Afentra, an upstream oil and gas company focused on acquiring production and development assets in Africa, has provided 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:
  • 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.
  • 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
  • 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:
  • Production uplift of up to 12,500 bopd gross (Net: 3,750 bopd)
  • 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:
  • KON15 licence formally awarded in February 2025
  • 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.
  • 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 million2
• Cash resources of $10.2 million (including $5.0 million of restricted funds)
• Borrowings:
  • Reserve Based Lend Facility: $31.5 million
  • 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."

KeyFacts Energy: Afentra Angola country profile