Afentra Plc · LSE:AET
Afentra — Investor Presentation (November 2025)
22 slides from Afentra's investor presentation, November 2025
Slide 1: Value driven growth
African Energy Transition Value driven growth Trading Update – 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: Highlights for the Period Ended 31 October 2025
Highlights for the Period Ended 31 October 2025 2024 was a year of disciplined execution, with every key ▪ Strong cash generation supported by stable Net Production strategic Crude—Oil milestone achieved as planned no Sales overpromising, no surprises. production and regular liftings 6,368 bopd 1.63
Slide 4: 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 5: 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 $60/bbl ▪ Four lif
Slide 6: Debt Profile & Working Capital Facility
Debt Profile & Working Capital Facility RBL Debt Maturity Profile Working Capital Facility Principal drawn ($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 7: 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 8: 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 growth opportunities opportunities ▪ Maintain a prudent leverag
Slide 9: Operational Highlights (31 October 2025)
Operational Highlights (31 October 2025) Delivering Material Organic Growth Offshore Delivery - Scaling Production and Replacing Reserves Oil Rate kbopd (Gross) ▪ Block 3/24 transaction completed, adding future redevelopment potential and a first 40 offshore operatorship ▪ Re-development plan advanc
Slide 10: 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 3/05 Block 3/05A Block 3/24
Slide 11: 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 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: 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 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: 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 19: 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 Area Redevelopment Plan ▪ Target further 100% increase in production ▪ Afentra transformed from cash shell to full- cycle E&
Slide 20: Appendix
APPENDIX Afentra plc 20
Slide 21: 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 22: 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