REG - Afentra PLC - Operational and Financial Update

AfentraAnnouncement

19/11/2025 07:00

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RNS Number : 0704I  Afentra PLC  19 November 2025

19(th) November 2025

 

AFENTRA PLC

 

Operational and Financial Update

 

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas
company focused on acquiring production and development assets in Africa, is
pleased to provide an operational and financial trading update for the period
1 January to 31 October 2025.

 

Key Highlights

-       Block 3/24 Award: License awarded to Afentra as Operator with
40% interest

-       Etu Energias Acquisition: Approval process progressing with
completion expected in Q1 2026

-       Kwanza Onshore Expansion: KON4 license contract initialled;
award expected in Q1 2026

-       Net Average Production: production continues to be stable, 6,368
bopd for period to 31(st) October 2025

-       Crude Oil Sales & Revenue: 1.63 mmbbls sold at $70.14/bbl
average price, generating $114.3 million revenue

-       Borrowings: drawn RBL of $31.5 million, Net debt of $7.5 million

-       Board Appointment: Andrew Osborne appointed as Non-Executive
Director and Chair of Audit Committee

 

Operational Highlights

-       Gross average production for the period ended 31 October 2025
was 21,428 bopd (Net: Block 3/05 6,222 bopd; Block 3/05A 146 bopd).

-       Multi-year redevelopment plan remains on track targeting
increased recovery and production growth. Key workstreams progressed in the
period ended 31 October 2025 include:

o  Water injection ramp-up continued, averaging 35,000 bwpd for the period,
average injection rates of 55,000 bwpd achieved in October. The programme
remains on track to achieve a consistent 85,000 bwpd by year-end.

o  22 light well interventions delivered to date sustaining production
performance, programme targeting a total of around 35 wells to be completed by
year-end.

o  Infrastructure upgrades continue across power systems, cranes, subsea
lines and risers to enhance safety, reliability, uptime and protect future
value.

o  Platform surveys and access preparation to support rig mobilisation and
drilling in 2026.

-       Asset uptime remained stable throughout the period, Opex
continues to track $23/bbl.

-       Additional investment associated with the preparation for the
2026 drilling campaign and accelerated revamping programme will increase the
2025 capital programme from $180 million gross to around $220 million gross
(Net: $66 million).

o  Drilling related investment included long lead items, platform surveys,
mobilisation of contractor drilling teams and heavy work over studies.

o  Incremental revamping activities included commencement on platforms
earlier than planned, refurbishment of the gas compressor and power systems
and materials for 2026 revamping.

-       Block 3/05 drilling and workover activities being finalised and
agreed for execution of up to two new wells and three workovers in 2026.

-       Block 3/24 offshore license award completed following
ministerial approval with Afentra as Operator at 40% working interest. Work is
already underway reviewing the potential for redevelopment of the existing
discoveries on this block.

-     Sale & Purchase Agreement signed with Etu Energias in June for
an additional 5% net interest in Block 3/05 and 6.67% net interest in Block
3/05A. Approval process is ongoing and completion is now expected in Q1 2026.

-       Onshore Kwanza basin:

o  Block KON15 license formally awarded in February.

o  KON4 Risk Service Contract initialled in June, confirming Afentra as
Operator at 37.5%, completion of the award is now expected in Q1 2026.

o  eFTG data acquisition programme underway across Blocks KON4, KON15 and
KON19, with completion targeted for Q1 2026 to advance subsurface evaluation
and define future exploration and development targets.

o  On the KON4 license, the JV has completed field reconnaissance and
progressed integration of historic data, supporting subsurface modelling ahead
of well re-entry.

 

Financial Highlights up to 31(st) October 2025

-       Revenue of $114.3 million(1)

-       Cash resources of $23.8 million (including $7.1 million of
restricted funds)

-       Debt drawdowns

o  Reserve Based Lend Facility: $31.5 million

o  Working Capital Facility: zero

-       Net debt of $7.5 million

-       Crude Oil Sales

o  Four liftings during the period totalling 1.63 million bbls; average price
of $70.14/bbl

o  Next lifting of ~500,000 bbls expected in January 2026

-       Currently ~7% of 2026 sales hedged; programme remains under
review as current pricing does not offer sufficient value for the protection
provided.

-       Employee Benefit Trust commenced a share purchase programme in
July to acquire ~6.5 million shares, covering FSP and LTIP awards through H2
2025 and 2026, avoiding dilution and capitalising on current share price
levels. The company purchased 3,978,677 shares at a volume-weighted average
price of ~48 pence per share over the period.

 

Post Period-End

-       Appointment of Andrew Osborne as Independent Non-Executive
Director and Chair of the Audit Committee announced on 10 November, further
strengthening Afentra's board and governance framework

 

Near-Term Catalysts

-       Completion of Etu Energias acquisition

-       Award of KON4 Risk Service Contract

-       Completion of the eFTG acquisition and interpretation to
identify the potential of the onshore licenses

-       Next crude lifting (~0.5 mmbbls) expected in January 2026

-       Block 3/05 drilling and workover programme with execution
anticipated to start in 2026

-       Annual reserves and resources review expected to continue to
demonstrate upside potential

 

Paul McDade, Chief Executive Officer, Afentra plc commented:

"The completion of the Block 3/24 license award marks an important milestone
for Afentra, adding material reserves and production potential and
establishing our first operated position offshore Angola. With the Etu
Energias acquisition expected to complete in early 2026, we will further
enhance our reserves base, production profile and presence in Angola. As
Operator of Block 3/24, Afentra will apply its technical and operational
expertise to unlock the redevelopment potential of the block, complementing
the ongoing work on Blocks 3/05 and 3/05A. Together, these assets provide a
clear pathway for material production growth and long-term value creation.

Operationally, we continue to make good progress on the asset workstreams that
support our long-term growth strategy, while maintaining a disciplined
approach to cost management and balance sheet strength. Additionally, we are
pleased to be progressing preparations for the commencement of drilling
activities in 2026 as we seek to achieve an organic step-change in production
and cash flow generation.

Afentra enters 2026 well positioned to deliver on its strategy and to build on
the strong platform established over the past years."

 

 

Supporting Presentation

A short presentation has been uploaded to Afentra's website - please view
here:

https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/11/2025.11-Afentra-Investor-Presentation-Nov.pdf
(https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/11/2025.11-Afentra-Investor-Presentation-Nov.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

 

 

 

 

 

 

 

-------------------------

1.     Revenue is net of the state's fiscal take (cost oil and profit oil
allocation), but prior to deduction of petroleum income tax (PIT).

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, and a 34% carried interest in the Odewayne Block, onshore in
south-western 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

 bopd    barrel of oil per day
 bwpd    barrels of water injected per day
 mmbbls  million barrels of oil
 mmboe   million barrels of oil equivalent
 eFTG    enhanced Full Tensor Gravity Gradiometry

 

 

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