ANGOLA: Afentra Provides an Operational Update 

Block 3/05 & 5A Asset performance      

Production  

–     Gross average production for the three months ended 31 March 2026 was 20,006 bopd (Net: Block 3/05 5,856 bopd; Block 3/05A 102 bopd)^1.  Production was impacted by downtime associated with the Borr Grid drilling unit positioning over the Pacassa production platform.

–     Asset uptime remained stable throughout the period, supported by continued progress across the asset revamping and integrity workstreams.

Revamping & Integrity

–     Multi-year redevelopment plan remains on track underpinning increased reserves recovery and production growth. Key workstreams during the period include:

o  Water injection averaged ~45,000 bwpd during the period, with rates of up to 70,000 bwpd achieved. Focus on increasing sustained water injection rates continues, targeting rates of ~100,000 bwpd in H2 2026

o  Infrastructure upgrades supporting improved reliability and operational performance progressed across key platforms, with work now completed at Pambi platform and ongoing at Cobo and Palanca platforms.

o  Palanca FSO works completed and formal recertification received for a further five-year period.

o  Six light well interventions (LWI) were completed during the period. The full 2026 LWI programme is targeting ~40 interventions.

2026 infill drilling and workover programme

–     Agreement signed with Sonangol to use the Borr Grid drilling unit. Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days.

–     Two-well programme will be financed by Sonangol, with costs recovered from future incremental production revenues from the wells and is therefore not expected to impact the Company’s 2026 cash capex.

–      Second well in the programme is expected to be the Impala-2 development well.

–    Programme targets a potential gross production uplift of ~9,000 bopd and gross recoverable resources of over 100mmbo.

–       Hydraulic workover programme preparations are ongoing with execution planned for late 2026/27.

Block 3/24

–    Operational activities in support of the GPQ development progressed during the period, including the planning of a survey vessel programme to execute wellhead inspection, survey and measurement scope.

–      Subsurface work continues to assess the full extent of the hydrocarbon discoveries and exploration potential within the Block

Onshore Kwanza basin (KON15 & 19)

–    Acquisition of the eFTG geophysical survey data was completed across the licence areas with initial results being interpreted and integrated with existing datasets.

–   Technical studies progressing towards assembling a full prospect inventory and planning for future 2D seismic acquisition.

Portfolio expansion

–   Etu transaction: Sonangol elected to participate in the acquisition resulting in Sonangol, Afentra and M&P jointly acquiring Etu’s interests in Blocks 3/05 and 3/05A. Afentra will now acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A. Completion of the transaction, now expected in Q2 2026, remains subject to customary conditions precedent, including government approval in Angola.

–    KON4: will be submitted to the April Council of Ministers for approval, with final award pending and expected in Q2 2026.

Paul McDade, Chief Executive Officer, Afentra plc commented:

 “Afentra has made a strong operational and financial start to 2026. During the quarter we generated revenues of ~$34 million from the sale of 517k barrels and commenced the first drilling campaign for over a decade on Block 3/05, with the prospect of a transformational increase in our production and resource base. Looking forward, we remain on track for our second cargo lift of 2026 later this month, increasing our working interest in Blocks 3/05 and 3/05A and seeing the results of the fully carried drilling campaign in the second half of 2026.  Our team remains focused on delivering our organic growth projects while continuing to assess all options to accelerate the growth and development of our high-quality Angolan portfolio.  Our performance to date, combined with our well-advanced debt refinancing and the ongoing strategic review, firmly underpins our strategic commitment to maximising shareholder value.”