Afentra, the upstream oil and gas company focused on production and development assets in Africa, has announced its half year results for the six months ended 30 June 2026.
H1 2026 Summary
Key Highlights
- Block 3/05 Drilling:
- Pacassa SW successful oil discovery; revised completion plan being finalised;
- Impala-2 expected to be second well in drilling programme
- Strategic Review: Afentra to pursue next phase of growth as an independent E&P company
- Refinancing: cost of capital reduced with completion of $125m Gunvor prepayment facility
- Equity Raise: completed heavily oversubscribed $40m placing and £2m retail offer at 67p/share
- Etu Acquisition: expected to complete in Q3 2026, increasing equity interests in Blocks 3/05 & 3/05A
- Kwanza Onshore: eFTG survey completed; KON4 licence awarded
- Net Average Production: 5,777 bopd in H1 2026; averaging 6,236 bopd during July/August 2026(1)
- Crude Oil Sales & Revenue:
- two liftings totalling ~1.0 mmbbls at an average $91.3/bbl, generating $91.0 million
- post-period lifting of 452,024 bbls in July at $84.1/bbl, generating $38.0 million
- Financial Position: Cash of $97.4 million, Net cash of $28.4 million at 30 June 2026
Financial Highlights (As at and for six months ended 30 June 2026)
- Revenue of $91.0 million(2)
- Cash resources of $97.4 million
- Total debt of $70 million
- Net cash of $28.4 million(3)
- Adjusted EBITDAX of $41.9 million
- Company financial position strengthened significantly with new $125m debt facility and $40m equity raise
- Gunvor prepayment facility put in place at significantly reduced cost of debt and trading costs; $70 million drawn with additional availability of $30 million in 2026 and $25 million in 2027
- Heavily oversubscribed equity fundraising of $40 million completed at 67 pence per share, together with additional £2.0 million WRAP Retail Offer
- Crude Oil Sales
- Two liftings of 997,252 bbls at average price of $91.3/bbl sold, generating revenue of $91.0 million
- Post-period lifting of 452,024 bbls completed in July at an average $84.1/bbl, generating revenue of $38.0 million
- Two additional liftings of ~450,000 bbls each anticipated in the remainder of 2026
- Hedging activity continued during the period and post period-end, resulting in approximately 49% of 2026 remaining forecast sales being hedged through a combination of puts and collars, with floor prices ranging from $60–85/bbl and collar caps ranging from $77.5–117.6/bbl; for 2027, approximately 24% of forecast sales are currently hedged, with floor prices of $70/bbl and collar caps ranging from $82–103/bbl4
- Post period-end, a cash call of ~$28 million was issued and paid in July, bringing JV funding broadly in line with the expected H1 budget
Operational and Corporate Highlights
Strategic Review
- Following the comprehensive strategic review announced in March 2026, the Board determined, after considering a number of strategic options, including offers for the company, that pursuing Afentra’s next phase of growth as an independent E&P company offers the greatest opportunity to maximise shareholder value.
Reserves & Resources
- Independent year-end 2025 assessment confirmed net 2P WI reserves of 31.9 mmbo and in January Afentra announced a fourfold increase in 2C working interest contingent resources to 87.3 mmboe across Blocks 3/05, 3/05A and 3/24, based on both independent and management assessments.
Block 3/05 and Block 3/05A
- Pacassa SW: well was spudded in April as the first well in the two-well drilling programme, drilling progressed through the period. Post period end, the well reached total Measured Depth of 5,381 metres, encountering a 217m gross oil-bearing reservoir section with 136 metres of net oil pay; the well encountered significant losses in the reservoir section indicating high permeability from fractures as well as a level of depletion; the interpreted oil-water contact is consistent with that encountered in the main Pacassa field. Completion operations encountered challenges resulting in a failed packer restricting access to the wellbore. The joint venture is progressing plans to sidetrack the well to bypass the obstruction and enable the completion equipment to be run. 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. The commercial arrangements previously agreed with Sonangol mean that the Company has no exposure to the incremental costs arising from these additional Pacassa SW operations.
- Impala-1: post period-end, the well was successfully returned to production following a well intervention, testing at up to approximately 4,700 bopd and subsequently producing at approximately 3,000 bopd before being shut in to accommodate preparations for Impala-2.
