Afentra is an independent oil and gas company focused on acquiring and developing mature, producing assets in West Africa, with a diverse portfolio consisting of production, near-field development and exploration assets in Angola
Afentra has a clear vision and growth strategy with Sustainability at its heart. Since its inception in 2021, the company has built a strong track record of executing value accretive transactions — including three highly accretive deals in Angola — that have delivered significant production, cashflow, and reserves. These initial transactions provide a solid platform for future growth and position Afentra as a credible counterparty to NOCs and IOCs as they continue to divest assets.
Afentra views Angola as a core market and a key part of our growth strategy due to its supportive dynamics with a stable political backdrop, an established oil and gas industry, an attractive fiscal environment that encourages investment, and an abundance of resources and opportunities.
2025
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April
Signed KON15 License award
2024
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July
Signed KON19 License award
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May
Completed Azule acquisition
2023
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December
Completed Sonangol acquisition
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August
First crude oil lifting (300,000 bbls)
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July
Signed third SPA with Azule
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May
Completed INA acquisition
2022
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July
Signed second SPA with INA
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April
Signed foundation SPA with Sonangol
2021
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May
Formation of Afentra plc
Afentra’s purpose is to responsibly support a just transition that enables economic and social development while bridging the gap to renewable and other energy sources.
Our mission is to be the trusted partner of both IOCs and host governments in the divestment of “legacy” assets. As the industry transition accelerates, we believe there’s a strong requirement for credible independents like Afentra that can facilitate a responsible energy transition. Ensuring there are buyers that are capable of accessing capital and operating, or supporting the Operator, in managing mid-life, near-field development and exploration assets responsibly for the benefit of all stakeholders.
By managing assets responsibly, we can turn these fields or discoveries into highly profitable assets by applying focus, innovation, efficient operating practices and smart commercial arrangements. We use our approach to unleash the full asset potential whilst also reducing carbon emissions, promoting growth through employment and facilitating socio-economic development.
Afentra has an established strong Executive Team with a proven track record for creating value and positive stakeholder outcomes through the delivery of material development and production projects across Africa.
The team has an established network across the relevant stakeholder audiences, and direct experience of the energy transition in previous geographies. The Board bring significant industry and capital markets experience as well as an unwavering commitment to all aspects of Governance.
Their experience and expertise will ensure the responsible pursuit of strategic priorities intended to create value for all stakeholders.
Executive Team
Non-Executive Team
Statement of Corporate Governance
Last updated: 10 November 2025
Afentra plc is committed to operating in a safe, ethical and responsible manner and the Board recognises the importance of high standards of corporate governance. The Board has adopted the Quoted Companies Alliance Corporate Governance Code (QCA Code) which the Board considers appropriate for a Company of the size and stage in development of Afentra.
The QCA Code identifies ten corporate governance principles that AIM companies should follow and the disclosures required for each of those principles. Details of how the Company follows these ten principles can be found here and in our Annual Report.
The list of matters reserved for the board are found here.
10 Principles
The Company’s purpose is to support the African energy transition as a responsible, well managed independent Oil & Gas company working to enable the continued economic and social development of African economies and bridging the gap to the renewable forms of energy.
The Company’s mission is to be the trusted partner of both IOCs and host governments in the divestment of legacy assets.
The Company’s strategy is to focus on proven hydrocarbon basins where fields have been discovered or are currently producing. The Company intend to execute value accretive M&A, targeting robust cash flow and proven resources to support sustainable shareholder returns.
The Company intends to redevelop and unleash the full potential of legacy producing fields or undeveloped discoveries that no longer fit the portfolio of International Oil Companies. The Company will do this in a safe, responsible and sustainable manner.
The Company follows the principles of best practice set out in the Quoted Companies Alliance Governance Code (the ‘QCA Code’) Following the appointment of the new Board and executive team in 2021, the Company has continued to review and develop its corporate governance and it is satisfied with the structure in place, whilst it continues to review the application of its governance structure and its fitness for purpose. The Company’s governance structure will continue to evolve as the Company develops and grows and it will ensure stakeholders remain informed through regulatory announcements, updates on the website and in future annual reports, and that its employees are aware of and apply our governance principles.
In 2024 the Company appointed a new Nominated Advisor and as part of this process the Board and the Company’s management team reviewed and reaffirmed the Company’s governance structure, each Director’s understanding of the governance structure and the application of the governance structure in the Company’s activities and strategy. Through this process the Company considered the ethical values and behaviours within the Board, senior management and employees and throughout its operations.
In its operations the Company maintains focus on the legal compliance (and active monitoring of such compliance) of its corporate activities, and the activities of its employees and management, its counterparties, and the various stakeholders involved in its operations. The Company conducts due diligence on all potential new business partners.
The Company seeks an open and transparent dialogue with shareholders with the desire to hear shareholders’ views on the performance of the Company and to understand shareholders’ objectives and expectations.
Investor roadshow meetings are conducted after the Company’s preliminary and interim results and periodically throughout the year and aim to serve both institutional and retail shareholders.
The Company and its Executive Directors make regular presentations to shareholders and investors, through which the Company provides deeper insight into its business activities, the performance of its operational asset base, financial performance, and strategic objectives. The Company engages directly with shareholders through a range of online forums, direct communications and through its website.
