REG - Afentra PLC - Block 3/24

AfentraAnnouncement

04/09/2025 13:45

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RNS Number : 0757Y  Afentra PLC  04 September 2025

4 September 2025

 

AFENTRA PLC

 

Block 3/24

Afentra signs Heads of Terms for first operated 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 it has signed Heads of Terms with Angola's National Agency of
Petroleum, Gas and Biofuels (ANPG) for the Risk Service Contract (RSC) for
offshore Block 3/24, located adjacent to its existing Block 3/05 & 5A
interests in Angola. The formal award of the license is expected in the coming
months following the completion of the Government approval process.

 

Key Highlights

 

Material acreage expansion: Afentra's gross offshore acreage position
increases from 265km(2) to 810 km(2)

Established discoveries: Block 3/24 contains five oil and gas discoveries all
located in shallow water

Infrastructure-led development: Proximity to Block 3/05 offers short-cycle,
low-cost development potential

Exploration potential: several exploration prospects identified within the
acreage on existing 3D seismic

First offshore operatorship: Block 3/24 provides Afentra's first offshore
operatorship

 

Contract Terms and Joint Venture Structure

 

Heads of Terms for the Block 3/24 RSC have been signed with ANPG and set out
the following key terms:

-       Initial five-year period to review the development potential for
existing discoveries and exploration prospectivity.

-       25-year production period that would subsequently be awarded
when a discovery is developed.

-       Afentra to 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 resource

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 date.

 

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 announce this Heads of Terms and excited to progress
towards Operatorship of Block 3/24, which represents the next step in our
strategy to build a material production business in Angola. We look forward to
reviewing the most efficient development options for the numerous discoveries,
utilising the extensive Block 3/05 infrastructure. This will provide upside
potential to enhance the overall redevelopment plan for the Block 3/05 area
where we expect to significantly increase production and reserves, delivering
long-term value and cashflows. Furthermore, we see potential for future
infrastructure led exploration given the prospectivity of the area.

We appreciate the trust invested in Afentra by the ANPG and our joint venture
partners and we look forward to building on the successful collaborative
working relationship with Block 3/05 Operator Sonangol to ensure we deliver
the full potential of this multi-billion barrel area."

 

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

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, 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
Blocks KON15 & KON19 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

 bcpd    barrels of condensate per day
 bopd    barrels of oil per day
 GIIP    gas initially in place
 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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