REG - Afentra PLC - 2025 HALF YEAR RESULTS
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RNS Number : 4918Y Afentra PLC 09 September 2025
09 September 2025
AFENTRA PLC
2025 HALF YEAR RESULTS
Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas
company focused on acquiring production and development assets in Africa, is
pleased to announce its half year results for the six months ended 30 June
2025 (the 'Period' or 'H1 2025').
H1 2025 Summary
Key Highlights
- Block 3/24 (Post-Period): HoT signed with ANPG; Afentra to
operate with 40% interest, marking first offshore operatorship
- Block 3/05 Acquisition: SPA signed with Etu Energias for
additional interests in Blocks 3/05 and 3/05A
- Kwanza Onshore Expansion: KON15 license awarded; KON4 license
contract initialled
- H1 2025 Net Average Production: 6,348 bopd
- Crude Oil Sales & Revenue
o 0.7 mmbbls sold at $72/bbl average price, generating $52.0 million revenue
o 0.5 mmbbls sold at $70/bbl post period (1(st) July), additional $35.4
million receivable(1)
- Borrowings: reduced to $36.3 million, Net Debt of $15.5 million (Net
Cash $19.9 million post 1(st) July lifting)
- 2P Reserve Replacement: >140% over 18-month period;
demonstrating reserve growth potential
Financial Highlights
- Revenue of $52.0 million
- Cash resources as at 30 June 2025 of $21.6 million; net debt
at 30 June 2025 of $15.5 million
- Borrowings at 30 June 2025: $36.3 million; total debt /
annualised adjusted EBITDAX 0.7x
- Adjusted EBITDAX of $27.9 million and profit after tax of $5.7
million
- Two liftings during the period totalling 0.7 million bbls;
average price of $72.2/bbl
Operational Highlights
- Gross average combined production for H1 2025 for Block 3/05 and
3/05A was ~21,350 bopd (H1 2024: 22,722 bopd), with rates from late June 2025
exceeding 23,000 bopd following an acceleration of light well intervention
activities
- Reserves and resources have materially increased since the last
CPR in June 2023, with a 140% reserve replacement ratio, offsetting gross
production of ~11 mmbo over the 18-month period to 31 December 2024,
highlighting the long-term potential of the asset
- Multi-year redevelopment plan remains on track targeting
increased recovery and production growth. Key workstreams progressed in H1
include:
o Water injection ramp-up continued, averaging 35,000 bwpd, with upgrades
targeting around 85,000 bwpd consistently by year-end. Maximum injection rates
in excess of 100,000 bwpd in H1 2025
o 10 light well interventions delivered to date to underpin production
performance
o Infrastructure upgrades 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 with no major
periods of downtime. Opex continues to track around $23/bbl and we remain on
track to deliver the planned $180 million (Net: $54 million) capital
investment programme
- 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. Completion is expected in late H2 2025
- Onshore Kwanza basin, Block KON15 license formally awarded in
February and the KON4 Risk Service Contract was initialled in June, confirming
Afentra as operator, with completion of the award expected in Q4 2025
Post Period-End
- Block 3/24 (Offshore Lower Congo Basin): Signed Heads of Terms
with ANPG; Afentra to operate with 40% interest. Government approval expected
in Q4 2025
- Production: Gross production from Blocks 3/05 and 3/05A during
July and August averaged 22,172 bopd (Net: 6,583 bopd)
- Well Interventions: further 8 light well interventions completed
in July and August to support ongoing base production
- Crude Oil Sales & Stock position
o Third crude lifting completed on 1 July 2025 (~500,000 bbls at $70/bbl),
generating H2 revenue of $35.4 million
o Three liftings completed to date in 2025, totalling 1.2 million bbls, with
an average realised price of $71.3/bbl
o Stock position at end-August was 128,745 bbls
- Cash: The lifting on 1 July 2025 resulted in additional cash of
$35.4 million received in July
- Debt repayment: Early semi-annual repayment made on the RBL facility
in August, reducing the outstanding balance to $31.5 million
Near-term Catalysts
- Next crude cargo lifting (~400,000 bbls) expected late September
2025
- Planned maintenance rescheduled to 2026, reflecting stable
operations
- Completion of Etu transaction expected in Q4 2025
- KON4 award expected in Q4 2025
- Block 3/24 award expected in Q4 2025
- 2026 drilling and workover programme under preparation
Paul McDade, Chief Executive Officer, Afentra plc commented:
"Afentra has made meaningful strategic progress in the first half of 2025,
expanding our non-operated positions and being awarded our first operated
acreage in Angola. The entry into Block 3/24 represents an important milestone
as our first offshore operatorship, further strengthening our presence
alongside the core assets in Blocks 3/05 and 3/05A. At the same time, our
onshore Kwanza basin portfolio has advanced with the award of KON15 and
initialling of the KON4 contract, adding near-term redevelopment and
exploration potential.
Together, these developments create a balanced portfolio of production,
redevelopment and exploration opportunities that underpin our strategy of
building a resilient, cash-generative business with material growth potential.
Looking ahead, we remain focused on executing our near-term catalysts and
positioning Afentra to deliver sustainable value for shareholders."
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/2025/09/2025.09-Afentra-HY-2025-Results-Presentation.pdf
(https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/09/2025.09-Afentra-HY-2025-Results-Presentation.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
---------------------------------------
Revenue is net of the state's fiscal take (cost oil and profit oil
allocation), but prior to deduction of petroleum income tax (PIT).
(1)Post 1(st) July lifting Afentra's stock in tank was in an overlift position
of 217k bbls.
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.
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.
CEO Statement
I'm pleased to provide the following statement to accompany the Half Year
Results for the period ending 30 June 2025. Through the first half of the
year, Afentra has continued to make strong progress in executing its value
driven growth strategy. The year to date has seen a further expansion of our
diversified portfolio as we leverage our growing recognition as a credible
industry partner within Angola. The period has also been defined by stable
production performance from our cornerstone asset Block 3/05, which continues
to respond positively to the ongoing re-development programme as demonstrated
by the exceptional reserve replacement.