The Chairman and the Board are the first points of contact for shareholders on governance matters, they are available to shareholders and they are conscious of their responsibility to them on governance matters. The Executive Directors are available to shareholders throughout the year. Shareholder feedback is discussed at Board meetings.
As a responsible company with a broader social purpose, the Company understand that it operates within a multi-faceted economic, legislative and social environment. The Company will engage with all the Company’s stakeholders to understand and respond to their concerns, needs and opinions in order to ensure the ongoing sustainability of its business.
Afentra intends to identify and acquire assets adopting an effective operating approach that seeks to safely optimise and extend production whilst reducing harmful carbon emissions. The Company is developing a comprehensive ESG strategy which will govern its approach to its environmental, social and governance responsibilities.
Afentra is led by the Board and a management team with a proven track record of creating value and positive stakeholder outcomes through delivery of major hydrocarbon developments and production across Africa.
The Board is responsible for the Company risk assessment and risk management framework which is driven by the oversight and direction of the Audit Committee. The Company’s COO and CFO lead the activities with their teams for identification and evaluation of risk, and the assessment of the likelihood and impact of the identified risks. These findings and conclusions on risk are then reviewed by the Audit Committee, annually for purposes of reporting and periodically throughout the year from an operational perspective, with updates to the Company’s risk matrix and approach to risk management in its operations made as appropriate.
The Group risk register is maintained by the Board and senior finance team.
Details of Afentra’s internal control and approach to risk management can be found in the Business risk section of the Annual Report. The Audit Committee undertakes an in-depth review of the Group’s risk management procedures and reports key findings in the Company’s Annual Report. Any acquisition will be subject to due diligence and analysis of any risks to which the Company may be exposed. The Board is focused on reducing and managing any identified risks rather than eliminating all risk. Any acquisition of hydrocarbon assets inherently includes subsurface, operational and above ground risks and the Board has regard to such risks within its acquisition parameters. The Board seeks to eliminate HSSE risks and reputational risk.
The executive team has a proven track record of creating value and positive stakeholder outcomes through delivery of major hydrocarbon developments and production across Africa. The Board the Non-Executive Directors bring significant industry and capital markets experience as well as an unwavering commitment to all aspects of Governance.
The Board is led by the Chairman, Thierry Tanoh. Gavin Wilson and Andrew Osborne are appointed as Independent Non-Executive Director.
Paul McDade, CEO, Ian Cloke, COO and Anastasia Deulina, CFO were appointed as Executive Directors in 2021. The Chairman has oversight of the Company’s corporate governance and works with the Board and the Company’s management team to ensure that the Company’s corporate governance structure is appropriate for its business through its current and expected future stages of development, for its shareholders, and that it is demonstrably consistent with the best practice principles of the code of governance that the Company follows.
The Board has extensive experience of operating and developing major hydrocarbon assets across Africa as well as an established network across the relevant stakeholder audiences and director experience of energy transition in other geographies. The Non-Executive Directors bring significant industry and capital markets experience to the Board.
Thierry Tanoh, previously an Independent Non-Executive Director of the Company, assumed the role as Independent Non-Executive Chairman and maintained his position as Chair of the Nomination Committees in June 2025. Mr. Tanoh is an experienced senior director with global experience, a strong record in both public and private sectors and has held senior positions within African Government ministries.
Full details of each Board member and their relevant experience, skills and personal qualities are set out in the Annual Report and on the Company’s website.
Each Director takes responsibility for maintaining his or her own skill set which includes roles and experience with other boards and organisations. Non-Executive Directors have a contractual right to receive external advice, at the Company’s expense, when necessary.
The Board annually performs a formal review of its own performance, which includes the assessment of its effectiveness. In addition, through the Audit Committee, the Remuneration Committee and the Nominations Committee, the Board receives regular updates on its performance.
Succession planning is the responsibility of the Nominations Committee who make recommendations to the Board regarding Board composition and succession planning going forward.
The Remuneration Committee makes recommendations to the Board, within its agreed terms of reference, on the structure and quantum of the remuneration packages for executive Directors and reviews the remuneration for senior management. The Committee consists entirely of non-executive Directors. The Remuneration Committee has the recommends to the Board a remuneration policy for the remuneration of the Chairman, non- executive Directors, executive Directors and other senior management including terms and conditions to be included in service agreements, termination payments and compensation commitments and the approval of incentive schemes (and the performance conditions to be used for such schemes including share performance targets).
The Company’s Remuneration Policy is designed to align with the Company’s strategy, purpose and vision and recognises the experience of the leadership team which continues to lead the transformation of the Company and facilitate new opportunities for shareholders and other stakeholders.
The Company uses FIT Remuneration Consultants to advise on remuneration matters. FIT is a member and signatory of the Remuneration Consultants Group and voluntarily operates under the Code of Conduct in relation to executive remuneration consulting in the UK, details of which can be found at www.remunerationconsultantsgroup.com. The Remuneration Committee’s report in the Company’s Annual Report presents the Directors’ Remuneration Policy and the Annual Report on Remuneration (both a review of the operation of the Remunraiton Policy for the preceding year and a statement of how it intends to operate the Policy going forwards).
The Company’s website contains information about our business activities and gives access to the Company’s Annual Report and Accounts, the Company’s previous Notices of Annual General Meetings, and the Company’s Memorandum and Articles of Association.
The work of the Audit Committee, Remuneration Committee and Nominations Committee – is reviewed annually in the Company’s Annual Report.
