Afentra Plc · LSE:AET
Afentra — H1 2026 Earnings Presentation
48 slides from Afentra's earnings presentation, Sep 15, 2026
Slide 1: Value driven growth: HY 2026 Results Presentation
African Energy Transition Value driven growth HY 2026 Results Presentation 15 September 2026 Afentra plc 1
Slide 2: Disclaimer
Disclaimer The following applies to this presentation, including the slides, the information contained in the slides, any question and answer session, any oral presentation and any written or oral material discussed or distributed during the presentation meeting (together, the "Presentation"). This
Slide 3: Delivering the Next Phase of Growth
Delivering the Next Phase of Growth Independent growth strategy confirmed, following conclusion of the Strategic Review Balance sheet transformed, lower-cost refinancing and successful equity raise increase financial flexibility and capacity Offshore growth potential demonstrated, Pacassa SW discove
Slide 4: H1 2026 Highlights
H1 2026 Highlights Asset Performance Financial Highlights Balance Sheet Working Interest Production Revenue Cash Balance 5,777 bopd $91.0 million $97.4million (H1 2025: $52.0 million) (Dec 2025: $10.2 million2) Entitlement Sales Adjusted EBITDAX Net Cash / (Net Debt) ~1.0 mmbbls $41.9 million $28.4
Slide 5: H1 2026 Cash Reconciliation ($m)
H1 2026 Cash Reconciliation ($m) POST-H1 CASH MOVEMENTS: ($6.0m) 35.7 40.3 110.3 Net Cash Net Cash $28.4m $22.3m (3.5) 97.4 (7.2) (2.2) 92.3 (40.8) 27.5 32.2 Net Debt $21.8m 10.2 Net Asset Net Equity Contingent Non-recurring Revenue Received Cash Balance @ Cashflow (1) Proceeds (3) Consideration Ove
Slide 6: Structured Offtake Profile, Volumes Projected to Rise
Structured Offtake Profile, Volumes Projected to Rise Production growth from drilling & development activities support lifting volumes through 2028 FY 2026 ESTIMATED LIFTINGS FY 2027 / 2028 INDICATIVE ~2.3 mmbbls (includes ~0.36 mmbbls YE25 carried inventory) ~3.5 – 4.0 mmbbls p.a. Realised liftings
Slide 7: Commodity Price Risk Management
Commodity Price Risk Management Disciplined Hedging Strategy Secures Downside While Preserving Upside Exposure Hedge coverage by cargo period Hedging Position Q1-26 15% 518 kbbl 85% ▪ ~49% of remaining 2026 forecast sales Apr-26 100% hedged following selective execution 480 kbbl 52% Jul-26 53% ▪ Com
Slide 8: Funding Secured to Underpin Next Phase of Growth
Funding Secured to Underpin Next Phase of Growth Refinancing objectives achieved, strengthening liquidity and capital flexibility REFINANCING OBJECTIVES Secure >$100m facility Lower cost of capital Liquidity to fund the near-term development programme Pricing to reflect the de-risked, cash-generativ
Slide 9: Gunvor Facility
Gunvor Facility Refinancing provides flexible debt structure at lower cost of capital Facility Overview Debt Maturity Profile ▪ $125m committed ($100m + $25m), plus uncommitted accordion2; ▪ Term SOFR + 6% margin Principal Tranches ($m) ▪ 4-year tenor ▪ 12-month principal repayment grace period Faci
Slide 10: Equity Raise Accelerates Next Phase of Growth
Equity Raise Accelerates Next Phase of Growth Capital Register Shareholder Base US$40 million raised 21 new institutional investors added Existing shareholder support maintained – Strong institutional demand resulted – 52% of placing allocated to new – 11+ existing shareholders increased in a heavil
Slide 11: Capital Allocation Framework
Capital Allocation Framework Positioning Afentra for Scalable Growth and Long-Term Returns Balance Sheet Strength Organic Growth ▪ Retain a strong liquidity position to take advantage of ▪ Prioritise offshore reinvestment to grow production, the growth opportunities reserves and future cash generati
Slide 12: Existing Portfolio Driving Material Organic Upside
Existing Portfolio Driving Material Organic Upside Offshore scale and onshore fast-cycle optionality underpin Afentra’s growth strategy Offshore Onshore ▪ >20kbopd net production potential ▪ Material emerging Kwanza Basin optionality ▪ Infrastructure-led redevelopment programme ▪ Early oil productio
Slide 13: Multi-Billion bbl Shallow Water Assets Offshore Angola