The expansion of our Angolan portfolio during the period is a significant
development and provides more diversification, materiality and optionality for
phased growth. Afentra took the opportunity to acquire from Etu Energias,
alongside our existing partner Maurel & Prom, additional interests (net 5%
in Block 3/05 and net 6.67% in Block 3/05A), for an initial net consideration
of US$23 million. This transaction represents a further value focused step
in Afentra's strategy to build a high-quality portfolio of cash-generative
production and development assets, offering additional exposure to our
high-margin, long-life producing and development assets in Blocks 3/05 and
3/05A. Similar to our previous transactions on this asset, we maintained our
focus on value creation using disciplined transaction structures, combining
modest upfront consideration with success-based contingent payments aligned to
oil price and asset performance. The effective date of this transaction,
backdated to 31 December 2023, means a reduced cash outlay will be required
when the transaction completes, further highlighting the value accretive
nature of this deal and Afentra's ability to execute smart deal making.
During the period, Afentra also expanded its onshore Kwanza basin footprint
through the formal approval and award in February of the KON15 license. In
June, the Company announced that it had initialled a Risk Service Contract
("RSC") for Block KON4. This award provided the first operatorship for
Afentra, but more importantly it provided the Company with 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 historical production from KON4, which achieved peak
production of 12,000 bopd from the Quenguela Norte field before it was shut-in
and abandoned in 1999, presents 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.
The onshore portfolio assembled by Afentra offers 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. As we await
completion of the formal approval process for KON4, we are in discussion with
our partners to undertake a 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 our onshore portfolio.
As expanded within the accompanying operations review, the cornerstone asset
Block 3/05 continues to perform in line with expectation. The multi-year
redevelopment plan being undertaken by the partners remains on track targeting
increased recovery and production growth. The asset achieved gross average
production of ~21,350 bopd through the period with net production figure of
6,348 bopd - noting that this net figure increases by over 1,000 bopd of
backdated production upon completion of the Etu transaction. Asset uptime
remained stable throughout the period with no major periods of downtime. Opex
continues to track around $23/bbl and we remain on track to deliver the
planned $180 million (Net: $54 million) capital investment programme.
Strict capital discipline has been a priority for Afentra since inception and
we are pleased to retain a strong balance sheet which is supporting our
self-funded growth. Following the cargo lift, post period on 1 July, Afentra
had net cash of $19.9 million ensuring ample liquidity to maintain our capex
programme, consider inorganic growth opportunities and navigate the volatile
markets currently being experienced by our industry. Our sound financial and
risk management provides appropriate visibility on cash flow and our finance
team have done an excellent job of using successful hedging strategies to
protect the pricing downside through the remainder of the year, with
approximately 70% of 2025 production hedged. Our oil marketing programme
ensured we achieved an average realised price for crude sales of approximately
$72/bbl in the first half - a premium of $1.19/bbl over the average Brent
price of $70.81/bbl in H1 2025 demonstrating the effectiveness of our
approach.
To conclude, the first half of the year has seen Afentra make strategic
progress in terms of solid operational performance, expansion of the portfolio
and maintaining financial strength. Our early mover position and status as
technical partner in Angola has enabled the Company to put together a
compelling portfolio through which we intend to deliver long-term sustainable
growth.
Operations Summary
Offshore Blocks
Block 3/05 (30%)
Operational progress remained strong on Block 3/05 in H1 2025, with the fields
responding positively to the multi-year redevelopment plan. The programme
remains on track to deliver increased recovery and production growth. Average
gross production for the period on Block 3/05 was ~20,691 bopd (Net: 6,207
bopd).
By the end of June, 10 light well interventions (LWIs) had been completed,
with 8 more delivered in July and August to underpin production performance.
Around 30 further interventions are planned between September and December
2025. Water injection ramp-up continued, averaging 35,000 bwpd, with a second
pump being commissioned and delivering a total of ~100,00bwpd when online. The
overall system upgrades continue to target 85,000 bwpd consistently by
year-end.
In parallel, infrastructure upgrades across power systems, cranes, subsea
lines and risers continued to enhance safety, reliability, uptime and protect
future value. Asset uptime has remained stable with no major periods of
downtime. Opex is tracking around $23/bbl, and we remain on track to deliver
the planned $180 million (Net: $54 million) capital investment programme.
Block 3/05A (21.33%)
Production from the Gazela field continued through H1 2025, averaging 663 bopd
(Net: 141 bopd). A light well intervention on the well during the period
recovered production back to levels of ~800bopd, supporting ongoing efforts to
define the fields long-term resource potential and optimal development
strategy.
H1 2025 production from Blocks 3/05 and 3/05
Production
Gross Net
Block 3/05 20,691 6,207
Block 3/05A 663 141
Total 21,354 6,348
Blocks 3/05 and 3/05A offer significant organic growth potential for Afentra,
underpinned by a substantial resource base and material upside.
Block 3/05 offers substantial potential to replace reserves, increase
production and reduce the emissions profile by optimising existing wells and
infrastructure, completing workover activity, and drilling infill wells. For
Block 3/05A, future activities under evaluation may include additional
development wells and infrastructure upgrades to unlock the value of
significant discoveries. We are currently actively assessing development
options, including strategies to optimise and manage associated gas.
The JV partnership continues to progress planning for future workovers, ESP
installations and the selection of potential drilling candidates for future
years through joint venture development workshops, with a target for rig
mobilisation in 1H 2026.
Post period end - Block 3/24
In September, Afentra announced that it had signed a Heads of Terms with ANPG
for offshore Block 3/24. Afentra will be operator with a 40% equity interest,
alongside Maurel & Prom (40%) and Sonangol (20%) and Government approval
is expected before year-end.
Block 3/24 covers 545 km(2) and lies in shallow water adjacent to Afentra's
existing producing oil fields and undeveloped discoveries in Blocks 3/05 and
3/05A. The block adds five further discoveries - Palanca North East, Quissama,
Goulongo, Cefo and Kuma - all with the same Pinda reservoir as the existing
Block 3/05 oil fields. In addition, the block contains the previously
developed Canuku field cluster, which historically produced up to 12,000 bopd.
