ANGOLA: Afentra Geared Up for Angolan Expansion

Afentra plc is pivoting firmly into full-scale operational execution in Angola, backed by a freshly strengthened balance sheet, an upcoming offshore drilling campaign, and expansive onshore seismic surveys.

Fresh off its 2026 half-year financial results, the African-focused energy independent confirmed a multi-front suite of near-term catalysts designed to drive production, unlock new reserves, and expand its footprint through strategic M&A across the remainder of 2026 and early 2027.

1. Offshore Angola: Sidetracks, New Wells, and Workovers

Afentra’s offshore operations in Block 3/05 and 3/05A where net production averaged 6,236 barrels of oil per day (bopd) in July and August are set to experience significant activity in the coming weeks and months:

• Pacassa SW Sidetrack & Completion: Following the recent Pacassa SW oil discovery which revealed 136 metres of net oil pay—joint-venture operations are finalizing a sidetrack to bypass a minor wellbore obstruction. Once complete, the well is expected to unlock a structural area holding an estimated 70 million barrels of gross recoverable oil resources. Crucially, under prior commercial terms with state oil firm Sonangol, Afentra carries no financial exposure to the extra costs incurred by the sidetrack operation.
• Impala-2 Drilling: Positioned as the next well in the two-well drilling programme, preparations are advanced to spud Impala-2, targeting an initial production boost of roughly 4,000 bopd.
• Hydraulic Workovers (Early 2027): Preparations are underway for an offshore hydraulic workover campaign scheduled to launch in early 2027 to sustain production momentum and enhance long-term reservoir recovery.
• Ramping Water Injection: The joint venture is targeting a water injection rate of roughly 100,000 barrels of water per day (bwpd) in the second half of 2026 (up from ~56,000 bwpd in July/August) to optimize field pressure.

2. Onshore Kwanza Basin: Seismic Guns Firing

Following the completion of airborne high-resolution geophysical surveys (eFTG) across its onshore licences, Afentra is turning its focus to seismic acquisition and prospect generation:

• 300 km 2D Seismic on KON15: A contract has been awarded for a 300 km 2D seismic acquisition campaign across Block KON15, set to begin in September 2026.
• Quenguela Norte Target (KON4): Building on newly awarded rights to Block KON4, Afentra is progressing plans for a focused 2D seismic campaign in H1 2027 around the historic Quenguela Norte field, setting the stage for future redevelopment.

3. Pending M&A: Closing the Etu Acquisition

Afentra expects to finalize the acquisition of additional equity from Etu Energias within Q3 2026. Upon closing, the company will incrementally increase its working interest in both core assets:

• Block 3/05: Increasing to 33.33%
• Block 3/05A: Increasing to 24.99%

Financial Firepower to Fuel Growth

The upcoming operational surge is backed by a fully funded balance sheet following a series of recent refinancing milestones:

• $125 Million Debt Facility: Fully executed Gunvor prepayment facility ($70 million drawn), reducing cost of debt while leaving $55 million in additional headroom for 2026/2027.
• $42 Million Equity Injection: An oversubscribed $40 million institutional placement alongside a £2 million retail offer.
• Robust Liquidity: Total cash resources stood at $97.4 million (net cash of $28.4 million) as of June 30, 2026, reinforced by strong underlying cash flows from revenue generated at average realized crude prices above $90/bbl in H1.

“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,” stated Paul McDade, Chief Executive Officer of Afentra plc. “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.”