REG - Afentra PLC - Block KON4 Onshore Angola Initialling of Contract

AfentraAnnouncement

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RNS Number : 8777N  Afentra PLC  23 June 2025

23 June 2025

 

AFENTRA PLC

 

Block KON4, Onshore Angola - Initialling of Contract

 

 

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 initialled a Risk Service Contract ("RSC") for Block
KON4, located in the onshore Kwanza basin, Angola.

 

Afentra has been in discussions to secure an operated interest in KON4 as part
of its strategy to further consolidate its position in the onshore Kwanza
basin and to establish itself as an Operator in Angola. The initialling marks
a significant step forward to securing Block KON4. Under the terms of the
proposed KON4 RSC, Afentra will be Operator with a 35% equity interest. The
Block offers both short cycle, low-cost production opportunities linked to
field redevelopment alongside low-cost near-term exploration potential similar
to that being pursued in KON15 and KON19. The contract will now progress
through the formal governmental approval process, and the Company will provide
a further update to the market once the agreement has been fully executed and
signed.

 

AboutKON4

Block 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 to date - estimated to
hold over 200 mmbbls of discovered oil in place. The field achieved peak
production of 12,000 bopd, with 42 mmbbls recovered before it was eventually
shut-in and abandoned in 1999. This represents an opportunity to unlock
significant value through the reactivation of legacy oil fields, 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, near-field exploration opportunities that further
enhance Afentra's footprint and strategic optionality in the onshore Kwanza
basin. The three blocks together 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.

 

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

"The initialling of the KON4 RSC is a significant step in our continued
strategy to build a material position in onshore Kwanza basin in Angola. While
this marks the beginning of the formal approval process, we are already
working closely with our partners in the contractor group to prepare for an
efficient review of the block's existing oil fields and the potential for
early development opportunities. In addition, we will be bringing our
significant experience in the use of eFTG data, which is currently being
acquired across the basin, to understand the full exploration potential of
KON4 as well as our other licenses KON15 and KON19.

The addition of the KON4 license to our existing onshore licenses will
represent a compelling opportunity to work with local Angolan companies to
both revitalise historic oil fields with modern production and development
techniques as well as understand the full exploration potential of this
underexploited basin where exploration activities stopped over 40 years ago."

 

 

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor
Meet Company platform on Tuesday 24 June 2025 14:00 BST to present its onshore
Kwanza strategy and answer questions.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
23 Jun 2025, 09:00 BST, or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet
AFENTRA PLC via:

https://www.investormeetcompany.com/afentra-plc/register-investor
(https://url.uk.m.mimecastprotect.com/s/krfeCo2wDI4kLczhrhpehP-)

 

A short presentation has been uploaded to the Afentra website:
https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/06/2025.06-AET-Onshore-Opportunity.pdf
(https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/06/2025.06-AET-Onshore-Opportunity.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.

 

This RNS Does Not Constitute Insider Information.

 

Glossary

 mmbbls  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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