These discoveries and past-producing 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 pre- and
post-salt exploration prospects have also been identified on the existing 3D
seismic coverage.
Onshore Kwanza Basin
KON4, KON15 and KON19
During the first half of 2025 we achieved key strategic milestones in our
onshore Kwanza basin growth plan: the KON15 license was formally awarded in
February by Presidential Decree, securing a 45% non-operated interest, and in
June the KON4 Risk Service Contract ("RSC") was initialed, confirming Afentra
as the operator with a 35% working interest. Together with the KON19 license,
awarded in July (45% non-operated interest), the blocks offer both
short-cycle, low-cost production opportunities linked to field redevelopment
and low-cost near-term exploration potential. Notably, KON4 includes the
Quenguela Norte field - the largest onshore discovery to date - estimated to
hold over 200 mmbbls of discovered oil in place.
In KON4, the joint venture has held an initial workshop to align on eFTG
survey scope and resolution with acquisition and interpretation targeted for
end-2025. Field reconnaissance has been completed to assess infrastructure,
accessibility and community landscape. The integration of historic data and
subsurface modelling is progressing to identify redevelopment focus areas,
with the eFTG, legacy seismic and well data to be fully integrated to update
the subsurface model and play analysis. This will be followed by planning
future well re-entry and 2D seismic acquisition, including environmental
permitting and early-stage vendor engagement.
In KON15 and KON19, joint venture technical workshops have been held to review
legacy well data and refine subsurface understanding, with site visits made
and partner alignment achieved for future 2D seismic acquisition planning. The
eFTG survey has been completed over KON19, which will guide the future 2D
seismic survey design and further improve the subsurface understanding. The
joint ventures are now progressing the eFTG interpretation and preparing for
the environmental and regulatory process to receive approvals for the 2D
seismic acquisition which will lead on to the future prospect definition and
exploration well planning.
KON4, KON15 and KON19 are all located in the proven yet under-explored onshore
Kwanza basin. Entry into this basin, where 11 oil fields have been discovered,
offers a value-driven strategic opportunity for near-term developments and
low-cost exploration in a proven basin by applying fresh ideas and modern
concepts to an area where no new technology has been applied for 40 years.
Block 23 (40%):
Block 23 is a 5,000 km(2) exploration and appraisal block located in the
offshore Kwanza Basin in water depths from 600 to 1,600 meters and has a
working petroleum system. Whilst this large block is covered by modern 3D and
2D seismic data sets, with no outstanding work commitments remaining, the
majority of the block remains under-explored.
The block contains the Azul oil discovery, the first deepwater pre-salt
discovery in the Kwanza basin. This discovery made in carbonate reservoirs has
oil-in-place of approximately 150 mmbbls and tested at flow rates of
approximately 3,000 bbl/d of light oil. During the period Total announced its
final investment decision on the 80,000 bopd Kaminho project in Blocks 20 and
21 just to the north of Block 23.
Afentra holds a 40% non-operated interest, while Sonangol holds the remaining
60% equity and operatorship, in Block 23.
Financial Review
In June 2025, we signed a Sale & Purchase Agreement with Etu Energias for
an additional interest in Blocks 3/05 and 3/05A. The transaction is structured
with an upfront payment of $23 million, contingent considerations of up to $11
million and will be fully funded from existing cash resources. The effective
date of the transaction is 31 December 2023, which is expected to result in a
significantly reduced payment on completion, anticipated in late 2025. The
completion of the acquisition is subject to the satisfaction of customary
conditions precedent including approval by the relevant governmental agencies
and the operator. Strategically, the acquisition consolidates Afentra's
position across its core offshore portfolio, enhances alignment within the
joint venture, and delivers an immediate uplift in production and reserves.
We completed our two planned liftings during the period, at an average
realised price of $72.2/bbl, resulting in revenue of $52.0 million. Post
period, on 1 July, we sold our third cargo of crude oil of approximately
0.5mmbbls at a sales price of $70.0/bbl resulting in additional revenue of
$35.4m. With the proceeds from this sale our cash resources increased to $57.0
million, including restricted funds, resulting in a net cash position of $19.9
million on a pro forma basis post lifting. Afentra had an overlift position of
217,000 barrels post 1 July lifting. Stock position at end-August was 128,745
bbls.
Also post period, we made a voluntary prepayment of $6.9 million on our RBL
facility, comprised of $5.3 million debt principal and $1.6 million accrued
interest.
We continue to manage our exposure to oil price risk through our hedging
strategy and have hedged approximately 70% of 2025 production through a
combination of put options and collar structures. The hedge portfolio consists
of $60 to $65 per barrel put options, covering 70% of sales volumes, and $80
to $89 per barrel call options, covering 45% of sales volumes. While we
continue to explore and evaluate other hedge products in the market consistent
with our hedging policy, we have paused our 2026 hedge programme as current
pricing does not offer sufficient value protection.
We continue to develop our office presence in Luanda and signed a lease on a
new office in July 2025.
As described in our 2024 Annual Report, in line with our commitment to avoid
shareholder dilution, we have elected to satisfy vested options under the
Founders' Share Plan ("FSP") and employee Long-term Incentive Plans ("LTIP")
through market purchases via an existing Employee Share Benefit Trust (the
"Trust") rather than issuing new ordinary shares. During the six months ended
30 June 2025, the Trust purchased 381,719 shares on the open market at an
average price of ~42p per share. Since 30 June 2025, the Trust purchased an
additional 2.3 million shares at an average price of ~49 per share and will
continue with the share purchase programme to satisfy the requirements of the
employee LTIP and final 2026 FSP vesting. Subject to certain purchase criteria
agreed with the Trust, the Trust is expected to purchase around 6.5 million
ordinary shares over 2025 and the first quarter of 2026.
For the rest of 2025, our focus remains unchanged as we continue to seek to
strengthen and exploit our portfolio in Angola and seek value accretive
M&A in Angola as well as in other jurisdictions in West Africa.
