Afentra Plc · LSE:AET
Afentra — H1 2025 Earnings Presentation
33 slides from Afentra's earnings presentation, Jul 15, 2025
Slide 1: Value driven growth – Trading Update Investor Presentation
African Energy Transition Value driven growth Trading Update – Investor Presentation July 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: Executive Summary
Executive Summary Strategic Progress in Angola – further expansion of our diversified portfolio Balance sheet strength maintained in volatile markets, fully self-funded growth Stable production performance, offshore redevelopment underpinning reserve replacement Onshore workstreams initiated, unlock
Slide 4: H1 2025 Highlights
H1 2025 Highlights 2024 was a year of disciplined execution, with every key Net Production strategic Crude — milestone achieved as planned OilnoSales ▪ Strong cash position supported by stable 6,348 bopd overpromising, no surprises. 0.71 mmbbls production and regular liftings ~1.2 mmbbls* ▪ Robust b
Slide 5: H1 2025 Net Cash Reconciliation ($m)
H1 2025 Net Cash Reconciliation ($m) Net Cash Net Cash $12.6m $19.9m 57.0 54.8 35.4 -8.9 -7.3 Net Debt $15.5m -8.8 21.6 -6.5 -1.9 21.6 Total Cash @ Asset Cash Acquisition Debt Interest G&A Others³ Total Cash @ Total Cash Post 01-Jan-25 Generation Payments¹ + Repayment² 30-Jun-25 Lifting 01-Jul-25 St
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 customar
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% ▪ H1 crude oils sales of 0.71 mmbbls with average realised price of $72/bbl Put Options 71% puts @ 75% puts @ 70% puts @ 62% puts @ $60–65/bbl $60–65/bbl $60–65/bbl $60/bbl ▪ Fu
Slide 8: Debt Profile & Working Capital Facility
Debt Profile & Working Capital Facility RBL Debt Maturity Profile Working Capital Facility Principal drawn ($m) ▪ Up to $30 million revolving facility. Facility Rate Maturity Dec-24 Jun-25 ▪ 4.75% margin over 1-month SOFR. RBL 42.0 36.8 3m SOFR + 8% May 28 ▪ Payable using proceeds from liftings. ▪ P
Slide 9: 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 10: H1 2025 Operational Highlights
H1 2025 Operational Highlights Delivering Material Organic Growth Offshore Delivery - Scaling Production and Replacing Reserves Oil Rate kbopd (Gross) ▪ On track to deliver multi-year production growth underpinned by strong progress 40 across asset redevelopment and offshore infrastructure ▪ ETU acq
Slide 11: World-Class Shallow Water Assets Offshore Angola
World-Class Shallow Water Assets Offshore Angola Diversified Portfolio Scale of the Prize 9 fields 3 undeveloped discoveries 3.5 17 installations billion bbls 157 wells oil in place Block 3/05 (30%) Block 3/05A (21.33%) 3 ▪ >3 billion bbls 3 ▪ 300 million bbls ▪ 42% Recovery to date ▪ 1% Recovery to
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 B3/05 ▪ Multi-year revamping project underway - kicked off in late 2023 ending in 2026 ▪ H1 2025 water injection performance ▪ Average 35,000 bwpd; ▪ Peak rates
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 underway – initial workshop held to align on eFTG survey scope and resolution ▪ Field reconnaissance completed to assess infrastructure, accessibility, and community landsc
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 ▪ JV technical workshops held to review legacy well data and refine subsurface understanding ▪ Site visits and partner alignment achieved for future 2D seismic acquisition
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 Palanca Sector Pacassa Sector LWI’s 40+ LWI’s LWI’s continue LWI’s continue Non-Op. Block 3/05 (30%) HWO’s HWO planning HWO execution W
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 Paul McDade Anastasia Deulina Ian Cloke Thierry Tanoh Gavin Wilson Chief Executive Officer Chief Financial Officer Chief Operating Officer Chairman Non-Executive Director Joined 2021 Joined 2021 Joined 2021 Joined 2023 Joined 20
Slide 22: 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 23: Value Driven Deal Making
Value Driven Deal Making Transaction Timeline Future contingent (Effective Date) (Sep-21) (Apr-22) (Oct-22) Aggregate considerations (Post H1 2025) Upfront $12.0m $56.5m $48.5m $117.0m ▪ INA Transaction Consideration – Block 3/05A up to $2.5m subject Adjustments1 $16.8m - ($4.3m) $12.5m to future Pu
Slide 24: 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 25: 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 26: 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 27: History of the Asset
History of the Asset Impala Palanca First Oil: 1992 First Oil: 1985 STOIIP: 60 mmbbls STOIIP: 587 mmbbls RF at 19% RF at 47% 3/05 ▪ Initial development phase 1983 – 1997 Pacassa by ELF/Total First Oil: 1986 ▪ Sonangol P&P operator since 2005 STOIIP: 1103 mmbbls ▪ Located 37km offshore, 60-100m water
Slide 28: 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 29: 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 30: 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 31: 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 32: Analyst Coverage
Analyst Coverage Analysts Covering Afentra Firm Analyst Contact Canaccord Genuity Phil Hallam phallam@cgf.com Cavendish James Midgley jmidgley@cavendish.com Peel Hunt Sam Wahab sam.wahab@peelhunt.com Shore Capital James Hosie james.hosie@shorecap.co.uk Stifel David Round david.round@stifel.com Tenny
Slide 33: 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