

 

 

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