Operational Update

Afentra plc (‘Afentra’ or the ‘Company’) (AIM: AET), an upstream oil and gas company focused on production and development assets in Africa, is pleased to provide an operational update on its offshore Angola portfolio, including confirmation of the revised sequence for drilling the Impala-2 development well and completion of the Pacassa SW well.

Highlights

Impala-2 – Immediate rig move to drill and complete Impala-2; first oil expected in January 2027

Impala-2 Funding – Joint venture partners have agreed to fund the well directly up to a reduced cost cap of $60m gross

Pacassa SW – Sidetrack will follow Impala-2 completion; first oil expected in Q1 2027

The joint venture has agreed to move the Borr Grid drilling rig to Impala-2, upon completion of this well the rig will return to drill and complete the Pacassa SW sidetrack. The revised sequence is designed to optimise the drilling schedule and rig utilisation, allowing Impala-2 to progress while final preparations and equipment mobilisation for the Pacassa SW sidetrack are completed.

Impala-2

Impala-2 is expected to spud in mid-October, with drilling and completion operations anticipated to take approximately 80 days. Completion of the well is targeted for the end of December, with first oil expected in January 2027 at an initial gross production rate of approximately 4,000 bopd.

Reservoir pressure and productivity data obtained during the successful Impala-1 intervention, which restarted production from this well, have been incorporated into the final well planning, supporting the next phase in the re-development of the Impala field. A material incremental resource upgrade for the Impala field is anticipated following the completion of Impala-2.

Impala-2 Funding

The joint venture partners have elected to fund Impala-2 directly rather than utilise the previously agreed carry mechanism. Direct funding allows Afentra to participate in production revenues from first oil and benefit from the full capital expenditure uplift available under the Production Sharing Contract. The joint venture partners will retain the agreed well cost cap mechanism, at a reduced level of $60m gross, thereby providing Afentra with protection against any cost overruns.

Pacassa SW

As previously announced, the Pacassa SW well delivered a successful oil discovery, encountering 136 metres of net oil pay. The well will require to be sidetracked due to operational problems restricting access to the wellbore. Given the ongoing planning and procurement for the sidetrack, the rig schedule has been revised. Following completion of the Impala-2 well, the rig will return to Pacassa SW to sidetrack and complete the well. First oil from Pacassa SW is now expected in Q1 2027 following connection to the existing Pacassa production infrastructure.

Remapping of the Pacassa SW discovery is ongoing incorporating the discovery well results. This work is expected to confirm significant incremental oil resources of up to around 70mmbo as predicted prior to drilling the well. The updated oil in place and resource ranges will be released when this work is completed.

Near-Term Catalysts

• Commencement of Impala-2 drilling expected mid-October 2026, with first oil expected January 2027
• Trading update in November 2026
• Completion of the Etu transaction
• Completion of the Pacassa SW sidetrack, with first oil expected in Q1 2027
• Operational update on the redevelopment of the KON4 Quenguela Norte field
• Update on the assessment of the exploration potential across the Kwanza Onshore portfolio
• Commencement of the Block 3/05 hydraulic workover programme planned for early 2027

Paul McDade, Chief Executive Officer, Afentra plc commented:

“The decision to move directly to Impala-2 provides operational flexibility, optimises the Block 3/05 drilling programme and enables us to maintain operational momentum. With preparations for the Impala-2 well complete, the revised sequencing allows drilling to progress immediately while final planning and equipment mobilisation for the Pacassa SW sidetrack are completed.

Pacassa SW remains a high-priority discovered resource and has already delivered an excellent subsurface result confirming the material potential we see in this area. Following Impala-2, the rig will return to Pacassa SW to sidetrack and complete the well, preserving a clear, efficient pathway to bringing both wells into production in Q1 2027.

The joint venture partners’ decision to fund Impala-2 directly enables Afentra to participate in production revenues from first oil, currently expected in January 2027, while benefiting from the full capital expenditure uplift available under the Block 3/05 PSC. Importantly, the retained well cost cap mechanism continues to provide Afentra with protection against cost overruns.

Together with our partners, we continue to take a disciplined, pragmatic approach to the redevelopment of Block 3/05. We now have two important production wells progressing through the programme, providing the potential for meaningful near-term production and cash flow growth as we continue to unlock the significant value within the asset.”

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