Selected financial data
For the six months ended 30 June 2025 30 June 2024
Restated
Sales volume mmbo 0.7 0.9
Realised oil price $/bbl 72.2 84.3
Total revenue $ million 52.0 73.1
Adjusted EBITDAX $ million 27.9 40.8
Profit after tax $ million 5.7 24.5
Basic EPS Cents 2.5 11.0
Diluted EPS Cents 2.2 10.4
As at 30 June 2025 31 December 2024
Cash and cash equivalents $ million 14.0 46.9
Restricted funds $ million 7.6 7.9
Borrowings $ million (36.3) (41.4)
Net (debt)/cash $ million (15.5) 12.6
Share price Pence 48.7 46.1
Non-IFRS measures
The Group uses certain measures of performance that are not specifically
defined under IFRS or other generally accepted accounting principles. EBITDAX
(Adjusted) represents earnings before interest, taxation, depreciation, total
depletion and amortisation, impairment and expected credit loss allowances,
share-based payments, provisions, and pre-licence expenditure. Additionally,
in any given period, the Company may have significant, unusual or
non-recurring items which may be excluded from EBITDAX (Adjusted) for that
period. When applicable, these items are fully disclosed and incorporated into
the reconciliation provided below.
EBITDAX (Adjusted) is a non-IFRS financial measure. The Company believes that
this non-IFRS financial measure assists investors by excluding the potentially
disparate effects between periods of the adjustments specified.
EBITDAX (Adjusted) should not be considered as an alternative to net income or
any other indicator of Afentra plc's performance calculated in accordance with
IFRS. Because the definition of EBITDAX (Adjusted) may vary among companies
and industries, it may not be comparable to other similarly titled measures
used by other companies.
Income Statement
Average production from Afentra's interests in Blocks 3/05 and 3/05A decreased
to 6,348 bopd from 6,696 bopd reflecting a temporary deferral of planned well
interventions between February and May 2025 due to contractual issues. LWIs
recommenced in May enabling rates in excess of 23,000 bopd from late June
2025.
1H25 revenue, net of off-take fees, of $52.0 million (1H24: $73.1 million as
restated) from two liftings completed during the period at an average realised
price of $72.2/bbl in 2025 compared to $82.2/bbl in 2024. Lower revenue was
offset by a decrease in cost of sales from $33.9 million during 1H24 to $29.8
million in 1H25.
The profit from operations for 1H25 was $14.8 million (1H24: $33.8 million as
restated) with the decrease primarily attributable to the reduced oil price
and lower volumes lifted in 1H 2025. During the period, net administrative
expenditure increased to $7.4 million (1H24: $5.3 million as restated) as a
result of new business activities, M&A related advisory as well as
increased headcount in London and Luanda, as the company continues to grow.
Finance costs decreased during 1H25 to $4.1 million (1H24: $4.8 million)
following scheduled repayments made on the RBL and working capital facilities.
Group adjusted EBITDAX totalled $27.9 million (2024: $40.8 million):
Six months ended 30 June
2025 2024
Restated
$' Million $' Million
Profit after tax 5.7 24.5
Net finance costs 4.1 4.8
Depletion and depreciation 11.0 5.7
Pre-licence costs 1.3 1.2
Share-based payment charge 0.9 0.1
Taxation 4.9 4.5
Total EBITDAX (Adjusted) 27.9 40.8
No dividend was proposed to be paid for the six months ended 30 June 2025
(2024: nil).
Statement of financial position
As at 30 June 2025, non-current assets totalled $167.6 million (31 December
2024: $153.5 million). The increase is primarily due to capital expenditure on
Blocks 3/05 and 3/05A of $24.8 million offset by depreciation of $10.9
million.
Current assets stood at $58.2 million (31 December 2024: $73.1 million)
including inventories of $24.2 million (31 December 2024: $7.5 million), cash
and cash equivalents of $14.0 million (31 December 2024: $46.9 million),
restricted funds of $7.6 million (31 December 2024: $7.9 million), and trade
and other receivables of $11.9 million (31 December 2024: $10.6 million).
Current liabilities were $69.7 million (31 December 2024: $71.1 million)
including trade and other payables of $54.6 million (31 December 2024: $52.9
million), borrowings of $11.1 million (31 December 2024: $11.3 million), and
contingent consideration of $3.5 million (31 December 2024: $5.5 million).
Non-current liabilities were $51.5 million (31 December 2024: $56.9 million),
comprised primarily of borrowings of $25.2 million (31 December 2024: 30.1
million), contingent consideration of $22.1 million (31 December 2024: $24.4
million), and deferred tax of $3.5 million (31 December 2024: $1.7 million).
The decrease is primarily due to repayments of RBL debt principal and
contingent consideration during the period.
The Group's net assets increased from $98.6 million at the end of 2024 to
$104.8 million as at 30 June 2025, primarily reflecting profits earned during
the year.
Cash flow
Net cash outflow from operating activities totaled $3.4 million for the first
six months of 2025 (2024: $11.0 million inflow). The decrease is primarily
lower gross profit on oil sales as a result of the decreased oil price.
Net cash used in investing activities decreased to $21.7 million from $36.9
million in 2024, reflecting asset acquisitions during the first half of 2024
which was offset by an increase in additions to property plant and equipment
and contingent consideration payments made during 2025.
Net cash used in financing activities totaled $7.7 million compared to cash
generated of $24.9 million in 2024 due to drawdowns on the RBL facility in
2024 to fund asset acquisitions.
Going Concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position is set out above and within
the CEO Statement, Operations Summary and Financial Review. The financial
position of the Group is described in the Financial Review.
The Group has sufficient cash resources for its working capital needs and its
committed capital expenditure programme at least for the next 12 months.
Consequently, the Directors believe that the Group is well placed to manage
its business risks successfully.
The Group has adequate cash resources based on existing cash on balance sheet,
proceeds from future oil sales, a conventional RBL arrangement, and a
revolving working capital facility, in place with Trafigura and Mauritius
Commercial Bank to meet its liabilities as they fall due for a period of at
least 12 months from the date of signing the financial statements, based on
forecasts covering the period through to 30 September 2026.
