Block 3/05 Drilling Update
Afentra plc has accelerated its Block 3/05 drilling programme offshore Angola by securing the Borr Grid jackup rig from Sonangol, with the first well, Pacassa SW, expected to spud imminently. This two-well programme, targeting potential gross production uplifts of around 9,000 bopd and defining resource potential of up to 70 mmbo in Pacassa SW and 50 mmbo in the Impala field, will be financed by Sonangol with costs recovered from future production, meaning it will not impact Afentra's 2026 cash capex. The decision on the second well, either an injection well or the Impala-2 development well, will depend on the Pacassa SW outcome.
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Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on acquiring mature production and development assets in Africa, is pleased to provide an update on the planned Block 3/05 drilling programme, offshore Angola.
A rig opportunity provided by Sonangol has allowed an acceleration of the planned 2026 drilling programme on Block 3/05 offshore Angola. The Borr Grid jackup rig is currently under contract to Sonangol and the Block 3/05 Joint Venture partners have signed a commercial agreement with Sonangol to use the rig for the planned Block 3/05 well programme (the "2026 Drilling Agreement").
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
Paul McDade, Chief Executive Officer of Afentra plc, commented:
"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."
Glossary
| 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 |
| bcf | Billion cubic feet |
| bopd | Barrels of oil per day |
| mmbbls | Million barrels |
| mmbo | Million barrels of oil |
| mmboe | Million barrels of oil equivalent |
Standard
Technical Information
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