REG - Afentra PLC - Operational and Financial Update

AfentraAnnouncement

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RNS Number : 7859R  Afentra PLC  05 February 2026

5(th) February 2026

 

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 year ended
31 December 2025.

 

Key Highlights

-       2025 NET Average Production (Working Interest): 6,324 bopd

-       Crude Oil Sales & Revenue:

o  1.63 mmbbls sold at $70.2/bbl average price, generating $114.4 million
revenue

o  517,643 bbls sold at $65.4/bbl average price on 21 January 2026 (post
period), generating $33.8 million revenue

-       Fourfold Contingent Resources Increase: 2C contingent resources
increased to 87.3mmboe

-       Block 3/24 Award: Afentra's first Operatorship with 40% working
interest

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

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

-       Borrowings: drawn RBL of $31.5 million, Net debt of $21.8
million at 31 December 2025

 

Operational & Corporate Overview

Asset performance

-       Gross average production for the period ended 31 December 2025
was 21,268 bopd (Net: Block 3/05 6,185 bopd; Block 3/05A 139 bopd)(1). Base
production in 2026 is expected to be sustained at similar levels, with the
planned infill drilling and heavy workover programme expected to significantly
increase production towards the latter part of the year.

-       Operating costs continued to track $23/bbl during the period,
and the Company anticipates similar costs in 2026.

-       Capital investment during the period was ~$220 million gross
(Net: $66 million). This included capex associated with asset integrity,
revamping, light well interventions (LWIs) and preparation for the 2026
drilling campaign. 2026 capital investment in B3/05 and B/305A covering
continued work on asset integrity, revamping and LWIs is anticipated to be
~$163 million gross (Net: $50 million).

-       Asset uptime remained stable throughout the period, supported by
continued progress across the asset revamping and integrity workstreams.

Revamping & Integrity

-       Multi-year redevelopment plan remains on track underpinning
increased reserves recovery and production growth. Key workstreams progressed
during the period, which will continue through 2026, include:

o  Water injection ramp-up continued, averaging 37,798 bwpd for the period,
with injection rates of ~ 50,000 bwpd consistently achieved during Q4 2025.
During 2026, the focus on increasing sustained water injection rates will
continue, targeting rates of ~100,000 bwpd.

o  Infrastructure upgrades continue across power systems, cranes, subsea
lines and risers to enhance safety, reliability, uptime and protect future
value. The FSO recertification work programme was completed in December 2025,
with formal recertification expected in early 2026

o  28 LWIs were delivered during the period, sustaining production
performance. The LWI programme will continue through 2026, targeting ~40
interventions. Recent LWIs have included reperforation of zones not previously
accessed, this has the potential to deliver new incremental production.

2026/27 infill drilling and workover programme

-       Preparations continue on the potential 2026-2027 infill drilling
and a hydraulic workover programme across the producing Block 3/05 fields,
which will include up to two wells and three workovers. These activities could
together provide:

o  Production uplift of up to 12,500 bopd gross (Net: 3,750 bopd)

o  Reserves and resources upside exposure of up to 120 mmbo gross (Net: ~36
mmbo)

-       Capex associated with the potential infill drilling and heavy
workover programme is expected to be ~ $115-130 million gross (Net: $34-39
million).

Reserves and Resources (post period)

-       Sproule ERCE completed the Company's annual independent reserves
report with gross 2P reserves of 106.3 mmbo (net 2P WI reserves of ~31.9
mmbo). The asset  produced approximately 7.5 mmbo in the period. The 3-year
average reserves replacement to end 2025 has been 94%. The planned 2026-2027
infill drilling and heavy workover programme is anticipated to deliver further
significant reserves replacement as well as production growth.

-       Independent audit and internal assessment significantly
increased 2C working interest contingent resources across Blocks 3/05, 3/05A
and 3/24, with total 2C WI contingent resources of ~87.3 mmboe, representing
an increase of over 400% versus the previously disclosed 2C resources WI of
20.9 mmboe.

Portfolio expansion and licences

-       Block 3/24 offshore licence award completed following
ministerial approval with Afentra as Operator at 40% working interest.
Planning is progressing to fast-track an initial infrastructure-led
development, leveraging nearby existing facilities, with development studies
targeting a Final Investment Decision late 2026/early 2027.

-       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 expected in Q1
2026.

-       Onshore Kwanza basin:

o  KON15 licence formally awarded in February 2025

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

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

-       Odewayne Licence Transfer completed, transferred Afentra's 34%
non-operated participating interest in the Odewayne Block, Somaliland,
including all future rights and liabilities, to Petrosoma Limited. Afentra
also received $1.97 million in settlement of carry obligations from Genel.

