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Oil Rig
Posted: May 13, 2026

Audited FY2025 Annual Results, Refinancing & Conclusion of Strategic Review

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 audited annual results for the year ended 31 December 2025 as well as providing detail on its debt refinancing and an update on the Strategic Review process.

Strategic Announcements

  • Strategic Review concluded: The Afentra Board has concluded a comprehensive review of the strategic options to realise maximum value for shareholders from the significant Angolan portfolio assembled since the company’s inception in 2021. The Board has determined that given today’s announcement of a successful re-financing at a reduced cost of capital, the significant change in the macro environment and the early start to infill drilling focussed on delivering material production and reserves growth, where the company’s costs will be carried, Afentra is well placed to pursue the next phase of growth as an independent E&P company, ensuring that the value of Afentra’s significant potential will be to the benefit of the Company’s shareholders. As a result, the Company is no longer in an “offer period” as defined by the Takeover Code.
  • Debt Refinancing secured: $125 million Gunvor Pre-Payment Facility secured, will replace the existing Reserve Base Lending (“RBL”) and Working Capital Facility; 4-year tenor to 2030, lowering cost of debt and providing long-term funding to support the Company’s investment programme.
  • Pacassa SW drilling underway: the high impact Pacassa SW well operations were initiated in April, the well, which is carried, has the potential to add material production and reserves with results expected in June 2026.

Post-Period End Highlights

  • Block 3/05 Drilling: fully carried two well programme underway with spud of Pacassa SW
  • Crude OilSales & Revenue1:
    • 0.480 mmbbls sold in April at $119.3/bbl average price, generating $57.2 million revenue, of which $30.0 million was received in advance. Hedge related liabilities of $8.0 million to be settled.
    • 0.517 mmbbls sold in January at $65.4/bbl average price, generating $33.8 million revenue.
  • Etu Energias transaction revised: Sonangol elected to participate; new SPA signed
  • Net average production: four months to 30 April 2026: 5,968 bopd
  • Kwanza Onshore: eFTG survey completed; KON4 licence awaiting Council of Ministers approval

2025 Summary

2025 Key Highlights

  • 2025 Net Average Production (working interest): 6,324 bopd
  • Crude Oil Sales: 1.63 mmbbls sold at $70.2/bbl average price generating $114.4 million revenue
  • Fourfold contingent resources increase: 2C WI contingent resources increased to 87.3 mmboe
  • Block 3/24 award: Afentra’s first operatorship, 40% working interest
  • Kwanza Onshore Expansion: KON4 licence contract initialled
  • Year-end position: cash $10.2 million, net debt $21.8 million

Financial Highlights

  • Revenue of $114.4 million
  • Year-end cash of $10.2 million; net debt of $21.8 million
  • Borrowings, RBL drawn $31.5 million; Debt / Adjusted EBITDAX 0.6x
  • Adjusted EBITDAX of $51.7 million and loss after tax of $3.2 million
  • Four liftings totalling 1.63 mmbbls, average price of $70.2/bbl
  • Share purchase programme commenced in 2025 to cover future share award requirements, thereby avoiding dilution; 4,943,128 shares acquired to date at average price of 47.7 pence per share

Operational Highlights

  • Block 3/05 and 3/05A gross average production 21,268 bopd (2024: 21,111 bopd)
  • Reserves & Resources
    • 2P WI reserves of 31.9 mmbo, 3-year average reserves replacement of 94% to end 2025
    • 2C WI contingent resources of 87.3 mmboe, fourfold increase across Blocks 3/05, 3/05A and 3/24
  • Capex ~$220 million gross (Net: $66 million) covering asset integrity, revamping and drilling preparation
    • 28 LWI’s delivered during the period, sustaining production performance
    • Water injection averaged 37,798 bwpd; rates of ~50,000 bwpd consistently achieved in Q4 2025
    • FSO recertification work programme completed; formal recertification received in early 2026
  • Portfolio Expansion
    • SPA signed with Etu Energias for additional interest in Block 3/05 and 3/05A; transaction subsequently revised post period to acquire 3.33% – Block 3/05; 3.66% – Block 3/05A
    • Block 3/24 offshore licence awarded with Afentra as operator at 40% working interest
    • KON15 licence formally awarded, 45% non-operated working interest
    • KON4 Risk Service Contract initialled, confirming Afentra as operator at 35% working interest
  • Somaliland Odewayne Block interest transferred to Petrosoma Limited; $1.97 million received in settlement of carry obligations

Refinancing

Afentra has secured a refinancing of its debt facilities through the entry into a $125 million Pre-Payment Facility (“PPF”) with Gunvor Group, this will replace its existing RBL Facility and Working Capital Facility with Trafigura and MCB.

