Business
Proposed Equity Fundraising
Afentra plc announced its intention to raise approximately US$40 million through a firm placing, conditional placing, and retail offer at an issue price of 67 pence per share, representing a 5.2% discount to the previous day's closing price. The net proceeds will be used to accelerate growth activities and enhance strategic flexibility, including further drilling and workovers on Block 3/05 and exploration on other blocks. The company has received indications of interest exceeding the target amount, and a general meeting is expected around June 25, 2026, to approve the allotment of conditional placing shares. Disclaimer*
About this update from Afentra Plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). FOR IMMEDIATE RELEASE 3 June 2026 AFENTRA PLC Proposed Equity Fundraising Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces its intention to raise approximately US$40 million by way of a firm placing, a conditional placing (the "Placing") and a retail offer. Highlights · Following the Company's announcements on 30 March 2026, 23 April 2026 and 13 May 2026, relating to the agreement with Sonangol for the accelerated two-well drilling programme on Block 3/05 and the US$125 million Gunvor debt facility, Afentra is in a strong position to deliver its near-term growth plan, with a target of doubling production to approximately 13 kbopd by 2028; · Afentra has a much larger opportunity set within its portfolio that can be accelerated to deliver growth and value accretion for its shareholders, including follow up drilling activity and workovers on Block 3/05, drilling, near-field developments and exploration on Blocks 3/05A and 3/24, and short-cycle production and significant exploration on the Company's material onshore Kwanza basin acreage; · The Company intends to use the net proceeds of the Placing to accelerate these growth activities and enhance strategic flexibility; · The Company intends to raise approximately US$40 million through the Placing at an issue price of 67 pence per share (the "Issue Price"). The Issue Price represents a discount of approximately 5.2 per cent to the closing mid-market price of 70.7 pence on 2 June 2026 (being the latest practicable date prior to the date of thi...