- Impala-2: is expected to be the second well in the two-well drilling programme, with preparations advanced and timing subject to finalisation of the Pacassa SW completion plan. The well is targeting initial production of approximately 4,000 bopd. A further update will be provided once the drilling sequence is confirmed.
- Gross average production: for the period of 19,379 bopd (net: Block 3/05 5,688 bopd; Block 3/05A 90 bopd). Production reflected downtime associated with the positioning of the Borr Grid drilling unit over the Pacassa platform and a planned shutdown of the gas compression system to improve gas distribution. Post period-end, gross production averaged 20,897 bopd during July and August 2026 (net: Block 3/05 6,156 bopd; Block 3/05A 80 bopd).
- The multi-year redevelopment plan: remains on track, underpinning increased reserves recovery and production growth.
- Water injection averaged ~45,000 bwpd in the period, with rates of up to 70,000 bwpd achieved and a target of ~100,000 bwpd in H2 2026. Post period-end, water injection averaged approximately 56,000 bwpd during July and August 2026.
- Infrastructure upgrades progressed across key platforms, with work completed at Pambi and ongoing at Cobo and Palanca. Palanca FSO works were completed and formal recertification received for a further five-year period.
- Well intervention activities, including slickline, electric line and acid stimulation activities, have continued successfully across the asset.
- Hydraulic workovers: Preparations for the hydraulic workover programme continued, with execution planned for early 2027.
Block 3/24
- Activities in support of the GPQ development progressed. Post period end, Afentra safely completed its first operated offshore campaign, inspecting four GPQ subsea wellheads using a low-cost ROV operation.
Onshore Kwanza basin
- Acquisition of eFTG geophysical survey data was completed across all licensed areas, with initial results being interpreted and integrated with existing datasets to support prospect maturation and future work programme planning.
- Post period-end, initial eFTG interpretation continued across KON4, KON15 and KON19; identifying a number of post-salt leads. A contract has been awarded for a 300 km 2D seismic acquisition on KON15, this is expected to commence in September 2026. In KON4, the leads identified are adjacent to the previously produced Quenguela Norte field and consideration is being given to the acquisition of a focused 2D seismic programme around Quenguela Norte in H1 2027.
Portfolio expansion
- The KON4 licence was formally awarded and signed.
- Under the Etu transaction Afentra will acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A, following the decision by Sonangol to participate alongside Afentra and M&P, with completion expected in Q3 2026.
Near-Term Catalysts
- Completion of the Pacassa SW well
- Commencement of Impala-2 drilling
- Completion of the Etu transaction expected Q3 2026
- Operational update on the redevelopment of the KON4 Quenguela Norte field
- Update on the assessment of the exploration potential across the Kwanza Onshore portfolio
- Commencement of the Block 3/05 hydraulic workover programme planned for early 2027
Paul McDade, Chief Executive Officer, Afentra plc commented:
'The first half of 2026 has been a period of significant strategic and financial delivery, marking our transition into the execution phase of our organic growth strategy with the first drilling in Block 3/05 in over a decade. The successful refinancing through our new $125 million Gunvor facility has reduced our cost of debt and trading costs, while providing the financial flexibility to support our ongoing investment programme. Combined with our strong underlying cash generation and the oversubscribed equity fundraising of over $40 million, this has materially strengthened our balance sheet and capital structure.
The successful Pacassa SW oil discovery provides clear proof of concept for our offshore Angolan portfolio, supporting our view that the wider Pacassa SW area has the potential to contain up to 70 mmbo of gross recoverable resources. While completion operations encountered an obstruction that will require a sidetrack to bring the well onstream, our existing commercial agreement ensures we have no financial exposure to these additional costs. Preparations for the Impala-2 development well continue, with the timing and drilling sequence currently being finalised.
Onshore, our high-resolution eFTG programme is already yielding results, which, alongside the upcoming seismic work, will allow us to progress the redevelopment of the Quenguela Norte field and define a broad portfolio of exploration prospectivity over the next six to 12 months. Looking forward, the completion of Pacassa SW, the drilling of Impala-2, the anticipated completion of the Etu acquisition and the commencement of onshore 2D seismic acquisition provide an active period with multiple near-term catalysts. We now have multiple pathways across our offshore and onshore portfolio to deliver the material production and reserves growth we have been building towards, and we look forward to updating shareholders on our progress.'
Supporting Presentation
A presentation has been uploaded to Afentra’s website – please view here: https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2026/09/2026.08-HY26-Results-presentation.pdf
Source: Afentra