 

 

Financial Overview

Key Financials as at and for the period ended 31 December 2025

-       Revenue of $114.4 million(2)

-       Cash resources of $10.2 million (including $5.0 million of
restricted funds)

-       Borrowings:

o  Reserve Based Lend Facility: $31.5 million

o  Working Capital Facility: zero

-       Net debt of $21.8 million

Crude Oil Sales & Hedging

-       Four liftings during the period totalled 1.63 million bbls;
average price of $70.2/bbl

-       Net entitlement stock in-tank 363,908 bbl at 31 December 2025

-       Lifting of 517,643 bbls on 21 January 2026; average price of
$65.4/bbl, generating revenue of $33.8 million, of which $17.1 million was
received in advance in December 2025

-       Further 3-4 liftings anticipated in 2026

-     Currently ~25% of 2026 sales hedged using a combination of put
options at $60/bbl and call options ranging from $78/bbl to $87/bbl; the
hedging programme was strengthened during the recent price uplift and will
continue to be under active review to seek further opportunities to increase
the programme.

Financial outlook

-       The Company is in discussions to extend its existing RBL
facility with Trafigura and MCB to provide near-term funding to support
investment programmes across Afentra's asset base.

-       As the upcoming infill drilling/heavy workover programme
progresses, the Company is actively assessing financing options to support
this programme and its other growth projects. The timing and structure of any
funding will be dependent on oil price conditions and the broader market
environment.

Share purchase programme

-       The Employee Benefit Trust commenced a share purchase programme
in July 2025 to acquire approximately 6.5 million shares to cover 2026 FSP and
LTIP awards thereby avoiding dilution. At 31 December 2025, the Company had
purchased 4,520,707 shares at a volume-weighted average price of 47.9 pence
per share.

 

 

2026 Strategic Outlook

In 2026, the Company will continue its multi-year revamping and integrity
programme across its Block 3/05 infrastructure. In addition, it anticipates
the execution of the first infill drilling and heavy workover activities in
the asset in over a decade, which are expected to lay the foundations for a
material step change in production beyond 2026. Alongside this, Afentra is
looking to complete the Etu transaction, increasing its equity exposure across
its core offshore assets, while progressing the operated Block 3/24
development which will also provide a further increase in both production and
reserves. Onshore, the focus will be on completing the KON4 award process and
integrating the results of the ongoing eFTG data acquisition programme to
further refine subsurface understanding and inform future development and
exploration opportunities.

 

 

Paul McDade, Chief Executive Officer, Afentra plc commented:

"2025 was a year of disciplined operational execution for Afentra, with stable
production performance supported by continued progress across the asset
revamping and integrity programme. We also delivered a significant increase in
contingent resources through the latest independent CPR, reinforcing the scale
of the opportunity across our portfolio and the value of our
infrastructure-led development strategy. Alongside this, we made meaningful
progress across our onshore Kwanza portfolio in 2025, including the
initialling of the KON4 contract and the advancement of subsurface studies to
support long-term growth optionality.

 

Looking ahead, 2026 is expected to be a pivotal year as we prepare for infill
drilling and heavy workover activities, progress the operated Block 3/24
development and continue to strengthen the balance sheet, positioning the
Company to deliver a material step change in production and reserves beyond
2026."

 

 

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor
Meet Company platform on Tuesday 10th February 14:00 GMT to updated investors
and answer questions. The presentation is open to all existing and potential
shareholders. Questions can be submitted prior to the event via the Investor
Meet Company dashboard until 9th February 2026, 17:00 GMT, 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://www.investormeetcompany.com/afentra-plc/register-investor)

A short presentation will be uploaded to Afentra's website shortly before the
webinar on the company's website
https://www.afentraplc.com/investors-rapidly-evolving-african-energy-landscape/reports-results-presentations/
(https://www.afentraplc.com/investors-rapidly-evolving-african-energy-landscape/reports-results-presentations/)

 

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.     Production figures are reported on a net (working interest) basis;
net entitlement volumes are reflected in revenue and cash flow reporting.

2.     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.

 

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.

 

 

 

 

 

 

 

 

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.

 

Glossary

 bbl     barrel
 bbls    barrels
 bopd    barrel of oil per day
 bwpd    barrels of water injected per day
 FSO     floating storage and offloading unit
 mmbbls  million barrels of oil
 mmbo    million barrels of oil
 mmboe   million barrels of oil equivalent
 eFTG    enhanced Full Tensor Gravity Gradiometry

 

 

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