Afentra Plc · LSE:AET
Afentra — Investor Presentation (November 2025)
35 slides from Afentra's investor presentation, November 2025
Slide 1: Value driven growth
African Energy Transition Value driven growth Investor Presentation November 2025 Afentra plc 1
Slide 2: Disclaimer
Disclaimer The information set out in this presentation and the accompanying verbal presentation including any question and answer session and any documents or other materials distributed with the presentation (the “Presentation”) has been produced by Afentra plc (the “Company”) as at the date of th
Slide 3: Afentra Plc – Introduction
Afentra Plc – Introduction Emerging African Independent with Cash-Generating Assets & Growth Trajectory Key milestones Emerging African Independent E&P focused on Afentra PLC formed with production, near-field development & exploration 2021 $40m cash on balance sheet Signed foundation SPA with Sonan
Slide 4: Proven Ability to Deliver Value Through Smart Deal Making
Proven Ability to Deliver Value Through Smart Deal Making Value Evolution Since Inception ($m) Proven business development 354.2 capabilities with an established track record of value creation >250 Strong relationships in capital markets to access required financing 40.0 23.8 Highly experienced in-h
Slide 5: Net Cash Reconciliation ($m) Period Ended 31 October 2025
Net Cash Reconciliation ($m) Period Ended 31 October 2025 Net Cash $12.6m 7.9 54.8 -7.3 Net Debt -15.4 $7.5m -11.6 23.8 -4.6 Total Cash @ Asset Cash Acquisition Debt Interest G&A Others³ Total Cash @ 01-Jan-25 Generation Payments¹ + Repayment² 31-Oct-25 Strong asset cash generation supporting ~$65m
Slide 6: 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 Post completion INA deal Sonangol Azule deal Etu deal Acquisition Highlights interests deal ▪ Consideration: Block 3/05 – Upfront - $23 million Sonangol (op.) 50% 36% 36% 36% – subject to customary
Slide 7: Crude Oil Sales & Hedging Position
Crude Oil Sales & Hedging Position 2025: Estimated Crude Oil Sales ~ 2mmbbls* 2025 Crude Oil Sales % Hedged 71% 75% 70% 62%** ▪ September lifting 403,684 bbls with realised price of $66.66/bbl Put Options 71% puts @ 75% puts @ 70% puts @ 62% puts @ $60–65/bbl $60–65/bbl $60–65/bbl $60/bbl ▪ Four lif
Slide 8: Debt Profile & Working Capital Facility
Debt Profile & Working Capital Facility RBL Debt Maturity Profile Working Capital Facility Principal drawn ($m) ▪ Up to $30 million revolving facility Facility Rate Maturity Dec-24 Aug-25 ▪ 4.75% margin over 1-month SOFR RBL 42.0 31.5 3m SOFR + 8% May 28 ▪ Payable using proceeds from liftings ▪ Proc
Slide 9: Multi-Billion bbls Shallow Water Assets Offshore Angola
Multi-Billion bbls Shallow Water Assets Offshore Angola Potential for >300 mmbo Gross Recovery Across Blocks 3/05, 3/05A & 3/24 Diversified Portfolio Scale of the Prize 9 producing fields 8 undeveloped discoveries >3.5 bbo OIP 17 installations 157 wells 400 bcf GIIP Block Block 3/05 3/05 Block 3/05A
Slide 10: Block 3/24
Cefo Palanca NE Block 3/24 Discovery date: 1988 Test rate: 1,150bcpd + 32 mmscfd Discovery date: 1988 Test rate: 6,000 bopd Provisional OIIP: 24 mmbbl Low-Cost Development Opportunities Adjacent to Existing Infrastructure Provisional GIIP: 400 bscf Golungo Discovery date: 1988 Proven Discoveries Tes
Slide 11: Asset Redevelopment Delivering Production and Reserves Growth
Asset Redevelopment Delivering Production and Reserves Growth Delivering Material Organic Growth Current Delivery & Cost Base 2024 Oil Rate kbopd (Gross) Field Management 40 ▪ Focused on uptime and facility reliability to support stable production/injection Opex: ~$23/bbl Water Injection ▪ Upgrading
Slide 12: Infrastructure Improvements & Revamping
Infrastructure Improvements & Revamping Safety, Reliability & Uptime FSO Palanca Recertification Objective: Extend operational life & avoid dry dock ▪ Full Bureau Veritas (BV) recertification conducted while in operation (18-month process) ▪ Certified components include: hull, machinery, cranes, and
Slide 13: Upgrading the Water Injection Infrastructure in Block 3/05
Upgrading the Water Injection Infrastructure in Block 3/05 ▪ Increased water injection is key element in delivering increased recovery from Block 3/05 ▪ Multi-year revamping project underway - kicked off in late 2023 ending in 2026 ▪ 2025 YTD water injection performance (Jan-Oct) ▪ Average 35,000 bw
Slide 14: Well & Rig Related Activities
Well & Rig Related Activities Enabling & Delivering the Next Phase of Production Growth ▪ Planning commenced for 2026 rig programme to deliver material increase in production ▪ Site surveys, Quality Assurance/Quality Control (QA/QC) and contractor selection workstreams completed ▪ Potential activiti
