Business
2023 HALF YEAR RESULTS
2023 HALF YEAR RESULTS.
About this update from Afentra Plc
[{"type":"text","content":"\n\n12 September 2023\nAFENTRA PLC\n \n2023 HALF YEAR RESULTS\n \nAfentra plc ('Afentra' or the 'Company'), the upstream oil and gas company focused on acquiring mature production and development assets in Africa, announces its half year results for the six months ended 30 June 2023 (the 'Period').\n \nFinancial Summary\n· Cash resources as at 30 June 2023 of $15.7 million, which includes restricted funds of $8.0 million1 (30 June 2022; $35.1 million included restricted funds of $8.0 million1)\n· Crude oil stock as at 30 June 2023 of approx. 245,000 bbls (30 June 2022: nil), including crude oil stock inherited from the INA Acquisition and subsequent net entitlement production from Blocks 3/05 and 3/05A\n· Adjusted EBITDAX loss of $0.8 million (H1 2022: loss $1.2 million)\n· Loss after tax of $3.9 million (H1 2022: loss $2.9 million)\n· Debt drawdowns: Reserve Based Lending Facility (The \"RBL Facility\") $12.8 million and Working Capital Facility $9.1 million\n \nAngolan Acquisitions\nThe Company completed the INA Acquisition in May 2023 and is progressing its two strategically consistent and complementary transactions in Angola.\n· INA Acquisition: completed the acquisition of interests in Block 3/05 (4%) and Block 3/05A (5.33%)2 offshore Angola for a net $17.0 million payment on 10 May 2023 with a subsequent $10.0 million contingent payment made to INA on 17 May 2023 upon the extension of the Block 3/05 licence from 31 December 2025 to 31 December 2040. The $27.0 million net upfront consideration was funded through $18.9 million in agreed debt facilities and $8.1 million cash. The Company also inherited crude oil stock of 207,868 bbls, which has subsequently been sold Post-Period in August (details below).\n· Block 3/05 License Extension: satisfaction of a key condition precedent of the Sonangol Acquisition following the Block 3/05 Licence Extension to December 2040. Improved fiscal terms have also been agreed between the JV partners and ANPG and are now proceeding through the formal government approval process.\n· Block 23 License Extension: the exploration licence has b...