Multi-Billion bbl Shallow Water Assets Offshore Angola Significant recovery upside potential across Block 3/05 (30%), 3/05A (21.33%) & 3/24 (40% op) Scale of the Prize Oil & Gas in Place >3.7 bbo ~ 1.2 Tcf Reserve & Resource Potential >250 mmbo >550 Bcf Current 2P reserves: 106 mmbo Top 10 UK North
Slide 14: Infrastructure Rejuvenation – 70% complete
Infrastructure Rejuvenation – 70% complete Substantial investment has upgraded core infrastructure and extended asset life 2022 ~70% Complete ~30% Remaining ~$400m Infrastructure capacity of ~200,000 blpd, ~$180m Invested since 2022 Current throughput ~75,000 blpd Remaining investment FSO Asset Life
Slide 15: Pacassa SW– Unlocking Large, Undrilled Potential
Pacassa SW– Unlocking Large, Undrilled Potential Discovery on Pac SW-1 well; potential to open-up significant extension of the Pacassa Field Pre-drill Oil in place1,2 Pacassa SW-1- Potential2 ▪ 5000+ bopd expected initial rate 32–210 mmbo ▪ Well cost capped and carried by Sonangol3 ▪ First Oil targe
Slide 16: Pacassa Field - Unlocking Large Undrilled Potential
Pacassa Field - Unlocking Large Undrilled Potential Gross Production (kbopd) Upside/future work programmes 25.0 Growth from 2026/27 campaigns Underlying production 20.0 15.0 10.0 5.0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Gross Recoverable Volumes (mmbo)(1) 10
Slide 17: Impala Field – Proven Resource, Material Untapped Potential
Impala Field – Proven Resource, Material Untapped Potential Impala-2 well planned for Q3 2026, potential for significant additional reserves Oil in place1 lmpala 2 – Potential1 ▪ 4000 bopd expected initial rate 60–200 mmbo ▪ US$50m well cost carried by Sonangol2 ▪ First Oil target for Q1 2027 subjec
Slide 18: Impala Area – Scaling a Proven Resource Base
Impala Area – Scaling a Proven Resource Base Gross Production (kbopd) 20.0 Upside/future work programmes Growth from 2026/27 campaigns 15.0 Underlying production 10.0 5.0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 48.3 Gross Recoverable Volumes (mmbo)(1) Underlyin
Slide 19: HWO Programme– Restoring Production from Shut-in Wells
HWO Programme– Restoring Production from Shut-in Wells Low-cost interventions to unlock incremental reserves & resources Recoverable Potential1 HWO-Phase 1 – 2026/27 Campaign1 ▪ 3 workovers (integrity + gas lift failures) 10–25 mmbo ▪ ~3,500 bopd expected uplift in Yr 1 ▪ US$5-10m cost per workover
Slide 20: Palanca Field– Restoring Shut-In Production Potential
Palanca Field– Restoring Shut-In Production Potential Gross Production (kbopd) Upside/future work programmes 15.0 Growth from 2026/27 campaigns Underlying production 10.0 5.0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Gross Recoverable Volumes (mmbo)(1) Underlying
Slide 21: Block 3/24 – Near-Term Development Opportunity
Block 3/24 – Near-Term Development Opportunity Three Proven Discoveries, Low-Cost Operated Development, FID H1 2027 Block 3/24 Potential1 ▪ Portfolio diversity: 10 oil & gas discoveries, includes 3 previously produced fields ▪ All wells tested, with flow rates up to 6,000 bopd ▪ Estimated >190 mmbbl
Slide 22: Offshore Redevelopment Programme
Offshore Redevelopment Programme Phased execution to deliver material production growth Infrastructure led redevelopment programme Combined programme targeting 13kbopd in 2028 Targeting material growth in production and reserves Programme Multi-year drilling, HWO and exploration programme ▪ 2 wells
Slide 23: Block 3/05 Area - Production Growth Drives Lower Unit Costs
Block 3/05 Area - Production Growth Drives Lower Unit Costs Higher production reduces opex per barrel and increases cash generation OPEX SYNERGIES FLOW TO CASH GENERATION Opex vs Production at $75/bbl oil price 50 Production (kbopd) Opex range ($/bbl) Current Future (2025/26) (2030) Pre- Capex Asset
Slide 24: Near-Term Investment Drives Step-Change in Cash Generation
Near-Term Investment Drives Step-Change in Cash Generation Production growth drives significant cash generation Funding Visibility Secured Cash Flow Inflection Development programme supported by asset Material step-up in cash generation from 2028 cash flow and committed liquidity Net WI Production P
