400% increase in 2C resources highlights material upside potential across Afentra's portfolio
Afentra, an upstream oil and gas company focused on acquiring production and development assets in Africa, announces the completion of an independent audit by Sproule ERCE of its contingent resource base across Blocks 3/05 and 3/05A discoveries and the completion of the Company's initial assessment of contingent resources within Block 3/24. The Company's annual reserves assessment is currently underway and will be released upon completion later this quarter.
Contingent Resource Upgrades
Afentra has completed an independent resource assessment of the undeveloped oil and gas discoveries across Blocks 3/05 and 3/05A, including Bufalo Norte, Punja, Gazela1&2 and Caco. As a result of this assessment 2C working interest (WI) contingent resources of 36.6 mmboe (gross 164.2 mmboe) has been certified across these discoveries, inclusive of associated gas.
The Company has also undertaken an initial internal review of the discoveries within the recently awarded Block 3/24, and management estimates that this represents additional WI contingent resource of 37.0 mmboe (gross 92.4 mmboe).
In addition, the Company is in the process of assessing the significant upside resource potential within the Block 3/05 producing fields and these will be quantified as the planned infill drilling and heavy workover programme is progressed. To date only 13.8 mmbo (gross 46 mmbo) of 2C WI contingent resource has been booked, however, the initial infill and workover programme has significant potential beyond this initial booked value.
Accordingly, the Company's total 2C WI contingent resources across Blocks 3/05, 5A and 24 now amount to 87.3 mmboe (gross 302.6 mmboe) representing an increase of over 400% versus the previously disclosed 2C resources WI of 20.9 mmboe.
A summary of the updated working interest contingent resources is set out below:
Growth Opportunities
The Company's Chief Operating Officer, Ian Cloke, will be presenting an overview of Afentra's near and medium-term growth potential from both offshore and onshore Angola at the Pareto Conference. This will include a discussion of the Company's planned infill drilling and workover campaign within the producing Block 3/05 fields, currently targeted for execution during 2026-2027, which will target significant near-term production and reserves upside.
In addition, the presentation will outline the Company's ongoing work to mature and progress undeveloped and near-field discoveries across Blocks 3/05, 3/05A and 3/24 over the medium term, providing further significant production upside and conversion of the contingent resources into reserves. Additional growth opportunities associated with Afentra's onshore Kwanza Basin acreage including both redevelopment of existing assets and exploration potential will also be covered. A copy of the Pareto Conference presentation will be released on the morning of the conference on Thursday 22 January 2026.
Paul McDade, Chief Executive Officer, Afentra plc commented:
'We're delighted to disclose the outcome of this independent resource update which contributes to a fourfold increase in Afentra's Working Interest 2C resources vs the previously disclosed figures in the market. This demonstrates some of the enormous upside potential that resides across the diverse portfolio that we have strategically assembled in Angola. We look forward to elaborating on the outstanding organic growth potential of our asset base at the Pareto conference in London next week.'
Source: Afentra
