Afentra (AET): Block 3/05 redevelopment and drilling

This situation live

AET Afentra

£203m · 71.3p · +58% since the first step

19 Nov 2025 · Water injection ramping; drilling preparations under way · +9% until the next step Multi-year redevelopment plan remains on track targeting increased recovery and production growth.

5 Feb 2026 · Preparing 2026-27 drilling; water injection ramping; FSO recertification pending · +69% until the next step Preparations continue on the potential 2026-2027 infill drilling and a hydraulic workover programme across the producing Block 3/05 fields, which will include up to two wells and three workovers.

30 Mar 2026 · Drilling accelerated; spud expected in coming days · −7% until the next step The Pacassa SW exploration well is anticipated to spud in the coming days, marking Afentra's transition into the execution phase of its organic growth strategy.

23 Apr 2026 · Pacassa SW spudded; Impala-2 second · −2% until the next step Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days.

13 May 2026 · Pacassa SW drilling underway · −5% until the next step Pacassa SW drilling underway: the high impact Pacassa SW well operations were initiated in April, the well, which is carried, has the potential to add material production and reserves with results exp

27 May 2026 · KON4 awarded by Presidential Decree; signing pending · −18% until the next step the Risk Service Contract ('RSC') for onshore Block KON4 has been formally approved and awarded by Presidential Decree on the 26 May 2026.

7 Jul 2026 · Pacassa SW drilling; results slipped to late July · +24% until the next step Drilling of Pacassa SW well is progressing, rig performance has improved with the reservoir section now expected to be drilled in the coming weeks and initial well results are anticipated in late July

11 Aug 2026 · Pacassa SW discovery made; completion under way · +11% until the next step It is anticipated that following the connection of the well to the production system first oil from the well will be delivered in Q3 2026.

15 Sep 2026 · Pacassa SW completion failed; sidetrack planned · −10% until the next step Consideration is currently being given to either continuing to complete Pacassa SW or moving the rig to Impala-2 while the necessary planning and equipment mobilisation are completed.

12 Oct 2026 · Rig moved to Impala-2; Pacassa SW sidetrack follows · −2% since 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.

Project milestones

Block 3/05 redevelopment and drilling

Rig moved to Impala-2; Pacassa SW sidetrack follows

JAN31 Next: Impala-2 spud mid-October; first oil January 2027 in 99 days

Every step · 10

19 Nov 2025 Water injection ramping; drilling preparations under way – Multi-year redevelopment plan remains on track targeting increased recovery and production growth. ↗
5 Feb 2026 Preparing 2026-27 drilling; water injection ramping; FSO recertification pending – Preparations continue on the potential 2026-2027 infill drilling and a hydraulic workover programme across the producing Block 3/05 fields, which will... ↗
30 Mar 2026 Drilling accelerated; spud expected in coming days – The Pacassa SW exploration well is anticipated to spud in the coming days, marking Afentra's transition into the execution phase of its organic growth strategy. ↗
23 Apr 2026 Pacassa SW spudded; Impala-2 second – Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days. ↗
13 May 2026 Pacassa SW drilling underway – Pacassa SW drilling underway: the high impact Pacassa SW well operations were initiated in April, the well, which is carried, has the potential to add... ↗
27 May 2026 KON4 awarded by Presidential Decree; signing pending – the Risk Service Contract ('RSC') for onshore Block KON4 has been formally approved and awarded by Presidential Decree on the 26 May 2026. ↗
7 Jul 2026 Pacassa SW drilling; results slipped to late July – Drilling of Pacassa SW well is progressing, rig performance has improved with the reservoir section now expected to be drilled in the coming weeks and... ↗
11 Aug 2026 Pacassa SW discovery made; completion under way – It is anticipated that following the connection of the well to the production system first oil from the well will be delivered in Q3 2026. ↗
15 Sep 2026 Pacassa SW completion failed; sidetrack planned – Consideration is currently being given to either continuing to complete Pacassa SW or moving the rig to Impala-2 while the necessary planning and equipment... ↗
12 Oct 2026 Rig moved to Impala-2; Pacassa SW sidetrack follows – 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... ↗

What is happening

Afentra: Block 3/05 redevelopment and drilling – Rig moved to Impala-2; Pacassa SW sidetrack follows. ['Rig moved to Impala-2; Pacassa SW sidetrack follows']

In short: 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.
Announced: 19 Nov 2025 · Water injection ramping; drilling preparations under way
Latest: 12 Oct 2026 · Rig moved to Impala-2; Pacassa SW sidetrack follows
Injection well: Pacassa SW injection well unlikely to be required now; final decision before rig operations end
Problem: Failed packer restricts wellbore access; sidetrack planned to bypass obstruction
Cost exposure: No exposure to incremental costs under Sonangol commercial arrangements
Impala-2 timing: Spud mid-October 2026; about 80 days; completion end December; first oil January 2027
Impala-2 rate: Initial gross production approximately 4,000 bopd
Impala-2 funding: JV partners fund directly instead of carry; cost cap reduced to $60m gross
Pacassa SW: Sidetrack after Impala-2; first oil expected Q1 2027, previously Q3 2026
Pacassa SW resources: Remapping ongoing; up to around 70mmbo expected; update when complete

What comes next

Impala-2 spud mid-October; first oil January 2027 (31 Jan 2027).

From the company's own announcements. Not investment advice.

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