Angola

Afentra’s Angola portfolio gives the Company exposure to world-class midlife producing assets, near-field development assets and short-cycle exploration opportunities with significant upside potential

The assets are spread across two basins: the Lower Congo basin (shallow water offshore Blocks 3/05 & 3/05A, and Block 3/24) and the Kwanza basin, which features both deepwater offshore (Block 23) and onshore (KON15 and KON19) opportunities. 

Block 3/05

Partnership
Sonangol (Operator)	36%
Afentra	30%
M&P	20%
ETU Energies	10%
NIS Naftagas	4%

LicenCe
PSA – 2040

Reservoir
Fractured Albian Pinda carbonate

RESERVES (MMBO)
2P WI reserves	31.9

Situated 37 km offshore Angola in 40-100 metres water depth, Block 3/05 comprises a portfolio of eight mid-life producing fields: Palanca, Impala, Impala SE, Bufalo, Pacassa, Pambi, Cobo and Oombo, with gross 2P reserves of 106.3 mmbo Spanning an area of around 40 km by 15 km, the licence contains extensive field infrastructure with 157 wells and 17 installations, including the Palanca floating storage and offloading (FSO) vessel for oil export. Block 3/05 holds independently audited estimated gross 2C contingent recoverable resources estimated at over 60 million barrels of oil equivalent (mmboe).  The block also contains the undeveloped Bufalo Norte discovery, which has an independent audited estimated in-place gross resource of over 11.4 mmbo and 38 BCF of gas.

The fields, which produce from the prolific fractured Albian Pinda carbonate reservoir section, were discovered by Elf Petroleum (now TotalEnergies) in the early 1980s. They were developed using fixed platforms with oil production commencing in 1985. Earlier in the field life waterflooding was successfully implemented to enhance recovery, lowering uncertainty and supporting future production forecasts for the assets. Since assuming operatorship in 2005, Sonangol has concentrated on sustaining production through workovers and asset integrity maintenance.

Afentra and the JV are fully aligned on taking a phased and targeted approach to life extension capital expenditure. This has started with stabilising and sustaining current production, optimising the existing well stock, and is now entering a pivotal execution phase. The partnership is advancing a material infill drilling and heavy workover programme – the first drilling on the asset in over a decade – set to commence in the second half of 2026. This high-impact campaign is designed to unlock significant value, targeting an increase in net production of up to 3,750 bopd and converting up to 36 mmbo of net resources into reserves.

Block 3/05A

Partnership
Sonangol (Operator)	33.33%
M&P	26.67%
Afentra	21.33%
ETU Energias	13.33%
NIS Naftagas	5.33%

LicenCe
PSA – 2035

Reservoir
Fractured Albian Pinda carbonate

RESOURCES (MMBOE)
2C WI Recoverable resources	31.2

Block 3/05A, located adjacent to Block 3/05, contains the undeveloped Punja, Caco and Gazela discoveries with an estimated gross in-place resource of over 309.2 mmboe. An independent audit estimates there to be gross 2C recoverable resources of 98 million oil barrels and 290 BCF of gas.

The Gazela field, commenced production in 2015, with approximately 2.4 mmbo recovered prior to a wellbore shutdown in 2017. Production was restored in March 2023 with the Gazela-101 well averaging around 1,248 bopd gross during 2024. This extended production test is crucial for de-risking the asset and defining the long-term resource potential and appropriate development strategy.

The joint venture and Afentra is actively working to mature low-cost development concepts, which will include a gas management solution to enable the monetisation of both oil and associated gas. These development opportunities are being matured and ranked for potential inclusion in future drilling campaigns.

Block 3/24

Partnership
Afentra	40%
M&P	40%
Sonangol	20%

LicenCe
RSC

Reservoir
Fractured Albian Pinda carbonate

RESOURCES (MMBOE)
2C WI Recoverable resources	37.0

Block 3/24 covers 545 km² and is adjacent to Afentra’s existing producing oil fields in Block 3/05 and undeveloped discoveries in 3/05A. This is Afentra’s first operated asset in Angola, with the company holding a 40% working interest. The Block adds a further 10 oil and gas discoveries, including three previously produced fields. All are located in the same Pinda reservoir as the existing oil fields in Blocks 3/05 and 3/05A.

In addition, the Block contains the previously developed Canuku field cluster, which has produced up to 12,000 bopd. The Block is estimated to include over 190 mmbbls of STOIIP and 400 bcf GIIP of already discovered resource. Following an initial internal review of the discoveries, management estimates a gross 2C contingent resource of 92.4 mmboe.

As operator, Afentra is pursuing a fast-track, infrastructure-led development strategy to accelerate value creation. The initial development plan is focused on the GPQ (Golungo-Palanca NE-Quissama) discoveries, which are located just 5km from the existing Block 3/05 infrastructure. The goal is to progress this initial phase towards a Final Investment Decision (FID) in late 2026, targeting a development of approximately up to 10,000 bopd.

KON15 & KON19

KON15

Partnership
Sonangol P&P (Operator)	55%
Afentra	45%

LicenCe
PSA

KON19

Partnership
ACREP (Operator)	45%
Afentra	45%
Enagol	10%

LicenCe
PSA

Onshore Angola, Afentra was awarded a 45% non-operated interest in KON19 in July 2024, and in April 2025 a 45% non-operated interest in KON15. Both licences are in the proven yet under-explored onshore Kwanza basin. Entry into this basin, where 11 oil fields have been discovered, offers a value driven strategic opportunity for near-term and low-cost exploration in a proven basin by applying fresh ideas and modern concepts to an area where no new technology has been applied for 40 years.

KON15 and KON19 are located adjacent to the legacy Tobias and Galinda oil fields and offer significant potential within Angola’s prospective post-salt and pre-salt formations. Leveraging existing data, these blocks can be quickly explored and appraised, potentially leading to rapid development and production. These licences will expand Afentra’s footprint in this attractive Angolan market by diversifying our portfolio which is principally focused on low cost, long-life stable production and low-risk development assets.

Block 23

Partnership
Namcor (Operator)	40%
Afentra	40%
Sonangol	20%

Afentra holds a 40% non-operated interest in Block 23, a deepwater exploration licence with a proven hydrocarbon potential and no outstanding work commitment. In 2024 the new Operator Namcor was announced.

Block 23 is a 5,000 km2 exploration and appraisal block located in the offshore section of the Kwanza basin in water depths ranging from 600-1,600 meters, with a proven working petroleum system, and is in proximity to TotalEnergies Kaminho future deepwater development.

About Angola

Angola, a dynamic nation on Africa’s Southwest coast, holds significant promise in the energy sector boasting substantial proven hydrocarbon reserves and vast untapped potential.

Angola’s ongoing commitment to reform, including the separation of regulatory and concessionaire roles within the oil sector and the launch of a privatisation program, combined with its ratification of the Paris Agreement, highlights a forward-thinking approach to economic diversification and environmental sustainability.

Afentra is committed to responsible resource development in Angola, contributing to both the country’s economic growth and Afentra’s continued success.

A prime location for portfolio expansion and a platform for wider growth

For Afentra, Angola provides a strong platform growth, scaling operations in country and to pursue similar opportunities across similar proven basins in West Africa. This allows the company to leverage its expertise and expand sustainably while supporting regional energy security.

Key stats

GDP
$106.7bn (World ranking 68, World Bank 2022)

Population
35.6mn (World ranking 43, World Bank 2022)

Head of government
João Lourenço (President)

Next elections
2027, presidential and legislative

corruption perception index (2024)
Angola received a score of 32 (on a scale from 0-100) and has shown significant improvements over the past years, gaining 13 points on the CPI since 2018.

Oil sector continues to play significant role and accounts for

• 40% of GDP in 2022
• More than 80% of exports
• Close to 60% of the government’s revenue

Public tender

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