Award of KON4 Licence Onshore Angola

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announces that the Risk Service Contract ('RSC') for onshore Block KON4 has been formally approved and awarded by Presidential Decree on the 26 May 2026.

Afentra has been awarded a 35% operated interest in KON4 alongside our local Angolan partners Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and Sodedurs. The formal signing of the contract is expected at a later date.

The award of KON4 further strengthens Afentra's position in the onshore Kwanza basin and expands the Company's operated portfolio in Angola. The block contains multiple legacy oil fields, including the large Quenguela Norte field, and offers field re-development opportunities alongside overlooked near-field exploration potential. KON4 complements Afentra's existing onshore Kwanza licences and supports the Company's strategy of building a material position in the basin.

About KON4

KON4 covers 1,387 sqkm and is situated in a historically productive area of the onshore Kwanza basin, where 11 oil and 2 gas fields have been discovered and over 90 mmboe produced to date. The block features the Quenguela Norte field - the largest onshore discovery in the onshore Kwanza basin to date - estimated to hold over 200 mmbo of discovered oil in place in Tertiary reservoirs. The field achieved peak production of 12,000 bopd, with 46 mmbo recovered before it was shut-in and abandoned in 1999. This field represents an opportunity to unlock significant value through the reactivation of the field production, supported by modern technology and re-development techniques that have advanced considerably since the fields were last in production decades ago. In addition, the Block's proximity to the Luanda refinery and the existing road infrastructure could allow early production and export to the refinery.

KON4 also provides low-cost, overlooked near-field Tertiary and Cretaceous age exploration opportunities that further enhance Afentra's footprint and strategic optionality in the onshore Kwanza basin. Our portfolio of KON4, KON15 and KON19 offer a complementary portfolio with exposure to a diverse range of play types - across both post-salt and pre-salt petroleum systems - as well as opportunities to appraise and re-develop multiple discovered but abandoned oil fields.

Work Programme & Next Steps

Initial technical and subsurface work has commenced on the block, with the contractor group progressing the agreed early-phase work programme. This has focused on subsurface studies assessing reactivation of the Quenguela Norte wells, alongside the review of all local permitting and above-ground requirements. In parallel, a workstream assessing the greater exploration potential of Block KON4 has also commenced with interpretation of the recently completed high resolution eFTG survey being integrated with the existing sparse 2D seismic data. Further updates on forward work plans and timing will be provided in due course.

Paul McDade, Chief Executive Officer of Afentra plc, commented:

'"The formal award of KON4 is a significant milestone for Afentra, adding an operated position to our growing onshore Kwanza basin portfolio and reinforcing our commitment to building a material presence in this under-explored but highly prospective basin. KON4 brings a compelling mix of near-term redevelopment potential - anchored by the Quenguela Norte field - and meaningful exploration upside, supported by favourable fiscal terms and proximity to the Luanda refinery. Together with our non-operated interests in KON15 and KON19, we now hold a well-rounded and complementary position across the basin. We look forward to progressing the work programme with our partners and will provide further updates as our technical evaluation advances."

The equity participation in the license is:

Block KON4 Ownership Interests

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Technical Information