Afentra, an upstream oil and gas company focused on acquiring production and development assets in Africa, has provided an update on the latest Competent Person's Report (CPR) for Block 3/05, conducted by ERC Equipoise (ERCE).
As of 31 December 2024, total net 2P working interest reserves stand at 34.2 million barrels of oil (mmbo), (gross 114 mmbo). Since the previous CPR in June 2023, gross production of approximately 11 mmbo was offset by a gross increase in reserves of 15.4 mmbo resulting in a reserve replacement ratio of 140% over the 18-month period.
Contingent resources on Block 3/05 have also increased since the last CPR with net working interest 2C resources of 13.8 mmbo (gross 46 mmbo). In addition, management currently estimates1 Block 3/05A net 2C resources at 7.1 mmbo (gross 33 mmbo).
Since Afentra's first CPR in March 2022, 19.4 mmbo has been produced yet gross 2P reserves have remained broadly stable, 114 mmbo compared to 115 mmbo in March 2022. This early reserves performance, prior to any rig activity, reflects the significant potential of the Block 3/05 assets to sustain and replenish reserves. With rig activity planned to start in 2026, and the planned development of Block 3/05A, we expect to build on this strong initial performance to deliver significant production and reserves growth which will be sustained for many years to come.
Paul McDade, CEO of Afentra, commented: 'The latest CPR reaffirms the significant potential of Block 3/05. Delivering such high reserves replacement prior to any rig activities or the development of the significant discoveries in Block 3/05A underscores the long-term value of these assets and our belief that the production on these assets can be materially increased.
Our focus remains on working with and supporting the Block 3/05 and 3/05A partnership to maximize production and recovery while driving cashflow generation and value creation.'
Block 3/05 Reserve Summary
|
CPR Report |
Block 3/05 - 2P Reserves (mmbo) |
||
|
Gross |
Working Interest |
Net Entitlement(2) |
|
|
31 December 2024 |
113.9 |
34.2 |
24.2 |
|
30 June 2023(3) |
109.5 |
32.8 |
22.8 |
|
31 March 2022(3) |
115.2 |
34.5 |
21.5 |
Notes:
1To date, resource estimates for Block 3/05A are based on management estimates and have not yet been independently audited.
2 Net Entitlement Reserves are the portion of future production (and thus resources) legally accruing to Afentra under the terms of the production contract and expenditure and oil price assumptions.
3 Working interest reserves have been calculated as 30% of the gross reserves for comparison purposes.
Source: Afentra