Slide 25: Kwanza Onshore - Regional Comparison
Kwanza Onshore - Regional Comparison Gabon Basin 3.5 Bn boe Untapped Hydrocarbon Potential Creaming Curve Onshore West Africa Basins (oil, gas and condensate) Onshore Gabon Basin (~47k Sqkm) ▪ 3.5 Bn boe discovered (2P reserves) Lower ▪ 2.5 Bn boe produced Congo Basin >2 Bn boe ▪ ~600 exploration we
Slide 26: High-Impact Exploration Pipeline - Kwanza Onshore
High-Impact Exploration Pipeline - Kwanza Onshore Systematic prospect maturation underway across a proven underexplored hydrocarbon basin BASIN LEAD HIGH-GRADING & PROSPECT DRILLING CANDIDATE VALIDATION GENERATION PRIORITISATION DEFINITION SELECTION eFTG + Legacy 40+ Basin Prospect Screening Target
Slide 27: Accelerated Path to Early Production–Quenguela Norte
Accelerated Path to Early Production–Quenguela Norte Large discovered resource supported by existing route-to-market infrastructure RESOURCE SUBSURFACE REDEVELOPMENT EXECUTION PRODUCTION VALIDATION MODELLING PLANNING PREPARATION READINESS Discovered Resource Concept Concept Permitting, Logistics, Op
Slide 28: Kwanza Onshore – Value Driven Strategic Opportunity
Kwanza Onshore – Value Driven Strategic Opportunity Building a Strategic Acreage Position Early Production Opportunity ▪ Previously produced oil fields offering considerable untapped potential ▪ Licenses benefit from favourable fiscal terms ▪ Potential for low-cost re-development of existing fields
Slide 29: Activity Roadmap: Milestones & Catalysts
Activity Roadmap: Milestones & Catalysts Block Project 2026 2027 2028 Block 3/05 Pacassa SW Block 3/05 Impala-2 Block 3/05 HWO Phase I OFFSHORE Block 3/05 Future well(s) Block 3/05 HWO: Future Phases Block 3/24 Block 3/24: GPQ Development Block 3/05A Gas Management KON15 eFTG/2D Seismic KON15 Explor
Slide 30: Multiple Pathways to Long-Term Value Creation
Multiple Pathways to Long-Term Value Creation Material Offshore and Onshore portfolio with potential for expansion PORTFOLIO OFFSHORE ONSHORE EXPANSION Production Early Revenue Angola Licence expansion 6K ➜ ~13k ➜ >20k bopd Quenguela Norte First Oil First mover advantage in Angola Targeting 2027 Low
Slide 31: Afentra - Roadmap to Accelerated Value Creation
Afentra - Roadmap to Accelerated Value Creation Clear pathway to production growth, cash flow expansion and value driven growth TODAY PHASE 2 DRIVERS VALUATION CREATION OUTCOMES ~ 6kbopd Offshore Growth net production Pac SW/Impala 2/GPQ Development/ 6k ~13k >20k bopd Further infill & satellite prog
Slide 32: Appendix
APPENDIX 32
Slide 33: Five Years of Delivery, Positioned to Accelerate Growth
Five Years of Delivery, Positioned to Accelerate Growth A unique strategic position built through disciplined execution Proven Relationships Execution & Trusted Team Reputation Shareholder Value Focus Strategic Disciplined Execution Angola Angola Position Relationships & Reputation Embedded Scalable
Slide 34: Proven Value Creation Through Disciplined Capital Allocation
Proven Value Creation Through Disciplined Capital Allocation Building scale, production and cashflow through strategic investment Team & Expertise ▪ Deep West Africa expertise ▪ Proven capital markets experience 6kbopd Disciplined M&A Net Production ▪ 4 acquisitions completed1 May 2021 120mmboe ▪ 4
Slide 35: Board and Team
Board and Team Deep experience and expertise across Africa Thierry Tanoh Paul McDade Anastasia Deulina Ian Cloke Gavin Wilson Andrew Osborne Chairman Chief Executive Officer Chief Financial Officer Chief Operating Officer Non-Executive Director Non-Executive Director Joined 2023 Joined 2021 Joined 2
Slide 36: 2026/27 Hedging Portfolio
2026/27 Hedging Portfolio Hedge structures, volumes and strike prices by expected sales period (as at 8th September 2026) Total sales volume Total hedged volume Collar volume Put volume Cargo period Collar ($/bbl) Put floor ($/bbl) (bbls) (bbls / %) (bbls / %) (bbls / %) Q1-26 518 k 80 k (15%) 80 k
Slide 37: Afentra Increases Exposure to Blocks 3/05 and 3/05A
