Award of KON4 Licence Onshore Angola

Afentra PLC

27 May 2026

 

27 May 2026

AFENTRA PLC

Award of KON4 Licence - Onshore Angola

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 the Risk Service Contract ('RSC') for onshore Block KON4 has been formally approved and awarded by Presidential Decree on the 26 May 2026.

Afentra has been awarded a 35% operated interest in KON4 alongside our local Angolan partners Grupo Simples Oil, Sonangol E&P, Brite's Oil and Gas and Sodedurs. The formal signing of the contract is expected at a later date.

The award of KON4 further strengthens Afentra's position in the onshore Kwanza basin and expands the Company's operated portfolio in Angola. The block contains multiple legacy oil fields, including the large Quenguela Norte field, and offers field re-development opportunities alongside overlooked near-field exploration potential. KON4 complements Afentra's existing onshore Kwanza licences and supports the Company's strategy of building a material position in the basin.

About KON4

KON4 covers 1,387 sqkm and is situated in a historically productive area of the onshore Kwanza basin, where 11 oil and 2 gas fields have been discovered and over 90 mmboe produced to date. The block features the Quenguela Norte field - the largest onshore discovery in the onshore Kwanza basin to date - estimated to hold over 200 mmbo of discovered oil in place in Tertiary reservoirs. The field achieved peak production of 12,000 bopd, with 46 mmbo recovered before it was shut-in and abandoned in 1999. This field represents an opportunity to unlock significant value through the reactivation of the field production, supported by modern technology and re-development techniques that have advanced considerably since the fields were last in production decades ago. In addition, the Block's proximity to the Luanda refinery and the existing road infrastructure could allow early production and export to the refinery.

KON4 also provides low-cost, overlooked near-field Tertiary and Cretaceous age exploration opportunities that further enhance Afentra's footprint and strategic optionality in the onshore Kwanza basin. Our portfolio of KON4, KON15 and KON19 offer a complementary portfolio with exposure to a diverse range of play types - across both post-salt and pre-salt petroleum systems - as well as opportunities to appraise and re-develop multiple discovered but abandoned oil fields.

Work Programme & Next Steps

Initial technical and subsurface work has commenced on the block, with the contractor group progressing the agreed early-phase work programme. This has focused on subsurface studies assessing reactivation of the Quenguela Norte wells, alongside the review of all local permitting and above-ground requirements. In parallel, a workstream assessing the greater exploration potential of Block KON4 has also commenced with interpretation of the recently completed high resolution eFTG survey being integrated with the existing sparse 2D seismic data. Further updates on forward work plans and timing will be provided in due course.

Paul McDade, Chief Executive Officer of Afentra plc, commented:

'"The formal award of KON4 is a significant milestone for Afentra, adding an operated position to our growing onshore Kwanza basin portfolio and reinforcing our commitment to building a material presence in this under-explored but highly prospective basin. KON4 brings a compelling mix of near-term redevelopment potential - anchored by the Quenguela Norte field - and meaningful exploration upside, supported by favourable fiscal terms and proximity to the Luanda refinery. Together with our non-operated interests in KON15 and KON19, we now hold a well-rounded and complementary position across the basin. We look forward to progressing the work programme with our partners and will provide further updates as our technical evaluation advances."

The equity participation in the license is:

Block KON4 Ownership Interests

Name	Interest
Afentra (Operator)	35%
Grupo Simples Oil	35%
Sonangol E&P	20%
Brite's Oil and Gas	5%
Sodedurs	5%

For further information contact:

Afentra plc [phone]

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) [phone]

Bobby Morse

Barry Archer

George Pope

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) [phone]

Callum Stewart

Simon Mensley

Ashton Clanfield

Tennyson Securities (Joint Broker) [phone]

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 a 35% operated interest in Block KON4 and 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.

More information is available at www.afentraplc.com or by visiting the Afentra's Curation Showcase.

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.

Glossary

bbl	barrel
bbls	barrels
bopd	barrel of oil per day
eFTG	enhanced Full Tensor Gravity Gradiometry
mmbbls	million barrels
mmbo	million barrels of oil
mmboe	million barrels of oil equivalent

Standard

Estimates of reserves and resources have been prepared in accordance with the June 2018 Petroleum Resources Management System ("PRMS") as the standard for classification and reporting.

Technical Information

The technical information contained in this announcement has been reviewed and approved by Robin Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss has over 30 years of experience in oil and gas exploration, production and development. He is a member of the Society of Petroleum Engineers (SPE) and holds a Bachelor of Science (BSc) and a Bachelor of Science Honours (BSc Hons) in Physics and Mathematics from the University of Cape Town.

 

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