Business
FY2025 Annual Results and Corporate Update
Afentra plc has concluded its strategic review, opting to remain an independent E&P company, and has secured a $125 million Gunvor Pre-Payment Facility maturing in 2030, which lowers its cost of debt and provides long-term funding. The company reported audited FY2025 results showing revenue of $114.4 million from 1.63 mmbbls sold at an average price of $70.2/bbl, with year-end cash at $10.2 million and net debt at $21.8 million. Operational highlights include net average production of 6,324 bopd for 2025 and a fourfold increase in 2C WI contingent resources to 87.3 mmboe, with the high-impact Pacassa SW well drilling underway. Disclaimer*
About this update from Afentra Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nFOR IMMEDIATE RELEASE\n \n13 May 2026\nAFENTRA PLC\n \nAUDITED FY2025 ANNUAL RESULTS, REFINANCING & CONCLUSION OF STRATEGIC REVIEW\n \nAfentra plc (\"Afentra\" or the \"Company\") (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces its audited annual results for the year ended 31 December 2025 as well as providing detail on its debt refinancing and an update on the Strategic Review process.\nStrategic Announcements\n- Strategic Review concluded: The Afentra Board has concluded a comprehensive review of the strategic options to realise maximum value for shareholders from the significant Angolan portfolio assembled since the company's inception in 2021. The Board has determined that given today's announcement of a successful re-financing at a reduced cost of capital, the significant change in the macro environment and the early start to infill drilling focussed on delivering material production and reserves growth, where the company's costs will be carried, Afentra is well placed to pursue the next phase of growth as an independent E&P company, ensuring that the value of Afentra's significant potential will be to the benefit of the Company's shareholders. As a result, the Company is no longer in an \"offer period\" as defined by the Takeover Code.\n- Debt Refinancing secured: $125 million Gunvor Pre-Payment Facility secured, will replace the existing Reserve Base Lending (\"RBL\") and Working Capital Facility; 4-year tenor to 2030, lowering cost of debt and providing long-term funding to support the Company's investment programme.\n- Pacassa SW drilling underway: the high impact Pacassa SW well operations were initiated in April, the well, which is carried, has the potential to add material production a...