Afentra Plc · LSE:AET
Afentra — Investor Presentation (March 2026)
37 slides from Afentra's investor presentation, March 2026
Slide 1: Value driven growth
African Energy Transition Value driven growth Investor Presentation March 2026 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 capabilities with an established 439.6 track record of value creation >250 Strong relationships in capital markets to access required financing 40.0 10.2 (469.4) Highly experien
Slide 5: FY 2025 Net Cash Reconciliation ($m)
FY 2025 Net Cash Reconciliation ($m) Net Cash $12.6m 54.8 -3.8 -5.3 -15.4 Net Debt $21.8m -12.2 10.2 -8.0 4 Total Cash @ Asset Cash Acquisition Debt Interest Cash Others Total Cash @ 01-Jan-25 Generation¹ Payments² + Repayment³ G&A 31-Dec-25 Strong asset cash generation supporting ~$65m capital inve
Slide 6: Crude Oil Sales & Hedging Position
Crude Oil Sales & Hedging Position 2026: Estimated Crude Oil Sales ~2.3 mmbbls 2025 Crude Oil Sales Additional hedging under active review ▪ Four liftings totalling 1.63 mmbbls with % Hedged average realised price of $70.14/bbl 15% 69% 20% Put Options 15% puts @ 69% puts @ 20% puts @ ▪ Net entitleme
Slide 7: Debt Profile & Working Capital Facility
Debt Profile & Working Capital Facility RBL Debt Maturity Profile Principal drawn ($m) Working Capital Facility Facility Rate Maturity Dec-24 Dec-25 ▪ Up to $30 million revolving facility RBL 42.0 31.5 3m SOFR + 8% May 28 ▪ 4.75% margin over 1-month SOFR ▪ Payable using proceeds from liftings RBL Pr
Slide 8: 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 Acquisition Highlights interests INA deal Sonangol deal Azule deal Etu deal ▪ Increases Afentra interest to : Block 3/05 ▪ 33.33% in Block 3/05 Sonangol (op.) 50% 36% 36% 39.34% ▪ 2
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 support disciplined ▪ Prioritise short cycle production & development growth and navigate commodity volatility opportunities ▪ Main
Slide 10: Delivering Material Organic Growth and Value
Delivering Material Organic Growth and Value Significant Offshore and Onshore Portfolio assembled at low cost Offshore – Asset Revitalisation to Production & Reserves Growth Oil Rate kbopd (net) 25 Gas production ▪ Infrastructure revitalisation significantly advanced, materially improving asset Upsi
Slide 11: Multi-Billion bbl Shallow Water Assets Offshore Angola
Multi-Billion bbl Shallow Water Assets Offshore Angola Potential for >300 mmbo Gross Recovery Across Blocks 3/05, 3/05A & 3/24 Scale of the Prize Oil & Gas in Place >3.7 bbo ~ 1.2 Tcf Reserve & Resource Potential >250 mmbbls >550 bcf Block 3/05 Block 3/05A Block 3/24 >3 billion bbls 300 million bbls
Slide 12: Infrastructure Revitalisation & Water Injection
Infrastructure Revitalisation & Water Injection Safety, Reliability, Uptime & Recovery 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, mach
Slide 13: Block 3/05 Area - OPEX Reduction Driven by Production Growth
Block 3/05 Area - OPEX Reduction Driven by Production Growth Operational Leverage and Efficiency Upside Opex vs Production Independent Operational Review (McKinsey) 50 Production (kbopd) Opex range ($/bbl) 40 ▪ Maintenance & reliability 30 supports operating leverage at scale $23/bbl 20 ▪ Logistics
Slide 14: Impala Field – Proven Resource, Material Untapped Potential
Impala Field – Proven Resource, Material Untapped Potential Impala-2 well planned for 2026, potential for significant additional reserves Oil in place1 lmpala 2 – Potential1 ▪ 4000 bopd expected initial rate 60 - 200 ▪ US$50m well cost2 mmbbls ▪ First Oil target for Q4 2026 Impala Field Development
Slide 15: Pacassa SW– Unlocking Large, Undrilled Potential
Pacassa SW– Unlocking Large, Undrilled Potential Pac SW-1 well planned for 2026, potential to open up significant extension of the Pacassa Field Potential Oil in place1,2 Pacassa SW-1- Potential2 ▪ 5000+ bopd expected initial rate 32 – 210 ▪ US$50m well cost3 mmbbls ▪ First Oil target for Q4 2026 De
Slide 16: HWO Programme– Restoring Production from Shut-in Wells
HWO Programme– Restoring Production from Shut-in Wells Low-cost interventions to unlock incremental reserves & resources c Recoverable Potential1 HWO-Phase 1 – 2026 Campaign1 ▪ 3 workovers (integrity + gas lift failures) 10 - 20 ▪ ~3,500 bopd expected uplift in Yr 1 mmbbls ▪ US$5-10m cost per workov
Slide 17: Block 3/24 - Near-Term Operated Development Opportunity
Block 3/24 - Near-Term Operated Development Opportunity Low-Cost Development Opportunities Adjacent to Existing Infrastructure Block 3/24 Potential1 ▪ Portfolio diversity: 10 oil & gas discoveries, including 3 previously produced fields ▪ All wells tested, with flow rates up to 6,000 bopd ▪ Estimate
Slide 18: Unlocking Liquids Value Through Gas Management
Unlocking Liquids Value Through Gas Management Material liquids upside enabled by gas management and export solutions High GOR Discoveries ▪ Punja, Bufalo Norte, Caco-Gazela and Cefo ▪ OIIP ~300 mmbbls, with significant associated gas volumes ~1200 Bcf GIIP ▪ Discoveries well defined through apprais
Slide 19: 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 20: Commercialisation of Existing Fields – KON4
Commercialisation of Existing Fields – KON4 Efficient pathway to production Current Work Programme ▪ JV technical collaboration advanced – initial workshop and eFTG completed; transitioning to execution of the integrated technical work programme ▪ Field reconnaissance completed – confirming infrastr
Slide 21: 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 22: Onshore Leads– Building a Pipeline of Drillable Opportunities
Onshore Leads– Building a Pipeline of Drillable Opportunities From regional leads to prospects through targeted subsurface work ▪ Material lead inventory with ~ 40 leads across the Kwanza onshore acreage ▪ Working hydrocarbon system demonstrated by Bamvo-1 – oil shows in both pre- salt and post salt
Slide 23: Activity Roadmap: Milestones & Catalysts
Activity Roadmap: Milestones & Catalysts 2026 2027 Op. / Onshore / Offshore Activity Non-Op. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Offshore Cobo Sector Revamping Pacassa Sector Palanca Sector LWI’s 40+ LWI’s LWI’s continue Non-Op. Block 3/05 (30%) HWO’s HWO planning Execution Wells/Rigs Well planning Execution No
Slide 24: Afentra: Next Phase of Growth
Afentra: Next Phase of Growth Foundation Established ▪ Existing production stabilized and optimised ▪ Infrastructure performance enhanced and de-risked ▪ High-quality portfolio built through disciplined asset selection ▪ Strong partnerships and operating relationships established Significant Organic
Slide 25: APPENDIX
APPENDIX Afentra plc 25
Slide 26: 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 27: 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 28: Value Driven Deal Making
Value Driven Deal Making Transaction Timeline (Effective Date) (Sep-21) (Apr-22) (Oct-22) Aggregate Upfront Consideration $12.0m $56.5m $48.5m $117.0m Future contingent considerations (YE 2025) Adjustments1 $16.8m - ($4.3m) $12.5m Asset Cashflow ▪ INA Transaction Contribution2 ($1.8m) ($35.4m) ($15.
Slide 29: 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 30: 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 31: 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 32: 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 33: Block 3/24 Risk Sharing Contract (RSC)
Block 3/24 Risk Sharing Contract (RSC) Schematic Representation Fiscal Terms – Standard Terms Marginal Field Incentives ▪ Royalty or Petroleum Production Tax (“PPT”): 20% ▪ Royalty or Petroleum Production Tax (“PPT”): 10% ▪ Petroleum Income Tax (“PIT”): 65.75% ▪ Petroleum Income Tax (“PIT”): 25% Gro
Slide 34: 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 35: 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 36: 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 37: 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