Afentra Increases Exposure to Blocks 3/05 and 3/05A Building Scale and Alignment in Core Angola Assets Acquisition Highlights Post completion INA deal Sonangol deal Azule deal Etu deal interests ▪ Increases Afentra interest to: Block 3/05 ‒ 33.33% in Block 3/05 Sonangol (op.) 50% 36% 36% 39.34% ‒ 24
Slide 38: Value Driven Deal Making
Value Driven Deal Making Transaction Timeline Future contingent (Sep-21) (Apr-22) (Oct-22) Aggregate (Effective Date) considerations (YE 2025) Upfront $12.0m $56.5m $48.5m $117.0m Consideration ▪ INA Transaction – Block 3/05A up to $2.5m Adjustments1 $16.8m - ($4.3m) $12.5m subject to future Punja d
Slide 39: Delivering an Industry Transition in Angola
Delivering an Industry Transition in Angola UK 1993 30 Years 2023 ▪ Majority of production today managed by Independents 1.9 Mmbopd Production North Sea Industry Transition ▪ Improved Recovery ~25 Bn Reserves & Resources (boe) > 150 Transactions ▪ Life Extension of Assets > 70% Production from IOC’s
Slide 40: Partnerships for Success
Partnerships for Success Partnership Model ▪ Strategic alignment on asset outlook and sustainability agenda ▪ Aligning with operators with proven capabilities ▪ Materiality of interest to ensure relevance and influence ▪ Influence through leveraging of technical expertise ▪ Partner credibility and a
Slide 41: History of the Asset
History of the Asset Impala Palanca Cefo Palanca NE 3/05 First Oil: 1992 First Oil: 1985 Disc. date: 1988 Disc. date: 1988 ▪ Initial development phase 1983 – 1997 by ELF/Total STOIIP: 60 mmbbls STOIIP: 587 mmbbls Test rate: 1,150bcpd + 32 mmscfd Test rate: 6,000 bopd ▪ Sonangol P&P operator since 20
Slide 42: Production Sharing Contract (PSC) Mechanics
Production Sharing Contract (PSC) Mechanics Schematic Representation Illustrative Scenario Assuming Full Cost Recovery Key Fiscal Terms Block 3.05 Block 3.05A Block 3.05A (Caco Gazela) (Punja) Gross Revenue Cost Oil Limit 75% 50% 80% (100%) Profit Oil Sharing State Profit Oil Share 60% 30% 30% Contr
Slide 43: Angola Onshore: Risk Service Contracts in Context
Angola Onshore: Risk Service Contracts in Context Definition & Key Characteristics: ▪ RSCs – similar to PSCs - offer a clear commercial Risk Service Contract Production Sharing Contract framework. (RSC) Mechanics (PSC) Mechanics ▪ In an RSC the contractor is compensated on a fee- based structure thr
Slide 44: Block 3/24 Risk Sharing Contract (RSC)
Block 3/24 Risk Sharing Contract (RSC) Schematic Representation Fiscal Terms – Standard Terms Marginal Field Incentives ▪ Royalty or Petroleum Production Tax (“PPT”): 20% ▪ Royalty or Petroleum Production Tax (“PPT”): 10% ▪ Petroleum Income Tax (“PIT”): 65.75% ▪ Petroleum Income Tax (“PIT”): 25% ▪ P
Slide 45: Why Angola?
Why Angola? Abundant Resources Government Support Angola is Africa's second-largest oil The Angolan government is actively producer, with vast untapped reserves. seeking to attract foreign direct High quality mid-life assets primed for investment, offering incentives such as optimisation following p
Slide 46: Angola’s Positive Transition
Angola’s Positive Transition 2017 GDP: ▪ Mr Lourenço becomes president in elections replacing José Eduardo dos Santos, who $113.2bn (World ranking 66, World Bank 2024) ruled Angola for nearly four decades after independence in 1975 and through a long civil war that ended in 2002. Population: 36.75mn
Slide 47: Afentra’s Founding Principles
Afentra’s Founding Principles The Global Energy Transition will take time. Hydrocarbons are part of the transition and will continue to remain important in the overall energy mix. It is vitally important that we responsibly manage what has already been found. The socio-economic impact of the energy
Slide 48: Uniquely positioned to capitalise on the African Energy Transition
Uniquely positioned to capitalise on the African Energy Transition 1. 2. 3. 4. 5. Significant hydrocarbon Gap in market for Proven team Committed to African Energy Transition resource base in Africa credible operators to with significant responsible stewardship provides compelling with material M&A