The Board has looked at a combination of downside scenarios, including a
production shortfall alongside higher costs and lower than anticipated oil
prices. The impact of the downside scenarios can be mitigated by a combination
of existing hedges and rephasing of certain projects included in the
preliminary capital expenditure programme by the Joint Venture. The Board also
notes the implementation of the hedging policy and will utilise
commodity-based derivatives to manage oil price downside risk where
appropriate. The existing financial covenants, the tests of which for current
borrowings, have been passed for the Historic Ratio (Net debt/EBITDA) and the
Gross liquidity test, and are not forecast to be breached within the going
concern period. Thus, the Board believes it is appropriate to continue to
adopt the going concern basis of accounting in preparation of the financial
statements.
The Directors have, at the time of approving the financial statements, a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future.
Accounting Standards
The Group has reported its 2025 and 2024 interim accounts in accordance with
UK adopted international accounting standards.
Cautionary statement
This financial report contains certain forward-looking statements that are
subject to the usual risk factors and uncertainties associated with the oil
and gas exploration and production business. Whilst the Directors believe the
expectation reflected herein to be reasonable in light of the information
available up to the time of their approval of this report, the actual outcome
may be materially different owing to factors either beyond the Group's control
or otherwise within the Group's control but, for example, owing to a change of
plan or strategy. Accordingly, no reliance may be placed on the
forward-looking statements.
Financial Statements
Condensed consolidated statement of profit or loss and other comprehensive
income
Six months ended 30 June
Note 2025 2024
Restated 1 (#_ftn1)
$000 $000
Revenue 52,026 73,076
Cost of sales (29,845) (33,894)
Gross profit 22,181 39,182
Other administrative expenses 3 (6,090) (4,136)
Pre-licence costs (1,339) (1,203)
Total administrative expenses (7,429) (5,339)
Profit from operations 14,752 33,843
Finance income 4 2 -
Finance costs 4 (4,131) (4,814)
Profit before tax 10,623 29,029
Income tax (4,948) (4,514)
Profit for the period attributable to the owners of the parent 5,675 24,515
Items that may be reclassified subsequently profit or loss
Foreign exchange differences on translation of foreign (5) 4
operations
Total other comprehensive (loss)/income for the period (5) 4
Total comprehensive income for the period attributable to the owners of the 5,670 24,519
parent
Basic earnings per share (US cents) 5 2.5 11.0
Diluted earnings per share (US cents) 5 2.2 10.4
Condensed consolidated statement of financial position
Note 30 June 31 December 2024
2025
$000 $000
Non-current assets
Intangible exploration and evaluation assets 6 22,658 22,479
Property, plant and equipment 7 144,990 131,041
167,648 153,520
Current assets
Inventories 24,178 7,464
Trade and other receivables 11,853 10,618
Derivative assets 562 196
Cash and cash equivalents 14,072 46,880
Restricted Funds 7,575 7,930
58,240 73,088
Total assets 225,888 226,608
Current liabilities
Borrowings 8 11,091 11,271
Trade and other payables 54,586 52,939
Derivative liabilities 324 1,279
Contingent consideration 9 3,475 5,535
Lease liability 175 97
69,651 71,121
Non-current liabilities
Borrowings 8 25,186 30,145
Contingent consideration 9 22,080 24,367
Deferred tax liability 3,545 1,661
Lease liability 660 685
51,471 56,858
Total liabilities 121,122 127,979
Equity attributable to equity holders of the Company
Share capital 28,914 28,914
Currency translation reserve (338) (333)
Share option reserve 1,309 842
Retained earnings 74,881 69,206
104,766 98,629
Total liabilities and equity 225,888 226,608
Condensed consolidated statement of changes in equity for the six months ended
30 June 2025
Currency Share
Share translation option Retained
capital reserve reserve earnings Total
$000 $000 $000 $000 $000
At 1 January 2025 28,914 (333) 842 69,206 98,629
Profit for the period - - - 5,675 5,675
Currency translation adjustments - (5) - - (5)
Total comprehensive income for the period attributable to the owners of the - (5) - 5,675 5,670
parent
Share options exercised - - (387) - (387)
Share-based payment charge for the period - - 854 - 854
At 30 June 2025 28,914 (338) 1,309 74,881 104,766
Condensed consolidated statement of changes in equity for the six months ended
30 June 2024
Currency Share
Share translation option Retained
capital reserve reserve earnings Total
$000 $000 $000 $000 $000
At 1 January 2024 28,143 (298) 965 19,162 47,972
Profit for the period (restated 2 ) - - - 24,515 24,515
Currency translation adjustments - 4 - - 4
Total comprehensive income for the period attributable to the owners of the - 4 - 24,515 24,519
parent
Share options exercised (restated2) 764 - (1,115) (2,306) (2,657)
Share-based payment charge for the period - - 237 - 237
At 30 June 2024 28,907 (294) 87 41,371 70,071
Condensed consolidated statement of cash flows
Note Six months ended 30 June
2025 2024
Restated
Operating activities: $000 $000
Profit before tax 10,623 29,029
Depreciation, depletion and amortisation 7 11,047 5,683
Share-based payment expense 854 237
Tax payments related to share-based payments (184) (2,657)
Shares acquired for settlement of share-based payments (203) -
Unrealised gains on derivatives (1,321) -
Finance income (2) -
Finance costs 4 4,131 4,814
Operating cash flow prior to working capital movements 24,945 37,106
(Increase)/decrease in inventories (16,714) 3,732
(Decrease)/increase in trade and other receivables 515 (43,830)
(Decrease)/increase in trade and other payables (7,264) 16,329
Cash flow generated from operating activities 1,482 13,337
Income tax paid (4,866) (2,301)
Net cash flow (used in)/generated from operating activities (3,384) 11,036
Investing activities
Asset acquisitions - (28,428)
Deposit paid for asset acquisitions (1,750) -
Interest received 4 2 -
Purchase of property, plant and equipment 7 (14,203) (8,627)
Exploration and evaluation costs 6 (179) (52)
Cash inflow from restricted funds - 4,850
Contingent consideration paid 9 (5,544) (4,622)
Net cash used in investing activities (21,674) (36,879)
Financing activities
Drawdown on loan 8 - 38,949
Principal repayments on loan facilities 8 (5,253) (11,564)
Interest paid 4 (2,780) (2,345)
Cash inflow from restricted funds 355 -
Principal and interest paid on lease liability (60) (112)
Net cash (used in)/generated from financing activities (7,738) 24,928
Net decrease in cash and cash equivalents (32,796) (915)
Cash and cash equivalents at beginning of year 46,880 14,729
Effect of foreign exchange rate changes (12) 4
Cash and cash equivalents at end of the period 14,072 13,818
Notes to the consolidated results for the six months ended 30 June 2025
1. Basis of preparation
The financial information contained in this announcement does not constitute
statutory financial statements within the meaning of Section 435 of the
Companies Act 2006.
