Slide 1: Value Driven Growth: 2024 Results Presentation
African Energy Transition Value Driven Growth 2024 Results Presentation April 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: 2024 Key Achievements
2024 Key Achievements Balance sheet transformed to net cash Consolidated offshore Angola position and expanded into onshore Kwanza licences Asset performance improvements reflected in strong reserve replacement Delivering Block 3/05 redevelopment to underpin future growth Implemented hedging strateg
Slide 4: 2024 Highlights
2024 Highlights Asset Performance 2024 was a year of disciplined execution, Financial Highlights Balance Sheet with every key strategic milestone achieved as planned — no overpromising, no Revenue Working Interest Production Cash Balance surprises. 6,229 bopd $180.9 million $54.82 million (↑ 585% vs
Slide 5: Net Cash Reconciliation ($m)
2024 Net Cash Reconciliation ($m) 38.9 87.2 Net Cash (35.6) (33.0) $12.6m (12.8) 54.8 (9.5) Net Debt $14.1m 19.6 +$35.2m increase in available cash 3 Balance @ Asset Cash Acquisition Debt Debt Interest G&A Others Balance @ 2 2 01-Jan-24 Generation Payments 1 Drawdown + repayment 31-Dec-24 $35.2m net
Slide 6: Crude Oil Sales & Hedging Position
Crude Oil Sales & Hedging Position 2024: Crude oil sales 2.27mmbbls 2025: Estimated crude oil sales ~ 2mmbbls % Hedged 71% 75% 70% 62% ▪ Generating $180.9 million of revenue Put Options 71% puts @ 75% puts @ 70% puts @ 62% puts @ ▪ Established lifting schedule for liquidity planning $60–65/bbl $60–6
Slide 7: Debt Profile & Working Capital Facility
Debt Profile & Working Capital Facility RBL Debt Maturity Profile Working Capital Facility Principal drawn ($m) ▪ Up to $30 million revolving facility. Facility Rate Maturity Dec-24 Mar-24 ▪ 4.75% margin over 1-month SOFR. RBL 42.0 36.8 3m SOFR + 8% May 28 ▪ Payable using proceeds from liftings. ▪ P
Slide 8: Operational Highlights
2024 Operational Highlights Strategic Progress in Angola ▪ Completed Azule acquisition, now hold 30% of B3/05 & 21.33% of B3/05A ▪ Expanded into onshore with 45% non-operated interest in KON15 and KON19 ▪ Initiated support for The HALO Trust’s landmine clearance work in Angola Operational Delivery ▪
Slide 9: 2025 Operational & Strategic Focus for 2025
2025 Operational & Strategic Focus for 2025 Asset Redevelopment Onshore Expansion Block 3/05 & 3/05A ▪ Consolidate onshore position ▪ Increase water injection to ~100,000 bwpd ▪ Complete low-cost eFTG survey to assess prospectivity ▪ Increase Light Well Intervention programme across the basin ▪ Deli
Slide 10: 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 Area Redevelopment Plan ▪ Target up to 100% increase in production ▪ Afentra transformed from cash shell to full- cycle E&P company
Slide 11: 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