Etu Acquisition Update

Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on mature production and development assets in Africa, is pleased to announce the publication of the executive decree for Block 3/05 by the Angolan Ministry of Mineral Resources, Petroleum and Gas (“MIREMPET”) for the previously announced acquisition from Etu Energias S.A. (“Etu”) of additional interests in Blocks 3/05 and 3/05A, offshore Angola (the “Etu Acquisition”).

The Company now awaits publication of the corresponding decree for Block 3/05A, following which the parties will proceed with the novation process and the remaining customary completion steps.

As previously announced, Sonangol E&P, the operator of both blocks, elected to participate in the acquisition process alongside Afentra and Etablissements Maurel & Prom S.A. ("M&P"). Accordingly, Sonangol, Afentra and M&P agreed to jointly acquire Etu's 10% interest in Block 3/05 and 13.33% interest in Block 3/05A. Under the transaction, Afentra will acquire an additional 3.33% interest in Block 3/05 and an additional 3.66% interest in Block 3/05A, increasing the Company's interests to 33.33% and 24.99%, respectively.

Transaction Highlights

Acquisition of additional interests of 3.33% net in Block 3/05 and 3.66% net in Block 3/05A, offshore Angola.

Net upfront consideration of $15.20 million[1].

Contingent consideration of up to $6.74 million, of which up to $4.74 million could become payable1,2 across both blocks, linked to a combination of oil price thresholds, production performance, and the successful development of key discoveries.

Effective date of the transaction is 31 December 2023.

The payment due at completion is expected to be significantly lower than the upfront consideration, reflecting adjustments for the period since the transaction’s effective date of 31 December 2023.

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

“We are pleased to receive the Block 3/05 approval. Receipt of the corresponding approval for Block 3/05A will allow us to progress the Etu Acquisition towards completion. Once completed, this transaction will further consolidate Afentra’s position in Blocks 3/05 and 3/05A and increase our exposure to the ongoing drilling and redevelopment programme. We look forward to completing the remaining steps with Etu, Sonangol and M&P."

Following completion, participating interest in both Blocks 3/05 and 3/05A will be as follows:

Post-completion interest