REG - Afentra PLC - Contingent Resource Upgrade

AfentraAnnouncement

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RNS Number : 5968O  Afentra PLC  13 January 2026

13(th) January 2026

 

AFENTRA PLC

 

Contingent Resource Upgrade

400% increase in 2C resources highlights material upside potential across
Afentra's portfolio

 

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas
company focused on acquiring production and development assets in Africa,
announces the completion of an independent audit by Sproule ERCE of its
contingent resource base across Blocks 3/05 and 3/05A discoveries and the
completion of the Company's initial assessment of contingent resources within
Block 3/24. The Company's annual reserves assessment is currently underway and
will be released upon completion later this quarter.

 

Contingent Resource Upgrades

Afentra has completed an independent resource assessment of the undeveloped
oil and gas discoveries across Blocks 3/05 and 3/05A, including Bufalo Norte,
Punja, Gazela1&2 and Caco. As a result of this assessment 2C working
interest (WI) contingent resources of 36.6 mmboe (gross 164.2 mmboe) has been
certified across these discoveries, inclusive of associated gas.

 

The Company has also undertaken an initial internal review of the discoveries
within the recently awarded Block 3/24, and management estimates that this
represents additional WI contingent resource of 37.0 mmboe (gross 92.4 mmboe).

 

In addition, the Company is in the process of assessing the significant upside
resource potential within the Block 3/05 producing fields and these will be
quantified as the planned infill drilling and heavy workover programme is
progressed. To date only 13.8 mmbo (gross 46 mmbo) of 2C WI contingent
resource has been booked, however, the initial infill and workover programme
has significant potential beyond this initial booked value.

 

Accordingly, the Company's total 2C WI contingent resources across Blocks
3/05, 5A and 24 now amount to 87.3 mmboe (gross 302.6 mmboe) representing an
increase of over 400% versus the previously disclosed 2C resources WI of 20.9
mmboe.

 

A summary of the updated working interest contingent resources is set out
below:

 

 Working Interest Contingent Resource
                                     Oil (mmbo)        Gas (bcf)          Total (mmboe)
                                     1C    2C    3C    1C    2C    3C     1C     2C     3C
 Block 3/05 & 5A discoveries(1)      10.8  24.5  53.4  36.5  72.6  138.4  16.9   36.6   76.4
 Block 3/24 discoveries(2)           8.2   21.0  43.1  54.2  96.0  149.6  17.3   37.0   68.0
 Block 3/05 producing fields(3)      6.7   13.8  22.7  -     -     -      6.7    13.8   22.7
 Total                                                                    40.9   87.3   167.1

(1) Contingent resources are the result of water injection and natural
depletion and comprise a combination of development pending, development on
hold and other contingent classifications in accordance with applicable
resource definitions.

(2) Block 3/24 contingent resource values exclude previously produced fields.

(3) Contingent resource estimates are in the process of being updated.

 

 

Growth Opportunities

The Company's Chief Operating Officer, Ian Cloke, will be presenting an
overview of Afentra's near and medium-term growth potential from both offshore
and onshore Angola at the Pareto Conference. This will include a discussion of
the Company's planned infill drilling and workover campaign within the
producing Block 3/05 fields, currently targeted for execution during
2026-2027, which will target significant near-term production and reserves
upside.

 

In addition, the presentation will outline the Company's ongoing work to
mature and progress undeveloped and near-field discoveries across Blocks 3/05,
3/05A and 3/24 over the medium term, providing further significant production
upside and conversion of the contingent resources into reserves. Additional
growth opportunities associated with Afentra's onshore Kwanza Basin acreage
including both redevelopment of existing assets and exploration potential will
also be covered. A copy of the Pareto Conference presentation will be released
on the morning of the conference on Thursday 22 January 2026.

 

Paul McDade, Chief Executive Officer, Afentra plc commented:

"We're delighted to disclose the outcome of this independent resource update
which contributes to a fourfold increase in Afentra's Working Interest 2C
resources vs the previously disclosed figures in the market.  This
demonstrates some of the enormous upside potential that resides across the
diverse portfolio that we have strategically assembled in Angola.  We look
forward to elaborating on the outstanding organic growth potential of our
asset base at the Pareto conference in London next week."

 

 

 

 

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, 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.

 

 

 

 

 

 

 

Glossary

 2C Resources  those quantities of petroleum estimated, as of a given date, to be potentially
               recoverable from known accumulations by application of development projects
               but which are not currently considered to

               be commercially recoverable due to one or more contingencies. Contingent
               resources are a class of discovered recoverable resources
 2P Reserves   those additional reserves which analysis of geoscience and engineering data
               indicate are less likely to be recovered than Proved Reserves but more certain
               to be recovered than Possible Reserves. It is equally likely that actual
               remaining quantities recovered will be greater than or less than the sum of
               the estimated Proved plus 2P. In this context, when probabilistic methods are
               used, there should be at least a 50% probability that the actual quantities
               recovered will equal or exceed the 2P estimate
 bcf           Billion cubic feet
 mmbo          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.

 

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.

 

 

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