Afentra Completes Somaliland Divestment

Summary by AI ^BETAClose X

Afentra plc has completed the divestment of its 34% non-operated interest in the Odewayne Block, Somaliland, to Petrosoma Limited, receiving $1.97 million from Genel Energy Somaliland Limited in settlement of carry obligations. This strategic exit from a non-core, high-risk frontier exploration asset aligns with Afentra's focus on production and development assets in West Africa, particularly its Angolan operations. The carrying value of the divested interest was approximately $21.5 million as of June 30, 2025, and its write-down will not impact profit as no profit was attributable to this asset.

Disclaimer*

Afentra PLC

18 December 2025

AFENTRA PLC

Afentra Completes Somaliland Divestment

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announces that it has completed the transfer of its 34% non-operated participating interest in the Odewayne Block, Somaliland (the "Interest") to Petrosoma Limited ("Petrosoma"). The transfer has received formal approval from the Ministry of Energy and Minerals of the Republic of Somaliland, completing all requirements for the transfer under the relevant Production Sharing Agreement ("PSA") and associated transfer documentation. Petrosoma will now assume all rights and obligations relating to the Interest.

In addition, Afentra has signed a settlement agreement with the Operator Genel Energy Somaliland Limited ("Genel") and received $1.97m in respect of settling Genel's carry obligations to Afentra relating to the Interest. As part of the same transaction Genel has transferred its participating interest in the PSA to Petrosoma.

Summary of Terms

- Afentra has transferred its 34% Interest in the Odewayne Block to Petrosoma.

- Afentra has received US$1.97 million from Genel in settlement of Genel's carry obligations to Afentra.

- Petrosoma has assumed full responsibility for all past and future liabilities under the PSA.

- Afentra has no remaining rights or obligations relating to the Interest including in respect of environmental or decommissioning obligations.

Strategic Context

The Odewayne Interest is a legacy, non-core high risk frontier exploration asset that has not formed part of Afentra's strategic focus of acquiring production and development assets in West Africa. Afentra has not incurred any expenditure on this asset and was committed to exit the asset in a manner that provided value to Afentra's shareholders. The completion of the transfer is consistent with this ambition and the Company's disciplined approach to portfolio management. This enables management to remain focused on Afentra's core Angolan assets and strategic priorities.

Additional Information

The carrying value of the Interest as at Afentra's last reported balance sheet date 30 June 2025 was approximately US$21.5 million. No profit was attributable to this asset. No consideration was payable to the Company by Petrosoma for the transfer of its interest. There will be a write-down of the entire carrying value of the Interest.

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Barry Archer

George Pope

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600

Callum Stewart

Simon Mensley

Ashton Clanfield

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

About Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on opportunities in Africa. The Company's purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and host governments. Offshore Angola, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza Basin, Afentra holds 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.

Inside Information

This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and as subsequently amended by the Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.

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