The financial information for the six months ended 30 June 2025 is unaudited.
In the opinion of the Directors, the financial information for this period
fairly represents the financial position of the Group. Results of operations
and cash flows for the period are in compliance with UK adopted International
Accountings Standards.
The accounting policies, estimates and judgements applied are consistent with
those disclosed in the annual financial statements for the year ended 31
December 2024, and are also consistent with additional policies, estimates and
judgements as noted below.
Critical Accounting Judgements and Estimates
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
value of assets and liabilities that are not readily available from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are relevant. Actual results may differ from
these estimates.
These financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2024. All financial
information is presented in USD, unless otherwise disclosed.
An unqualified audit opinion was expressed for the year ended 31 December
2024, as delivered to the Registrar. The Directors of the Company approved the
financial information included in the results on 8th September 2025.
2. Results and dividends
The Group has retained earnings at the end of the period of $74.9 million (31
December 2024: $69.2) to be carried forward. The Directors do not recommend
the payment of a dividend (1H 2024: nil).
3. Exceptional items
There were no exceptional items during the six months ended 30 June 2025.
An exceptional expense of $3.1m was reported within Other administrative
expenses in the comparative period, comprising employment related taxes of
$2.3 million and employer national insurance cost of $0.8 million related to
share-based payments. As part of the preparation of the 2024 year-end
financial statements, it was identified that as Afentra had an obligation
(rather than a choice) to settle the $2.3 million employment related taxes in
cash. IFRS 2.33 requires that the transaction is classified in its entirety as
an equity-settled share-based payment transaction. Accordingly, in the full
year results this transaction was recognised in retained earnings directly.
The comparative figures in these financial statement have been restated
accordingly. Refer to Note 10 for further details.
4. Finance income and costs
Six months ended 30 June
2025 2024
Restated
$000 $000
Finance income:
Interest on short-term deposits 2 -
2 -
Finance costs:
Interest on borrowings 2,453 2,716
Interest accretion on contingent consideration 1,197 1,036
Finance and arrangement fees 304 447
Banking charges 222 5
Interest expense for leasing arrangement 40 4
Fair value adjustment on contingent consideration - 624
Exchange differences (85) (18)
4,131 4,814
5. Earnings per share (basic and diluted)
Six months ended 30 June
2025 2024
Restated
Profit for the period ($000) 5,675 24,515
Weighted average number of ordinary shares in issue during the year (number of 226,155,990 223,473,586
shares)
Basic EPS (US cents) 2.5 11.0
Total possible dilutive effect of share awards outstanding 29,250,885 12,011,237
Fully diluted average number of ordinary shares during the year 255,406,875 235,484,823
Diluted EPS (US cents) 2.2 10.4
Earnings per share (EPS) is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of shares outstanding
during the period. Diluted EPS is calculated using the weighted average number
of shares adjusted to assume the conversion of all dilutive potential ordinary
shares. Share options and awards are not included in the dilutive calculation
for loss making periods because they are anti-dilutive.
The dilutive effect of share awards outstanding is the total possible award
number and does not take into account vesting conditions potentially not met,
or the Group's expectation that these awards will be settled net of tax, that
will reduce the impact of the dilutive effect of the awards.
6. Exploration and evaluation assets
As at 30 June As at 31 December 2024
2025
Exploration and evaluation assets 22,658 22,479
22,658 22,479
The following table summarises the movement for the six months ended 30 June
2025:
Exploration and evaluation assets
$000
Carrying amount at beginning of period 22,479
Additions 179
Carrying amount at end of period 22,658
Group intangible assets as at 30 June 2025 comprise:
· Block 23 PSA, Angola: Afentra Angola Ltd 40% and Sonangol
(Operator) 60%.
· Block KON 19, Angola: Afentra Angola Ltd (Operator) 45%, ACREP
45%, and Enagol 10%.
· Odewayne PSA, Somaliland: Afentra (East Africa) Limited 34%
(fully carried), Genel Energy Somaliland Limited (Operator) 50%, and Petrosoma
16%.
7. Property, plant and equipment
As at 30 June As at 31 December 2024
2025
Oil and gas assets 144,085 130,184
Office lease 732 742
Computer and office equipment 173 115
144,990 131,041
The following table summarises the movement in oil and gas assets or the six
months ended 30 June 2025:
Oil and gas assets
$000
Carrying amount at beginning of period 130,184
Additions 24,818
Depreciation (10,917)
Carrying amount at end of period 144,085
The Group's oil and gas assets as at 30 June 2025 comprise:
· Block 3/05 PSA, Angola: Afentra Angola Ltd 30%, Sonangol
(Operator) 36%, M&P 20%, Etu Energias 10%, and NIS-Naftagas 4%.
· Block 3/05A PSA, Angola: Afentra Angola Ltd 21.33%, Sonangol
(Operator) 33.33%, M&P 26.68%, Etu Energias 13.33%, and NIS-Naftagas
5.33%.
8. Borrowings
The Group is party to a lending facility comprising a Reserve-based lending
(RBL) facility and Working Capital facility. As of 30 June 2025, the Group has
drawn down $36.8 million on the RBL. The key terms of our debt facilities are
shown below:
RBL facility
· $51.8 million comprised of three separate drawdowns
· 5-year tenor to May 2028
· 8% margin over 3-month SOFR (Secured Overnight Financing Rate)
· Semi- annual linear amortisations
· DSRA commitment
· Key financial covenants of Afentra (Angola) Limited's Net Debt to
EBITDA < 3:1 and Group Liquidity Test >1.2x
Working Capital revolving committed credit facility
· $30.0 million maximum based on prior month oil inventories on
hand (100% undrawn as at 30 June 2025)
· 5-year tenor to May 2028
· 4.75% margin over 1-month SOFR
· Repayable with proceeds from liftings
The following table summarises the movement of total borrowings for the six
months ended 30 June 2025:
Borrowings
$000
At 1 January 2025 41,416
Interest charge 2,633
Repayments (7,886)
Movement in unamortised debt arrangement cost 294
Movement in interest accrued (180)
At 30 June 2025 36,277
A charge is placed on Afentra (Angola) Ltd shares to Mauritius Commercial Bank
Limited as required by the terms of the debt facilities.
Net (debt)/cash
The table below details our net (debt)/cash as at 30 June 2025 and 31 December
2024:
As at 30 June 2025 As at 31 December 2024
$000 $000
Cash and cash equivalents 14,072 46,880
Restricted Funds 7,575 7,930
Borrowings (36,277) (41,416)
Lease liability (835) (782)
Net (debt)/cash (15,465) 12,612
9. Contingent consideration
Contingent consideration is presented on the Condensed consolidated statement
of financial position as:
As at 30 June As at 31 December 2024
2025
Current 3,475 5,535
Non-current 22,080 24,367
Total contingent consideration 25,555 29,902
The following table summarises the movement in contingent consideration for
the six months ended 30 June 2025:
Contingent consideration
$000
At 1 January 2025 29,902
Accretion of interest 1,197
Payments (5,544)
At 30 June 2025 25,555
Contingent consideration is payable to SNL, INA, and Azule on Blocks 3/05 and
3/05A:
INA acquisition (2023):
· Tranche 1: The contingent consideration for 3/05 relates to the
2023 and 2024 production levels and a realised Brent price hurdle up to an
annual cap of $2.0 million (now completed); and
· Tranche 2: The contingent consideration for 3/05A relates to
the successful future development of the Caco Gazela and Punja development
areas, with production and oil price hurdles. The maximum payable for these
development areas is $5.0 million.
· During the period, the Group made a final contingent
consideration payment of $1.2 million in respect of Tranche 1.
SNL acquisition (2023):
· The contingent consideration for the SNL acquisition is payable
annually over the next ten years from acquisition in each year where
production hurdle is reached and the realised oil price exceeds $65/bbl. The
maximum annual amount payable is $3.5 million, potentially resulting in a
total maximum payment of $35 million over ten years.
· During the period, the Group paid contingent consideration of
$3.5 million in respect of 2024.
Azule acquisition (2024):
· Tranche 1: The contingent consideration for the Azule
acquisition includes up to $21 million over the next three years from 1
January 2023, subject to certain oil price and Block 3/05 production hurdles,
with an annual cap of $7 million. Further contingent consideration of up to
$15 million is linked to the successful future development of certain Block
3/05A discoveries and associated oil price and production hurdles.
· During the period the Group paid contingent consideration of
$0.9 million in Q1 2025 in respect of 2024
These contingent payments are measured at fair value and changes in fair value
are recognised in profit or loss.
Management have reviewed the contingent payments related to these
acquisitions, which are dependent upon production levels, future oil price
hurdles, and future B3/05A developments. Judgement has been applied to the
probability of the circumstances occurring that would give rise to some or all
of the future payments. For each tranche of contingent consideration,
Management have applied a multiple scenario approach along with the related
weightings of probability resulting in an expected amount payable. The base
case scenario, which has the greatest weighting is based on the Brent forward
curve, with an average oil price of $72/bbl in 2025, $68/bbl in 2026, and
$67/bbl in 2027.
Management has applied a discount rate that approximates to the incremental
borrowing rate in arriving at a present value at the balance sheet date of the
probable future liabilities. The discount rate is based on a market rate of
9.1% (2024: 9.1%). Management is therefore satisfied with the liabilities
recorded at the balance sheet date in respect of these contingent future
events.
10. Restatement of comparative period
We have restated the Group's condensed consolidated statement of profit or
loss to reflect a change in the accounting for offtaker fees and share-based
payments.
Offtaker fees were reported within finance costs in the comparative period due
to the fees being agreed as part of our RBL facility. During the second half
of 2024, we revised this approach to account for offtaker fees as a reduction
to revenue and restated the condensed consolidated statement of profit or loss
accordingly. This classification is in line with our audited 2024 Annual
Financial Statements.
In April 2024 a number of share option awards vested which were settled
through both the issue of shares and the payment of cash to HMRC for the
related taxes. In the interim accounts for the six-month period ended 30 June
2024, the cash tax payment was treated as a "cash settled" share-based
payment, and an expense of $2.3 million was recognised in other administrative
expenses. As part of the preparation of the 2024 year-end financial statements
it was identified that, as Afentra had an obligation (rather than a choice) to
settle these employment related taxes in cash, IFRS 2.33 requires that the
transaction is classified in its entirety as an equity-settled share-based
payment transaction. Accordingly, the comparative period has been restated to
recognise this transaction within equity, as $2.3 million directly to retained
earnings.
The table below highlights the impact of the above on the 30 June 2024
condensed consolidated statement of profit or loss:
Six months ended 30 June 2024
Financial statement line item affected: As previously reported Offtaker fees Share-based payments Restated
$000 $000 $000 $000
Revenue 75,667 (2,591) - 73,076
Gross profit 41,773 (2,591) - 39,182
Other administrative expenses (6,442) - 2,306 (4,136)
Profit from operations 34,128 (2,591) 2,306 33,843
Finance costs (7,405) 2,591 (4,814)
Profit before tax 26,723 - 2,306 29,029
Profit for the year attributable to the owners of the parent 22,209 - 2,306 24,515
11. Subsequent Events
Subsequent to the Balance Sheet date of 30 June 2025, the following business
activities occurred and are anticipated to occur:
· On 1 July 2025 the Group completed a third crude oil lifting on
of 0.5 mmbbls at $70/bbl, generating revenue of $35.4 million.
· On 4 August 2025, the Group made a prepayment on its RBL facility
of $6.9 million comprised of $5.3 million debt principal and $1.6 million
accrued interest.
· The Group signed a Heads of Terms with ANPG regarding Block 3/24
(Offshore Lower Congo Basin) where Afentra will operate with a 40% interest.
Government approval is expected in Q4 2025.
Glossary and Definitions
Term Definition
$ US dollars
2D Two dimensional
2C Denotes best estimate of Contingent Resources
2P Denotes the best estimate of Reserves. The sum of Proved plus Probable
Reserves
AIM AIM, a SME Growth market of the London Stock Exchange
AGM Annual General Meeting
ANPG Agência Nacional de Petróleo, Gás e Biocombustíveis (holder of the mining
rights of Exploration, Development and Production of liquid and gaseous
hydrocarbons in Angola)
Block 3/05 The contract area described in and covered by the Block 3/05 PSA
Block 3/05A The contract area described in the Block 3/05A PSA
Block 23 The contract area described in and covered by the Block 23 PSA
Board The Board of Directors of the Company
bbls Barrels of oil ('k-' / 'mm-' / 'bn-' for thousand / million / billion)
bcpd Barrels of condensate per day
bopd Barrels of oil per day ('k-' / 'mm-' for thousand / million)
bwpd Barrels water injected per day
Companies Act or Companies Act The Companies Act 2006, as amended 2006 Company Afentra plc
CPR Competent Persons Report
CSR Corporate Social Responsibility
Directors The Directors of the Company
ECL Expected credit loss
E&E Exploration and evaluation assets
EDLPTIP Executive Director Long-term Incentive Plan
E&P Exploration and production
EPS/LPS Earnings/loss per share
EBITDAX (Adjusted) Earnings before interest, taxation, depreciation, total depletion and
amortisation, impairment and expected credit loss allowances, share-based
payments, provisions, and pre-licence expenditure
Entitlement Reserves Entitlement production/reserves refers to the share of oil/gas that a company
is entitled to receive based on fiscal and contractual agreements governing
the specific asset.
EOR Enhanced Oil Recovery
ESP Electrical Submersible Pumps
FID Final investment decision
FSO Floating storage and offloading
FSP Founders' Share Plan
G&A General and administrative
GBP Pounds sterling
G&G Geological and geophysical
Genel Energy Genel Energy Somaliland Limited
GHG Greenhouse gases
GIIP Gas initially in place
GOR Gas Oil Ratio
Group The Company and its subsidiary undertakings
hydrocarbons Organic compounds of carbon and hydrogen
IAS International Accounting Standards
IFRS International Financial Reporting Standards
INA INA-Indstrija Nafte d.d
IOC International oil company
IPCC Intergovernmental Panel on Climate Change
JV Joint venture
JOA Joint operating agreement
k Thousands
km Kilometre(s)
km2 Square kilometre(s)
KPIs Key performance indicators
lead Indication of a potential exploration prospect
LiDAR Light Detection and Ranging
Lifex Life extension capex
LNG Liquefied Natural Gas
LSE London Stock Exchange
LTIP Long-term incentive plan
LWI Light Well Intervention
M&A Mergers and acquisitions
m Metre(s)
mmbbls Million barrels of oil
mmboe Million barrels of oil equivalent
mmcfd Million cubic feet per day
MVO Market Value Options
NED Non-Executive Director
NEDP Non-Executive Director Option plan
O&G Oil and gas
OIW Oil in water
Op. Operator
Opex Operating expenditure
Opex/bbl Gross operating cost / Gross production
Ordinary Shares ordinary shares of 10 pence each
Petroleum Oil, gas, condensate and natural gas liquids
Petrosoma Petrosoma Limited (JV partner in Somaliland)
Plc Public limited company
Prospect An area of exploration in which hydrocarbons have been predicted to exist in
economic quantity. A group of prospects of a similar nature constitutes a
play.
PSA Production sharing agreement
PWTS Produced Water Treatment System
QCA Code QCA (Quoted Companies Alliance) Corporate Governance Code 2023
RBL Reserve-Based Lending
Reserves Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations from
a given date forward under defined conditions. Reserves must satisfy four
criteria; they must be discovered, recoverable, commercial and remaining based
on the development projects applied. Reserves are further categorised in
accordance with the level of certainty associated with the estimates and may
be sub-classified based on project maturity and/or characterised by
development and production status
RTO Reverse takeover (pursuant to Rule 14 of the AIM Rules)
SPA Sale and Purchase Agreements
Seismic Data, obtained using a sound source and receiver, that is processed to provide
a representation of a vertical cross-section through the subsurface layers
SOFR Secured Overnight Financing Rate
Shares 10p ordinary shares
Shareholders Ordinary shareholders of 10p each in the Company
STOIIP Stock tank oil initially in place
Subsidiary A subsidiary undertaking as defined in the 2006 Act
Sonangol Sonangol Pesquisa e Producao S.A.
Sonangol EP Sociedade Nacional de Combustíveis de Angola, Empresa Pública
TCFD Task force on Climate-related Financial Disclosure
Third and Fourth Period Exploration terms: Third Period is to May 2025 with a work commitment of 500km
2D seismic acquisition; Fourth Period is to October 2026 with a work
commitment of 1,000km 2D seismic acquisition and one exploration well
Trafigura Trafigura PTE
TRIF Total Recordable Incident Frequency
TSR Total Shareholder Return
United Kingdom or UK The United Kingdom of Great Britain and Northern Ireland
Working Interest or WI A Company's equity interest in a project before reduction for royalties or
production share owed to others under the applicable fiscal terms
ZRF Zero Routine Flaring
1 Offtaker fees have been reclassified from Finance costs to Revenue and tax
payments relating to share-based payments have been reclassified to equity.
Refer to Note 10 for further details.
2 Taxes relating to share-based payments have been reclassified from the
statement of comprehensive income to equity. Refer to Note 10 for further
details.
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