Slide 15: Rejuvenation of the Kwanza Onshore
Rejuvenation of the Kwanza Onshore Historic Kwanza Basin Supportive Licensing Opportunity Production Data Investment Environment 11 Oil fields discovered ▪ Active licensing ▪ No new technology rounds applied for 40 years 150 ▪ ANPG leading ▪ Last exploration well development wells flexible approach
Slide 16: Commercialisation of existing fields – KON4
Commercialisation of existing fields – KON4 Efficient pathway to production Current Work Programme ▪ JV technical collaboration advanced – initial workshop completed; scope of eFTG aligned with partnership and preparations in place for execution ▪ Field reconnaissance completed – confirming infrastr
Slide 17: Under-explored working hydrocarbon basin– KON4, 15 & 19
Under-explored working hydrocarbon basin– KON4, 15 & 19 Low-cost, high potential exploration opportunity Current Work Programme ▪ Formal partnership alignment advanced– with alignment achieved on forward work planning across the KON blocks ▪ ESIA initiated on KON19 and KON15 to support upcoming fiel
Slide 18: Kwanza Onshore – Value-Driven Strategic Opportunity
Kwanza Onshore – Value-Driven Strategic Opportunity Building a Strategic Acreage Position Early Production Opportunity ▪ Previously producing oil fields offering considerable untapped potential ▪ Licenses benefit from favourable fiscal terms ▪ Potential for low-cost re-development of existing fields
Slide 19: Activity Roadmap: Milestones & Catalysts
Activity Roadmap: Milestones & Catalysts 2025 2026 2027 Op. / Onshore / Offshore Activity Non-Op. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Offshore Cobo Sector Revamping Pacassa Sector Palanca Sector LWI’s 35+ LWI’s 40+ LWI’s LWI’s continue Non-Op. Block 3/05 (30%) HWO’s HWO planning Execution Wells/Rigs
Slide 20: 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 short cycle production & development the growth opportunities opportunities ▪ Maintain a prudent lev
Slide 21: Experience & Strategic Clarity Underpins Future Growth
Experience & Strategic Clarity Underpins Future Growth Delivery since 2021 start… Unlocking the next phase of Growth Focus and experience delivers results ▪ Block 3/05, 3/05A & 3/24 Area Redevelopment Plan ▪ Target further 100% increase in production ▪ Afentra transformed from cash shell to full- cy
Slide 22: APPENDIX
APPENDIX Afentra plc 22
Slide 23: Strengthened Board and Team
Strengthened 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
Slide 24: 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 25: Value Driven Deal Making
Value Driven Deal Making Transaction Timeline Future contingent considerations (Effective Date) (Sep-21) (Apr-22) (Oct-22) Aggregate (Post H1 2025) Upfront $12.0m $56.5m $48.5m $117.0m Consideration ▪ INA Transaction – Block 3/05A up to $2.5m subject to Adjustments1 $16.8m - ($4.3m) $12.5m future Pu
Slide 26: Block 23: Highly Prospective Exploration & Appraisal Asset
Block 23: Highly Prospective Exploration & Appraisal Asset Large Block located in the Kwanza Basin with a working petroleum system ▪ 40% non-operated interest ▪ Almost 5,000 km2 in water depths from 600 to 1,600m ▪ In proximity to TotalEnergies Kaminho future deepwater development Contains Azul oil
Slide 27: Odewayne Block, Somaliland
Odewayne Block, Somaliland ▪ Company is fully carried by Genel ensuring no cost impact forward ▪ 2D geophysical survey acquired in 2017. Reprocessed in 2019, integrated with field data and legacy geological field studies ▪ In 2023 geochemical analysis of seeps and Bahadhamal water well identified Up
Slide 28: 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 29: History of the Asset
History of the Asset Impala First Oil: 1992 Palanca First Oil: 1985 Cefo Disc. date: 1988 Palanca NE Disc. date: 1988 3/05 STOIIP: 60 mmbbls STOIIP: 587 mmbbls Test rate: 1,150bcpd + 32 mmscfd Test rate: 6,000 bopd ▪ Initial development phase 1983 – 1997 by RF at 19% RF at 47% GIIP: 400 bscf OIIP: 2
Slide 30: 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 Gross Revenue (Caco Gazela) (Punja) (100%) Cost Oil Limit 75% 50% 80% Profit Oil Sharing State Profit Oil Share 60% 30% 30% Profi
Slide 31: Angola Onshore: Risk Service Contracts in Context
Angola Onshore: Risk Service Contracts in Context Definition & Key Characteristics: Risk Service Contract (RSC) Mechanics Production Sharing Contract (PSC) Mechanics ▪ RSCs – similar to PSCs - offer a clear commercial framework. ▪ In an RSC the contractor is compensated on a fee- based structure thr
Slide 32: 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 33: 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 34: 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 35: 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