Slide 1: Value driven growth
African Energy Transition Value driven growth Investor 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: Afentra Plc – Introduction
Afentra Plc – Introduction Emerging African Independent with Cash-Generating Assets & Growth Trajectory Key milestones Emerging African Independent E&P focused on production, near-field development & exploration Afentra PLC formed with 2021 $40m cash on balance sheet Strategic footprint in Angola, e
Slide 4: Proven Ability to Deliver Value Through Smart Deal Making
Proven Ability to Deliver Value Through Smart Deal Making Value Evolution Since Inception ($m)1 Proven business development 299.2 >250 capabilities with an established track record of value creation Strong relationships in capital markets to access required financing 54.8 12.6 40.0 (41.4) (284.4) Hi
Slide 5: 2024 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-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 8: Financial Priorities
Financial Priorities Balancing Growth, Flexibility, and Shareholder Value Invest in Current Assets to Drive Preserve Cash for Strategic Growth Production Growth Opportunities ▪ Prioritise investment in existing producing assets to ▪ Maintain a strong cash position to capitalize on increase output an
Slide 9: World-Class Shallow Water Assets Delivering Material Organic Growth
World-Class Shallow Water Assets Delivering Material Organic Growth Oil Rate kbopd (Gross) 40 Diversified Portfolio Scale of the Prize 30 9 fields 3 undeveloped discoveries 17 installations 3.5 billion bbls 20 oil in place 157 wells 10 0 Block 3/05 (30%) Block 3/05A (21.33%) 2022 2023 2024 2025 2026
Slide 10: Stabilise & Sustain Production
Stabilise & Sustain Production Oil Rate kbopd (Gross) 40 30 20 Field Management Production Profile 10 ▪ Zero LTIs; Uptime 87% in 2024 30 0 ▪ Facility upgrades & FSO recertification Total Oil Rate Unplanned downtime Planned Shutdown ▪ Power upgrades campaign ongoing 25 Water Injection 2024 ▪ Upgraded
Slide 11: Upgrading the Water Injection Infrastructure in B3/05
Upgrading the Water Injection Infrastructure in B3/05 ▪ Increased water injection is key to delivering increased recovery from B3/05 ▪ 3-year revamping project underway - kicked off in late 2023 ending in 2026 ▪ Water injection system updates completed to date delivering >80,000 bwpd ▪ Next phase of
Slide 12: Optimise Operational Wells & Infrastructure
Optimise Operational Wells & Infrastructure Oil Rate kbopd (Gross) 40 30 20 10 0 Light Well Interventions Gas lift Portfolio of ▪ 2025: 40+ planned combination of ▪ 2024: Completed 7 gas lift well 157 wells acid treatments, reperforations, water shut-offs improvements ▪ 2025: Focus shifted to gas ▪
Slide 13: Increase Recovery Through Infill Drilling
Increase Recovery Through Infill Drilling Oil Rate kbopd (Gross) 40 30 20 10 Opportunity 0 ▪ No infill wells drilled for > 10 years ▪ Over 20 opportunities identified Next Steps ▪ Pacassa SW maturing as near-term drilling target ▪ Working through selection of candidates on Palanca, Impala SE and Imp
Slide 14: Develop Discoveries & Near Field Exploration
Develop Discoveries & Near Field Exploration Oil Rate kbopd (Gross) 40 30 20 Opportunity 10 0 ▪ Incremental production from discoveries & near-field exploration with significant OIIP ▪ > 300 mmbo (3/05A) ▪ > 100-200 mmbo (3/05) Next Steps ▪ Investment in long lead items for rig activity in 2026 ▪ Ad
Slide 15: Delivering Material Organic Growth
Delivering Material Organic Growth 40 Stabilise and Sustain Production 30 Optimise Operational Wells and Infrastructure Oil Rate kbopd (Gross) Increase Recovery through Infill Drilling 20 Develop Satellite Discoveries 10 Phased approach to control capital requirements 0 Delivering cash flow while re
Slide 16: Significant Onshore Potential
Significant Onshore Potential Rejuvenation of existing & abandoned basin 1960s/70s Basin produced over 15,000 Kwanza Opportunity bopd in the 1960’s & 1970' ▪ Under-explored basin covering 25,000 km2 ▪ 11 fields discovered; largest >200 MBO OIIP 1980s/90s ▪ Opportunity to apply modern technology Onsh
Slide 17: 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 further 100% increase in production ▪ Afentra transformed from cash shell to full- cycle E&P compan
Slide 18: APPENDIX
APPENDIX Afentra plc 18
Slide 19: Strengthened Board and Team
Strengthened Board and Team Deep experience and expertise across Africa Paul McDade Anastasia Deulina Ian Cloke Jeffrey MacDonald Gavin Wilson Thierry Tanoh Chief Executive Officer Chief Financial Officer Chief Operating Officer Chairman Non-Executive Director Non-Executive Director Joined 2021 Join
Slide 20: 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 21: Value Driven Deal Making
Value Driven Deal Making Transaction Timeline Further contingent payments (Effective Date) (Sep-21) (Apr-22) (Oct-22) Aggregate ▪ INA Transaction – Block 3/05 - up to $2m subject Upfront to oil price hurdles4 $12.0m $56.5m $48.5m $117.0m Consideration – Block 3/05A up to $5m subject to future develo
Slide 22: 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 23: 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 24: 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 25: 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 26: Production Sharing Contract (PSC) Mechanics
Production Sharing Contract (PSC) Mechanics Schematic Representation Illustrative Scenario Assuming Full Cost Recovery Key Fiscal Terms Block 3.05A Block 3.05 (Producing) Gross Revenue A Cost oil limit 75% 50% (100%) Profit oil sharing B State profi t oi l s ha re 60% 30% C Contra ctor Group (CG) pr
Slide 27: 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 28: Angola’s Positive Transition
Angola’s Positive Transition 2017 GDP: ▪ Mr Lourenço becomes president in elections replacing José Eduardo dos Santos, who $106.7bn (World ranking 68, World Bank 2022) ruled Angola for nearly four decades after independence in 1975 and through a long civil war that ended in 2002. Population: 35.6mn
Slide 29: 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 30: 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