Operational and Financial Update

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, is pleased to provide an operational and financial trading update for the three months ended 31 March 2026.

Key Highlights

• Strategic Review: the company continues to review options to maximise shareholder value
• Block 3/05 Drilling: fully carried two well programme started with spud of Pacassa SW
• Etu Energias Acquisition: Sonangol elected to participate; new SPAs signed
• Q1 2026 Net Average Production: 5,958 bopd
• Crude Oil Sales & Revenue:

o 0.517 mmbbls sold in January at $65.4/bbl average price: generating $33.8 million revenue

o 0.5 mmbbls to be sold in April; expected to generate ~$50 million proceeds after hedging

• Kwanza Onshore: eFTG survey completed; KON4 licence awaiting Council of Ministers approval
• Borrowings: drawn RBL of $31.5 million, Net debt of $12.6 million at 31 March 2026

Operational & Corporate Overview

Block 3/05 & 5A Asset performance

Production

• Gross average production for the three months ended 31 March 2026 was 20,006 bopd (Net: Block 3/05 5,856 bopd; Block 3/05A 102 bopd)1. Production was impacted by downtime associated with the Borr Grid drilling unit positioning over the Pacassa production platform.
• Asset uptime remained stable throughout the period, supported by continued progress across the asset revamping and integrity workstreams.

Revamping & Integrity

• Multi-year redevelopment plan remains on track underpinning increased reserves recovery and production growth. Key workstreams during the period include:

o Water injection averaged ~45,000 bwpd during the period, with rates of up to 70,000 bwpd achieved. Focus on increasing sustained water injection rates continues, targeting rates of ~100,000 bwpd in H2 2026

o Infrastructure upgrades supporting improved reliability and operational performance progressed across key platforms, with work now completed at Pambi platform and ongoing at Cobo and Palanca platforms.

o Palanca FSO works completed and formal recertification received for a further five-year period.

o Six light well interventions (LWI) were completed during the period. The full 2026 LWI programme is targeting ~40 interventions.

2026 infill drilling and workover programme

• Agreement signed with Sonangol to use the Borr Grid drilling unit. Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days.
• Two-well programme will be financed by Sonangol, with costs recovered from future incremental production revenues from the wells and is therefore not expected to impact the Company's 2026 cash capex.
• Second well in the programme is expected to be the Impala-2 development well.
• Programme targets a potential gross production uplift of ~9,000 bopd and gross recoverable resources of over 100mmbo.
• Hydraulic workover programme preparations are ongoing with execution planned for late 2026/27.

Block 3/24

• Operational activities in support of the GPQ development progressed during the period, including the planning of a survey vessel programme to execute wellhead inspection, survey and measurement scope.
• Subsurface work continues to assess the full extent of the hydrocarbon discoveries and exploration potential within the Block

Onshore Kwanza basin (KON15 & 19)

• Acquisition of the eFTG geophysical survey data was completed across the licence areas with initial results being interpreted and integrated with existing datasets.
• Technical studies progressing towards assembling a full prospect inventory and planning for future 2D seismic acquisition.

Portfolio expansion

• Etu transaction: Sonangol elected to participate in the acquisition resulting in Sonangol, Afentra and M&P jointly acquiring Etu's interests in Blocks 3/05 and 3/05A. Afentra will now acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A. Completion of the transaction, now expected in Q2 2026, remains subject to customary conditions precedent, including government approval in Angola.
• KON4: will be submitted to the April Council of Ministers for approval, with final award pending and expected in Q2 2026.

Financial Overview

Key Financials as at and for three months ended 31 March 2026

• Revenue of $33.8 million2
• Cash resources of $18.5 million (including $5.0 million of restricted funds)
• Debt outstanding:

o Reserve Based Lending Facility: $31.5 million

o Working Capital Facility: zero

Net debt of $12.6 million

Crude Oil Sales

• Lifting of 517,643 bbls in January with average price of $65.4/bbl, generating revenue of $33.8 million.
• Lifting of ~500,000 bbls planned for April, pricing based on April Dated Brent, together with the impact of the Company's hedging programme, expected to generate proceeds of ~$50 million.
• Prepayment of $30 million received against April cargo which will be repaid from the cargo proceeds.
• Three further liftings of ~450,000 bbls anticipated in 2026.

Hedging

• Hedges with an average collar ceiling of $90/bbl in place on 50% of the April lifting.
• Approximately 50% of July and September projected sales of 900,000 bbl currently hedged using collar structures with put prices ranging from $60/bbl to $68/bbl and collar ceilings ranging from $77/bbl to $78/bbl.

Refinancing

• Refinancing discussions are well advanced to significantly enhance access to debt capital to support the company's future investment programmes.
• The existing RBL facility with Trafigura and MCB has been subject to amendments to support the ongoing refinancing plans.

Strategic Review

• The Company confirms that the strategic review process announced on 19 March 2026 is ongoing. Further updates will be provided as appropriate.

The Company expects to release its full year 2025 results in the second half of May 2026.

Paul McDade, Chief Executive Officer, Afentra plc commented:

"Afentra has made a strong operational and financial start to 2026. During the quarter we generated revenues of ~$34 million from the sale of 517k barrels and commenced the first drilling campaign for over a decade on Block 3/05, with the prospect of a transformational increase in our production and resource base. Looking forward, we remain on track for our second cargo lift of 2026 later this month, increasing our working interest in Blocks 3/05 and 3/05A and seeing the results of the fully carried drilling campaign in the second half of 2026. Our team remains focused on delivering our organic growth projects while continuing to assess all options to accelerate the growth and development of our high-quality Angolan portfolio. Our performance to date, combined with our well-advanced debt refinancing and the ongoing strategic review, firmly underpins our strategic commitment to maximising shareholder value."

Supporting presentation:

A supporting presentation has been uploaded to Afentra's website

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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.