Commencement of Strategic Review Process

THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER PURSUANT TO RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY SUCH OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.

Afentra PLC

Commencement of Strategic Review Process

Afentra plc ("Afentra" or the "Company") (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, notes the recent media speculation and confirms that it has engaged with a limited number of counterparties with regard to a potential sale process in respect of the entire issued, and to be issued, share capital of the Company.

Background to Strategic Review Process

Afentra, following a period of successful growth in Angola, has established a portfolio of offshore and onshore assets with significant growth and upside potential. Over this period the Company has established itself as one of the few independent oil & gas companies in Angola, where there is an increasing need for independent oil & gas companies to pursue the next phase of development of the country's assets as the major oil & gas companies divest non-core assets from their Angolan portfolios.

Over the last two years, Afentra has invested in the substantial Block 3/05 infrastructure and, as announced on 22 January 2026, is now ready to pursue significant growth opportunities, which will include three heavy workovers and the drilling of two production wells on Block 3/05 in 2026, namely Impala-2 and Pacassa SW-1. Each of these activities offers the potential for substantial standalone production increases and reserves growth and, assuming success on Impala-2 and Pacassa SW-1, additional wells may be drilled on each of the fields. The Company is also in the process of screening an additional 20+ heavy workover opportunities on Block 3/05, offering further potential to grow production on the block.

In addition to the development opportunities on Block 3/05, Afentra has a significant wider portfolio of assets in Angola, including an operated interest in Block 3/24 where Afentra is assessing the fast-track development of the Golungo, Palanca NE and Quissama (GPQ) discoveries, and a substantial onshore Kwanza basin position. On 13 January 2026 the Company announced a fourfold increase in its 2C Resource, including discoveries across Blocks 3/05, 3/05A and 3/24 and the potential resource base in the Kwanza basin is yet to be quantified. Afentra is currently acquiring geophysical data across this onshore acreage, including the previously produced fields in KON 4 and exploration acreage in KON 15 and 19, in order to delineate this highly prospective acreage.

Given the significant potential within the Afentra portfolio and the position and reputation that Afentra has established in Angola, positioning the Company for further inorganic growth in the country, the Board has taken the decision to initiate a wider review of the Company's strategic options. In this context, the Board has appointed Jefferies to engage a small number of financial and strategic investors to explore how they could assist the Company with its future capital needs and ensure the most efficient delivery of the significant growth potential of the Afentra portfolio and leverage the Company's strong position in the broader Angolan market, which could include a sale of the Company to one of these parties. The Company is currently in discussions with a number of potential counterparties.

The potential sale process announced today is being undertaken alongside the Board's consideration of alternative strategic options to finance the growth potential within the company. It remains possible that, following completion of this review, the Board will consider that Afentra and its shareholders would be best served by alternative strategic options available to the Company, including Afentra remaining as an independent listed company. There can therefore be no certainty either that an offer for the Company will be made nor as to the terms of any such offer. A further announcement will be made when appropriate.

Takeover Code Dispensations

The Takeover Panel Executive has granted a dispensation from the requirement of Rules 2.4 (a) and (b) of the Code such that the Company is not required to identify in this announcement any potential offeror with whom the Company is in talks, or from whom an approach has been received, unless that potential offeror has been specifically identified in any rumour or speculation.

As a consequence of this announcement, an 'Offer Period' has now commenced in respect of Afentra in accordance with the rules of the Code. The attention of Afentra shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.

Relevant securities in issue

Pursuant to Rule 2.9 of the Code, the Company confirms that, as at the date of this announcement, it has 226,155,990 ordinary shares of £0.10 each in issue with the International Securities Identification Number GB00B4X3Q493 (excluding shares held in treasury). The Company's LEI is 21380028BFDFJK8BRX92 .

Additional information

Nothing in this announcement is or should be relied on as a promise or representation as to the future. This announcement includes certain statements, estimates and projections provided by the Company in relation to the Company's anticipated future performance. Such statements, estimates and projections are based on various assumptions made by the Company concerning anticipated results which may or may not prove to be correct. No representations or warranties are made by any person as to the accuracy of such statements, estimates or projections.

Standard

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 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.

Glossary