REG - Afentra PLC - Award of KON4 Licence Onshore Angola

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RNS Number : 7827F  Afentra PLC  27 May 2026

 

 

 

27 May 2026

 

AFENTRA PLC

 

Award of KON4 Licence - Onshore Angola

 

 

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 the Risk Service Contract ('RSC') for onshore Block KON4 has
been formally approved and awarded by Presidential Decree on the 26 May 2026.

 

Afentra has been awarded a 35% operated interest in KON4 alongside our local
Angolan partners Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and
Sodedurs. The formal signing of the contract is expected at a later date.

The award of KON4 further strengthens Afentra's position in the onshore Kwanza
basin and expands the Company's operated portfolio in Angola. The block
contains multiple legacy oil fields, including the large Quenguela Norte
field, and offers field re-development opportunities alongside overlooked
near-field exploration potential. KON4 complements Afentra's existing onshore
Kwanza licences and supports the Company's strategy of building a material
position in the basin.

 

About KON4

KON4 covers 1,387 sqkm and is situated in a historically productive area of
the onshore Kwanza basin, where 11 oil and 2 gas fields have been discovered
and over 90 mmboe produced to date. The block features the Quenguela Norte
field - the largest onshore discovery in the onshore Kwanza basin to date -
estimated to hold over 200 mmbo of discovered oil in place in Tertiary
reservoirs. The field achieved peak production of 12,000 bopd, with 46 mmbo
recovered before it was shut-in and abandoned in 1999. This field represents
an opportunity to unlock significant value through the reactivation of the
field production, supported by modern technology and re-development techniques
that have advanced considerably since the fields were last in production
decades ago. In addition, the Block's proximity to the Luanda refinery and the
existing road infrastructure could allow early production and export to the
refinery.

KON4 also provides low-cost, overlooked near-field Tertiary and Cretaceous age
exploration opportunities that further enhance Afentra's footprint and
strategic optionality in the onshore Kwanza basin. Our portfolio of KON4,
KON15 and KON19 offer a complementary portfolio with exposure to a diverse
range of play types - across both post-salt and pre-salt petroleum systems -
as well as opportunities to appraise and re-develop multiple discovered but
abandoned oil fields.

 

Work Programme & Next Steps

Initial technical and subsurface work has commenced on the block, with the
contractor group progressing the agreed early-phase work programme. This has
focused on subsurface studies assessing reactivation of the Quenguela Norte
wells, alongside the review of all local permitting and above-ground
requirements. In parallel, a workstream assessing the greater exploration
potential of Block KON4 has also commenced with interpretation of the recently
completed high resolution eFTG survey being integrated with the existing
sparse 2D seismic data. Further updates on forward work plans and timing will
be provided in due course.

 

Paul McDade, Chief Executive Officer of Afentra plc, commented:

'"The formal award of KON4 is a significant milestone for Afentra, adding an
operated position to our growing onshore Kwanza basin portfolio and
reinforcing our commitment to building a material presence in this
under-explored but highly prospective basin. KON4 brings a compelling mix of
near-term redevelopment potential - anchored by the Quenguela Norte field -
and meaningful exploration upside, supported by favourable fiscal terms and
proximity to the Luanda refinery. Together with our non-operated interests in
KON15 and KON19, we now hold a well-rounded and complementary position across
the basin. We look forward to progressing the work programme with our partners
and will provide further updates as our technical evaluation advances."

 

The equity participation in the license is:

 

Block KON4 Ownership Interests

 Name                 Interest
 Afentra (Operator)   35%
 Grupo Simples Oil    35%
 Sonangol E&P         20%
 Brite's Oil and Gas  5%
 Sodedurs             5%

 

 

 

 

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

Bobby Morse

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
a 35% operated interest in Block KON4 and 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.

More information is available at www.afentraplc.com
(https://url.uk.m.mimecastprotect.com/s/iIb8CM8yMs25LVskhnS8t1eC/)  or by
visiting the Afentra's Curation Showcase
(https://url.uk.m.mimecastprotect.com/s/m1Q9CNkzNfZNQ5Hji5SyCzDb) .

 

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

 bbl     barrel
 bbls    barrels
 bopd    barrel of oil per day
 eFTG    enhanced Full Tensor Gravity Gradiometry
 mmbbls  million barrels
 mmbo    million barrels of oil
 mmboe   million barrels of oil equivalent

 

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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