Afentra

AET · AIM · Energy · mcap £203m · 71.3p 2 open situations →

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2026 Block 3/05 redevelopment and drilling Etu Energias acquisition 2 directors buying Possible offer Equity fundraising 1 director buying 1 director buying

Open · 2

Project milestones◷ in 98 days

Block 3/05 redevelopment and drilling

Rig moved to Impala-2; Pacassa SW sidetrack follows

Pacassa SW found 136 m net oil pay, but a failed packer blocked completion (reported 15 Sep 2026) and a sidetrack is needed. On 12 Oct 2026 the JV moved the rig to Impala-2 first, with the Pacassa SW sidetrack to follow. Pacassa SW first oil slips from Q3 2026 to Q1 2027. Impala-2 is now funded directly by partners under a reduced $60m cost cap.

Injection well: Pacassa SW injection well unlikely to be required now; final decision before rig operations end 11 Aug 2026 ↗
Problem: Failed packer restricts wellbore access; sidetrack planned to bypass obstruction 15 Sep 2026 ↗
Cost exposure: No exposure to incremental costs under Sonangol commercial arrangements 15 Sep 2026 ↗
Impala-2 timing: Spud mid-October 2026; about 80 days; completion end December; first oil January 2027 12 Oct 2026 ↗
Impala-2 rate: Initial gross production approximately 4,000 bopd 12 Oct 2026 ↗
Impala-2 funding: JV partners fund directly instead of carry; cost cap reduced to $60m gross 12 Oct 2026 ↗

Next: Impala-2 spud mid-October; first oil January 2027 · 31 Jan 2027

12 Oct 2026 Rig moved to Impala-2; Pacassa SW sidetrack follows
15 Sep 2026 Pacassa SW completion failed; sidetrack planned
11 Aug 2026 Pacassa SW discovery made; completion under way
7 Jul 2026 Pacassa SW drilling; results slipped to late July

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Large acquisition / reverse takeover

Etu Energias acquisition

Block 3/05 decree published; 3/05A awaited

Afentra agreed to buy extra interests in Blocks 3/05 and 3/05A from Etu (announced 19 Nov 2025). New SPAs followed Sonangol's pre-emption on 19 Mar 2026. On 6 Oct 2026 the Block 3/05 executive decree was published; the Block 3/05A decree is still awaited, then novation. Completion is not yet confirmed.

Contingent price: Up to US$6.74 million, linked to oil price, production and development of key discoveries 6 Oct 2026 ↗
Co-buyers: Sonangol and M&P acquire the rest of Etu's interests 7 Jul 2026 ↗
Post-completion stake: Afentra 33.33% in 3/05 and 24.99% in 3/05A 6 Oct 2026 ↗
Conditions: Customary conditions precedent, including Angolan government approval 7 Jul 2026 ↗
Completion: Expected Q3 2026, reiterated 11 Aug 2026 11 Aug 2026 ↗
Interest: Additional 3.33% in Block 3/05 and 3.66% in Block 3/05A 6 Oct 2026 ↗

Next: Block 3/05A decree, then novation and completion steps

6 Oct 2026 Block 3/05 decree published; 3/05A awaited
15 Sep 2026 Awaiting conditions; completion expected Q3 2026
11 Aug 2026 Awaiting conditions; completion expected Q3 2026
7 Jul 2026 Awaiting conditions; completion slipped to Q3 2026

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Closed · 5

Insider conviction2 directors buying £67k in 2 buys · 10 Jul 2026 – 8 Oct 2026 +22% Takeover targetPossible offer went quiet · 19 Mar 2026 – 15 Sep 2026 +14% Dilutive fundraiseEquity fundraising Placing and retail offer reported completed · 3 Jun 2026 – 7 Jul 2026 Insider conviction1 director buying £106k in 1 buy · 11 Nov 2025 – 9 Feb 2026 +62% Insider conviction1 director buying £58k in 1 buy · 16 Jul 2025 – 14 Oct 2025 −7%

Company filings. Not investment advice.