Afentra, the upstream oil and gas company focused on acquiring production and development assets in Africa, has announced its half year results for the six months ended 30 June 2025.
H1 2025 Summary
Key Highlights
- Block 3/24 (Post-Period): HoT signed with ANPG; Afentra to operate with 40% interest, marking first offshore operatorship
- Block 3/05 Acquisition: SPA signed with Etu Energias for additional interests in Blocks 3/05 and 3/05A
- Kwanza Onshore Expansion: KON15 license awarded; KON4 license contract initialled
- H1 2025 Net Average Production: 6,348 bopd
- Crude Oil Sales & Revenue
- 0.7 mmbbls sold at $72/bbl average price, generating $52.0 million revenue
- 0.5 mmbbls sold at $70/bbl post period (1st July), additional $35.4 million receivable(1)
- Borrowings: reduced to $36.3 million, Net Debt of $15.5 million (Net Cash $19.9 million post 1st July lifting)
- 2P Reserve Replacement: >140% over 18-month period; demonstrating reserve growth potential
Financial Highlights
- Revenue of $52.0 million
- Cash resources as at 30 June 2025 of $21.6 million; net debt at 30 June 2025 of $15.5 million
- Borrowings at 30 June 2025: $36.3 million; total debt / annualised adjusted EBITDAX 0.7x
- Adjusted EBITDAX of $27.9 million and profit after tax of $5.7 million
- Two liftings during the period totalling 0.7 million bbls; average price of $72.2/bbl
Operational Highlights
- Gross average combined production for H1 2025 for Block 3/05 and 3/05A was ~21,350 bopd (H1 2024: 22,722 bopd), with rates from late June 2025 exceeding 23,000 bopd following an acceleration of light well intervention activities
- Reserves and resources have materially increased since the last CPR in June 2023, with a 140% reserve replacement ratio, offsetting gross production of ~11 mmbo over the 18-month period to 31 December 2024, highlighting the long-term potential of the asset
- Multi-year redevelopment plan remains on track targeting increased recovery and production growth. Key workstreams progressed in H1 include:
- Water injection ramp-up continued, averaging 35,000 bwpd, with upgrades targeting around 85,000 bwpd consistently by year-end. Maximum injection rates in excess of 100,000 bwpd in H1 2025
- 10 light well interventions delivered to date to underpin production performance
- Infrastructure upgrades across power systems, cranes, subsea lines and risers to enhance safety, reliability, uptime and protect future value
- Platform surveys and access preparation to support rig mobilisation and drilling in 2026
- Asset uptime remained stable throughout the period with no major periods of downtime. Opex continues to track around $23/bbl and we remain on track to deliver the planned $180 million (Net: $54 million) capital investment programme
- Sale & Purchase Agreement signed with Etu Energias in June for an additional 5% net interest in Block 3/05 and 6.67% net interest in Block 3/05A. Completion is expected in late H2 2025
- Onshore Kwanza basin, Block KON15 license formally awarded in February and the KON4 Risk Service Contract was initialled in June, confirming Afentra as operator, with completion of the award expected in Q4 2025
Post Period-End
- Block 3/24 (Offshore Lower Congo Basin): Signed Heads of Terms with ANPG; Afentra to operate with 40% interest. Government approval expected in Q4 2025
- Production: Gross production from Blocks 3/05 and 3/05A during July and August averaged 22,172 bopd (Net: 6,583 bopd)
- Well Interventions: further 8 light well interventions completed in July and August to support ongoing base production
- Crude Oil Sales & Stock position
- Third crude lifting completed on 1 July 2025 (~500,000 bbls at $70/bbl), generating H2 revenue of $35.4 million
- Three liftings completed to date in 2025, totalling 1.2 million bbls, with an average realised price of $71.3/bbl
- Stock position at end-August was 128,745 bbls
- Cash: The lifting on 1 July 2025 resulted in additional cash of $35.4 million received in July
- Debt repayment: Early semi-annual repayment made on the RBL facility in August, reducing the outstanding balance to $31.5 million
Near-term Catalysts
- Next crude cargo lifting (~400,000 bbls) expected late September 2025
- Planned maintenance rescheduled to 2026, reflecting stable operations
- Completion of Etu transaction expected in Q4 2025
- KON4 award expected in Q4 2025
- Block 3/24 award expected in Q4 2025
- 2026 drilling and workover programme under preparation
Paul McDade, Chief Executive Officer, Afentra plc commented:
'Afentra has made meaningful strategic progress in the first half of 2025, expanding our non-operated positions and being awarded our first operated acreage in Angola. The entry into Block 3/24 represents an important milestone as our first offshore operatorship, further strengthening our presence alongside the core assets in Blocks 3/05 and 3/05A. At the same time, our onshore Kwanza basin portfolio has advanced with the award of KON15 and initialling of the KON4 contract, adding near-term redevelopment and exploration potential.
Together, these developments create a balanced portfolio of production, redevelopment and exploration opportunities that underpin our strategy of building a resilient, cash-generative business with material growth potential. Looking ahead, we remain focused on executing our near-term catalysts and positioning Afentra to deliver sustainable value for shareholders.'
Supporting Presentation
A short presentation has been uploaded to Afentra's website - please view here: https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/09/2025.09-Afentra-HY-2025-Results-Presentation.pdf
Source: Afentra
