Operational and Financial Update

7th November 2024

AFENTRA PLC

Operational and Financial Update

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa provides an operational and financial update for the period 1 January to 31 October 2024.

Operational Highlights

Production and Field Operation

Redevelopment works at Block 3/05 facilities, along with well interventions, continue to result in improved production and water injection performance. Gross average production to end October 2024, including the impact of the recent shutdown, for Block 3/05 and 3/05A was 20,575 bopd (Net: B3/05 5,815 bopd; B3/05A 255 bopd). Post shutdown, gross oil production rates have averaged 23,000 bopd and water injection resumed, with gross daily water injection rates averaging around 40,000 bwpd which we expect to increase as further injection facilities are commissioned.

The next phase of light well interventions (LWIs) has commenced, with more than 10 LWIs planned before the end of 2024 across several fields, which will include various stimulation techniques and reperforation activities.

Whilst the ongoing asset integrity/reliability works, along with LWIs, continue to deliver successful outcomes the planning process for the next stage of the Block 3/05 & 3/05A redevelopment is underway. This phase will focus on near term well workovers, future infill drilling and satellite field developments.

Shutdown and Maintenance Activities

The planned 21-day maintenance shutdown was successfully completed on schedule in early October 2024. Significant maintenance and upgrade work was carried out, focusing on power supply improvements, inspection and integrity of the subsea infrastructure, improved monitoring of water injection allocation and installation of gas meters to assist in monitoring emissions. Routine maintenance at the Palanca FSO was also progressed as planned. The shutdown and associated activities are all part of the ongoing upgrade project aimed at ensuring integrity and longevity of the Block 3/05 facilities, following the license extension through to 2040.

Kwanza Onshore Licenses

Afentra continues to focus on strategically complementary opportunities in the Kwanza Onshore Basin. As previously announced, the PSC for KON19 has been awarded and we await the license award for KON15 which is still expected before the end of 2024. Whilst the full work programme is still to be defined, the basin-wide enhanced Full Tensor Gravity Gradiometry (eFTG) survey, initiated in August 2024, has completed its first phase with coverage recorded over KON19. A further phase covering KON15 will commence early in 2025. The utilization of advanced, high-resolution eFTG technology will enable a more efficient and detailed assessment of the subsurface potential across this 25,000km² onshore basin, a region that has seen minimal exploration activity over the past few decades.

Financial Highlights

Afentra maintains a solid financial position, with cash resources of $37.4 million and net debt of $4.6 million as of 31 October 2024. The Company's prudent approach to managing its balance sheet is demonstrated by maintaining a low debt profile, while upcoming crude sales will further bolster liquidity. Afentra executed three liftings in the first three quarters of the year, selling 1.68 million bbls of crude at an average price of $84/bbl. A structured hedging strategy was implemented to provide protection against price volatility. With the final lifting scheduled for Q4 2024, which is 70% hedged with a floor of $70/bbl, the company is well positioned to continue its disciplined financial management and operational growth.

Key Financials

-       Cash resources as of 31 October 2024 of $37.4 million

-       Debt drawdowns at 31 October 2024:

o  Reserve Based Lending Facility: $42 million

o  Working Capital Facility: zero

-       Net debt ~ $4.6 million at 31 October 2024

Crude Oil Sales

-       Final crude cargo (~550,000 bbls) planned for Q4 2024, completing liftings for this year totaling 2.23 million bbls.

-       Q4 cargo 70% hedged with a mixture of floors and costless collars providing a floor of $70/bbl.

Paul McDade, Chief Executive Officer, Afentra plc commented:

"We are pleased with the operational progress made during the period, particularly the successful completion of the Block 3/05 maintenance shutdown which is part of our redevelopment plan to futureproof the infrastructure and deliver production growth for the duration of the license period. I would like to acknowledge the quality performance that Sonangol, as the operator of Block 3/05, demonstrated in ensuring the safe and efficient execution of the shutdown.

Our well intervention program continues to yield positive results, setting us up for further production improvements in the months ahead. We are also excited about the ongoing developments in the Kwanza Onshore Basin, where we see promising potential.

From a financial perspective, we have made significant strides this year, achieving a strong balance sheet with cash resources of ~$37 million and net debt of $4.6 million following the completion of our transactions earlier this year. This is a key milestone for the company, reflecting our prudent financial management, and ensuring liquidity to consider complementary value accretive opportunities. With our final crude sale scheduled for Q4, we expect to move to a net cash position, allowing us to continue building long-term value for our shareholders."

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Barry Archer

George Pope

Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900

Richard Crichton

David McKeown

Emily Bhasin

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 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 Block KON 19 located in the western part of the Onshore Kwanza Basin. Afentra also has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland.