Incentive Plan Awards & PDMR Dealings

20 March 2024

AFENTRA PLC

VESTING OF FOUNDERS’ INCENTIVE PLAN AWARDS

DIRECTOR / PDMR DEALINGS

Afentra plc (‘Afentra’ or the ‘Company’), the upstream oil and gas Company  focused on acquiring production and development assets in Africa announces the conversion of conditional awards made to the executive directors of the Company under the terms of the Afentra plc Founders’ Share Plan (the “Plan”), which were previously announced on 10 August 2022. The conditional awards have converted into nil cost options[1] (“Nil Cost Options”) over ordinary shares of £0.10 each in the Company (“Ordinary Shares”) following the first measurement date, which occurred on 16 March 2024.  Fifty per cent. of the Nil Cost Options have vested immediately, with the remainder vesting on 16 March 2026.   Each of Paul McDade and Ian Cloke have exercised their vested Nil Cost Options1.

As a consequence of the above, each of the executive directors have received vested Ordinary Shares after deductions for income tax and national insurance.  The price per Ordinary Share used to calculate the number of Ordinary Shares to be issued to the executive directors was 39.49 pence, being the average closing mid-market price of the Ordinary Shares over the 30 day period ending on 16 March 2024 .

Details of the conversion and vesting described above are as follows for each of the executive directors:

As a result of the issuance of Ordinary Shares pursuant to the Plan, the total aggregate shareholding in the Company of Paul McDade comprises 5,339,398 Ordinary Shares, representing approximately 2.36% of the Company’s issued share capital, the total aggregate shareholding in the Company of Ian Cloke and persons closely associated with him comprises 3,807,455 Ordinary Shares, representing approximately 1.68% of the Company’s issued share capital, and the total aggregate shareholding in the Company of Anastasia Deulina comprises 2,539,835 Ordinary Shares, representing approximately 1.12% of the Company’s issued share capital.  Further details of the Plan and the conditional awards made thereunder were disclosed in the Company’s annual report and financial statements for the year ended 31 December 2022.

Admission & Total Voting Rights

As a result of such vesting, together with the vesting of certain awards made to employees other than the executive directors under the Afentra plc Long Term Incentive Plan (“LTIP”) on 16 March 2024 the Company has applied to the London Stock Exchange for admission of 6,102,470 new Ordinary Shares to trading on AIM (“Admission”). Admission is expected to occur on or around 21 March 2024.

The Company’s issued share capital now comprises 226,155,990 Ordinary Shares. The total number of voting rights in the Company is 226,155,990. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

The following notifications are made pursuant to Article 19(3) of the Market Abuse Regulation.

PDMR Notifications

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