The new facility comprises $125 million of committed capacity ($100 million initial advance plus $25 million subsequent advance available in 2027 subject to certain conditions), with an uncommitted accordion to scale facility size based on future production growth. The facility carries an interest rate of Term SOFR plus 6% margin with a 4-year tenor maturing in 2030 and a 12-month principal repayment grace period. The facility is secured against Block 3/05 and Block 3/05A liftings, a total committed volume of 8 mmbbls and a targeted minimum annual commitment of 1.8 mmbbls. Proceeds will be used to refinance the existing Facilities, to fund the Company’s near-term work programme and to cover general corporate purposes.

The refinancing significantly lowers the cost of debt and provides funding to support the Company’s near-term investment programme. The Company will continue to consider expansion of this facility utilising the uncommitted accordion or other sources of finance to ensure we remain fully funded to maximise the value of our current portfolio and pursue opportunities for further inorganic growth.

Strategic Review

The Board appointed Jefferies to conduct a process which could have resulted in a sale of the Company, under the UK Takeover Panel’s Private Sale Process. Jefferies approached a number of potential counterparties, with multiple companies engaging in meaningful due diligence, including further inbound expressions of interest. The oil price volatility, coupled with the significant appreciation in the Afentra share price between initial outreach and the proposal deadline caused a number of parties to withdraw from the process. Ultimately a number of actionable proposals were received and considered by the Board. The Board’s assessment of these proposals was that they did not recognise the significant upside value potential within Afentra’s current business and therefore concluded that given the change in macro environment and the refinancing announced today that greater value potential is offered by Afentra pursuing the next phase of growth as an independent E&P listed company.

All discussions with potential acquirors have been terminated. As a result, the Company is no longer in an “offer period” as defined by the Takeover Code, and the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable.

Paul McDade, Chief Executive Officer, Afentra plc commented:

The year under review saw Afentra further consolidate its position as a fast-growth independent E&P company in Angola, which included a fourfold increase of 2C WI resources to 87.3m mmboe and the continued expansion of our portfolio in Angola, including the award of our first operatorship with a 40% interest in Block 3/24.  Beyond the solid performance of the Company, a strategic review designed to assess all options to accelerate value growth from our accretive Angolan asset portfolio was conducted.  Given the significant changes in the macro environment, the new debt facility, which will significantly lower our cost of capital, and the carry of the two highly prospective wells in Blocks 3/05 focused on materially increasing both reserves and production, the Board has decided Afentra should remain an independent company, to ensure all of our stakeholders benefit from the delivery of the significant upside in our Angolan asset portfolio.

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor Meet Company platform on Tuesday 19 May 13:00 BST to update investors and answer questions. The presentation is open to all existing and potential shareholders. Questions can be submitted prior to the event via the Investor Meet Company dashboard until 18 May 2026, 17:00 BST, or at any time during the live presentation.  Investors can sign up to Investor Meet Company for free and add to meet AFENTRA PLC via https://www.investormeetcompany.com/afentra-plc/register-investor

Supporting Presentation

A supporting presentation has been uploaded to Afentra’s website

https://www.afentraplc.com/investors-rapidly-evolving-african-energy-landscape/reports-results-presentations/https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2026/05/Afentra-Investor-Presentation-May-2026.pdf

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO
Anastasia Deulina, CFO
Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Bobby Morse
Barry Archer
George Pope

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600

Callum Stewart
Simon Mensley
Ashton Clanfield

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

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  1. Production figures are reported on a net (working interest) basis; net entitlement volumes are reflected in revenue and cash flow reporting.
  2. Revenue is net of the state’s fiscal take (cost oil and profit oil allocation), but prior to deduction of petroleum income tax (PIT).

About Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on opportunities in Africa. The Company’s purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and host governments. Offshore Angola, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24 – both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza Basin, Afentra holds 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.

More information is available at www.afentraplc.com or by visiting the Afentra’s Curation Showcase.

Inside Information

This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and as subsequently amended by the Financial Services Act 2021 (‘UK MAR’). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.

Standard

Estimates of reserves and resources have been prepared in accordance with the June 2018 Petroleum Resources Management System (“PRMS”) as the standard for classification and reporting.

Technical Information

The technical information contained in this announcement has been reviewed and approved by Robin Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss has over 30 years of experience in oil and gas exploration, production and development. He is a member of the Society of Petroleum Engineers (SPE) and holds a Bachelor of Science (BSc) and a Bachelor of Science Honours (BSc Hons) in Physics and Mathematics from the University of Cape Town.