Afentra, an upstream oil and gas company focused on acquiring production and development assets in Africa,has provided an operational and financial trading update for the period 1 January to 31 October 2025.
Key Highlights
- Block 3/24 Award: License awarded to Afentra as Operator with 40% interest
- Etu Energias Acquisition: Approval process progressing with completion expected in Q1 2026
- Kwanza Onshore Expansion: KON4 license contract initialled; award expected in Q1 2026
- Net Average Production: production continues to be stable, 6,368 bopd for period to 31st October 2025
- Crude Oil Sales & Revenue: 1.63 mmbbls sold at $70.14/bbl average price, generating $114.3 million revenue
- Borrowings: drawn RBL of $31.5 million, Net debt of $7.5 million
- Board Appointment: Andrew Osborne appointed as Non-Executive Director and Chair of Audit Committee
Operational Highlights
- Gross average production for the period ended 31 October 2025 was 21,428 bopd (Net: Block 3/05 6,222 bopd; Block 3/05A 146 bopd).
- Multi-year redevelopment plan remains on track targeting increased recovery and production growth. Key workstreams progressed in the period ended 31 October 2025 include:
- Water injection ramp-up continued, averaging 35,000 bwpd for the period, average injection rates of 55,000 bwpd achieved in October. The programme remains on track to achieve a consistent 85,000 bwpd by year-end.
- 22 light well interventions delivered to date sustaining production performance, programme targeting a total of around 35 wells to be completed by year-end.
- Infrastructure upgrades continue 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, Opex continues to track $23/bbl.
- Additional investment associated with the preparation for the 2026 drilling campaign and accelerated revamping programme will increase the 2025 capital programme from $180 million gross to around $220 million gross (Net: $66 million).
- Drilling related investment included long lead items, platform surveys, mobilisation of contractor drilling teams and heavy work over studies.
- Incremental revamping activities included commencement on platforms earlier than planned, refurbishment of the gas compressor and power systems and materials for 2026 revamping.
- Block 3/05 drilling and workover activities being finalised and agreed for execution of up to two new wells and three workovers in 2026.
- Block 3/24 offshore license award completed following ministerial approval with Afentra as Operator at 40% working interest. Work is already underway reviewing the potential for redevelopment of the existing discoveries on this block.
- 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. Approval process is ongoing and completion is now expected in Q1 2026.
- Onshore Kwanza basin:
- Block KON15 license formally awarded in February.
- KON4 Risk Service Contract initialled in June, confirming Afentra as Operator at 37.5%, completion of the award is now expected in Q1 2026.
- eFTG data acquisition programme underway across Blocks KON4, KON15 and KON19, with completion targeted for Q1 2026 to advance subsurface evaluation and define future exploration and development targets.
- On the KON4 license, the JV has completed field reconnaissance and progressed integration of historic data, supporting subsurface modelling ahead of well re-entry.
Financial Highlights up to 31st October 2025
- Revenue of $114.3 million1
- Cash resources of $23.8 million (including $7.1 million of restricted funds)
- Debt drawdowns
- Reserve Based Lend Facility: $31.5 million
- Working Capital Facility: zero
- Net debt of $7.5 million
- Crude Oil Sales
- Four liftings during the period totalling 1.63 million bbls; average price of $70.14/bbl
- Next lifting of ~500,000 bbls expected in January 2026
- Currently ~7% of 2026 sales hedged; programme remains under review as current pricing does not offer sufficient value for the protection provided.
- Employee Benefit Trust commenced a share purchase programme in July to acquire ~6.5 million shares, covering FSP and LTIP awards through H2 2025 and 2026, avoiding dilution and capitalising on current share price levels. The company purchased 3,978,677 shares at a volume-weighted average price of ~48 pence per share over the period.
Post Period-End
- Appointment of Andrew Osborne as Independent Non-Executive Director and Chair of the Audit Committee announced on 10 November, further strengthening Afentra's board and governance framework
Near-Term Catalysts
- Completion of Etu Energias acquisition
- Award of KON4 Risk Service Contract
- Completion of the eFTG acquisition and interpretation to identify the potential of the onshore licenses
- Next crude lifting (~0.5 mmbbls) expected in January 2026
- Block 3/05 drilling and workover programme with execution anticipated to start in 2026
- Annual reserves and resources review expected to continue to demonstrate upside potential
Paul McDade, Chief Executive Officer, Afentra plc commented:
'The completion of the Block 3/24 license award marks an important milestone for Afentra, adding material reserves and production potential and establishing our first operated position offshore Angola. With the Etu Energias acquisition expected to complete in early 2026, we will further enhance our reserves base, production profile and presence in Angola. As Operator of Block 3/24, Afentra will apply its technical and operational expertise to unlock the redevelopment potential of the block, complementing the ongoing work on Blocks 3/05 and 3/05A. Together, these assets provide a clear pathway for material production growth and long-term value creation.
Operationally, we continue to make good progress on the asset workstreams that support our long-term growth strategy, while maintaining a disciplined approach to cost management and balance sheet strength. Additionally, we are pleased to be progressing preparations for the commencement of drilling activities in 2026 as we seek to achieve an organic step-change in production and cash flow generation.
Afentra enters 2026 well positioned to deliver on its strategy and to build on the strong platform established over the past years."
Supporting Presentation
A short presentation has been uploaded to Afentra's website - please view here:
