30th March 2026
AFENTRA PLC
Update on Block 3/05 Drilling Programme
Rig Opportunity to Accelerate Block 3/05 Drilling
Afentra plc (“Afentra” or the “Company”) (AIM: AET), the upstream oil and gas company focused on acquiring mature production and development assets in
A rig opportunity provided by Sonangol has allowed an acceleration of the planned 2026 drilling programme on Block 3/05 offshore
Highlights
· Accelerated Two-Well Programme: The Block 3/05 Joint Venture has signed a commercial agreement with Sonangol to utilise the Borr Grid jack-up rig, which is currently under contract to Sonangol, accelerating the planned two-well drilling programme.
· Spud Date Anticipated in Coming Days: The Pacassa SW exploration well is anticipated to spud in the coming days, marking Afentra’s transition into the execution phase of its organic growth strategy.
· Deferred Funding Structure: The two-well programme will be financed by Sonangol, with costs recovered from future incremental production revenues from the wells being drilled. The programme is therefore not expected to impact Afentra’s 2026 cash capex.
· Significant Production and Resource Potential: The programme targets a potential gross production uplift of around 9,000 bopd and will help define the material upside potential in the Pacassa SW area (up to 70 mmbo recoverable) and the Impala field (up to 50 mmbo recoverable).
Drilling Programme Details
The accelerated programme will commence with the Pacassa SW well, which is expected to have a drilling duration of 80 to 90 days. The second well in the programme will be either a Pacassa SW injection well or the Impala-2 development well, with the decision dependent on the outcome of the initial Pacassa SW well and operational preparedness.
Pacassa SW is a currently un-drilled fault block adjacent to the prolific Pacassa field which has the potential to contain up to 210 mmbbls of oil in place. The well will be drilled from the Pacassa F4 platform which in the event of a successful outcome will allow the well to be completed and connected to the existing production infrastructure. A successful outcome will also provide the opportunity to define the full development of the Pacassa SW area of up to 70mmbo recoverable resources
Impala-2 will be drilled from the Impala wellhead platform into the Impala field around 1000m from the existing Impala-1 production well. The well will assist in defining the upside potential of the field which could contain up to 200mmbo of oil in place. Upon completion the well will be connected to the existing production infrastructure. The outcome will also assist in defining the optimum Impala field development which has up to 50mmbo of incremental recoverable resources.
As part of the commercial agreement to utilise the rig Sonangol will finance the planned two well programme with the deferred capex being recovered by Sonangol from future incremental production revenues from the wells being drilled. The accelerated well programme is therefore not expected to impact Afentra’s 2026 cash capex.
A short supporting presentation has been uploaded to the Afentra website: Afentra Drilling Update
“The ability to accelerate our drilling programme is a pivotal moment for Afentra, marking a clear transition to the execution phase of our organic growth strategy. This opportunity is a direct result of the strong, collaborative partnership we have with Sonangol and the Joint Venture. The funding structure agreed with Sonangol allows us to fast-track the unlocking of significant potential value from both the Pacassa SW area and the Impala field without impacting our 2026 cash capex. This programme is designed to efficiently convert resources into production, growing volumes through our existing infrastructure and delivering tangible value for our shareholders. Crucially, it will also provide invaluable data to de-risk and define future prospectivity across the wider Block 3/05 area, optimising our long-term development plan.”
For further information contact:
Afentra plc +44 (0)20 7405 4133
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600
Simon Mensley
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
More information is available at www.afentraplc.com or by visiting the Afentra’s Curation Showcase.
Glossary
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2C Resources |
those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources |
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2P Reserves |
those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus 2P. In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate |
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bcf |
Billion cubic feet |
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bopd |
Barrels of oil per day |
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mmbbls |
Million barrels |
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mmbo |
Million barrels of oil |
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mmboe |
Million barrels of oil equivalent |
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
Inside Information
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