7th November 2024
AFENTRA PLC
Operational and Financial Update
Afentra plc (‘Afentra’ or the ‘Company’) (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in
Operational Highlights
Production and Field Operation
Redevelopment works at Block 3/05 facilities, along with well interventions, continue to result in improved production and water injection performance. Gross average production to end October 2024, including the impact of the recent shutdown, for Block 3/05 and 3/05A was 20,575 bopd (Net: B3/05 5,815 bopd; B3/05A 255 bopd). Post shutdown, gross oil production rates have averaged 23,000 bopd and water injection resumed, with gross daily water injection rates averaging around 40,000 bwpd which we expect to increase as further injection facilities are commissioned.
The next phase of light well interventions (LWIs) has commenced, with more than 10 LWIs planned before the end of 2024 across several fields, which will include various stimulation techniques and reperforation activities.
Whilst the ongoing asset integrity/reliability works, along with LWIs, continue to deliver successful outcomes the planning process for the next stage of the Block 3/05 & 3/05A redevelopment is underway. This phase will focus on near term well workovers, future infill drilling and satellite field developments.
Shutdown and Maintenance Activities
The planned 21-day maintenance shutdown was successfully completed on schedule in early October 2024. Significant maintenance and upgrade work was carried out, focusing on power supply improvements, inspection and integrity of the subsea infrastructure, improved monitoring of water injection allocation and installation of gas meters to assist in monitoring emissions. Routine maintenance at the Palanca FSO was also progressed as planned. The shutdown and associated activities are all part of the ongoing upgrade project aimed at ensuring integrity and longevity of the Block 3/05 facilities, following the license extension through to 2040.
Kwanza Onshore Licenses
Afentra continues to focus on strategically complementary opportunities in the Kwanza Onshore Basin. As previously announced, the PSC for KON19 has been awarded and we await the license award for KON15 which is still expected before the end of 2024. Whilst the full work programme is still to be defined, the basin-wide enhanced Full Tensor Gravity Gradiometry (eFTG) survey, initiated in August 2024, has completed its first phase with coverage recorded over KON19. A further phase covering KON15 will commence early in 2025. The utilization of advanced, high-resolution eFTG technology will enable a more efficient and detailed assessment of the subsurface potential across this 25,000km² onshore basin, a region that has seen minimal exploration activity over the past few decades.
Financial Highlights
Afentra maintains a solid financial position, with cash resources of
Key Financials
- Cash resources as of 31 October 2024 of $37.4 million
- Debt drawdowns at 31 October 2024:
o Reserve Based Lending Facility:
o Working Capital Facility: zero
- Net debt ~
Crude Oil Sales
- Final crude cargo (~550,000 bbls) planned for Q4 2024, completing liftings for this year totaling 2.23 million bbls.
- Q4 cargo 70% hedged with a mixture of floors and costless collars providing a floor of
“We are pleased with the operational progress made during the period, particularly the successful completion of the Block 3/05 maintenance shutdown which is part of our redevelopment plan to futureproof the infrastructure and deliver production growth for the duration of the license period. I would like to acknowledge the quality performance that Sonangol, as the operator of Block 3/05, demonstrated in ensuring the safe and efficient execution of the shutdown.
Our well intervention program continues to yield positive results, setting us up for further production improvements in the months ahead. We are also excited about the ongoing developments in the
From a financial perspective, we have made significant strides this year, achieving a strong balance sheet with cash resources of
For further information contact:
Afentra plc +44 (0)20 7405 4133
Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900
Tennyson Securities (Joint Broker) +44 (0)20 7186 9033
About Afentra
Afentra plc (AIM:AET) is an upstream oil and gas company focused on opportunities in
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