Contingent Resource Upgrade

Afentra PLC

13 January 2026

 

13^th January 2026

AFENTRA PLC

Contingent Resource Upgrade

400% increase in 2C resources highlights material upside potential across Afentra's portfolio

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announces the completion of an independent audit by Sproule ERCE of its contingent resource base across Blocks 3/05 and 3/05A discoveries and the completion of the Company's initial assessment of contingent resources within Block 3/24. The Company's annual reserves assessment is currently underway and will be released upon completion later this quarter.

Contingent Resource Upgrades

Afentra has completed an independent resource assessment of the undeveloped oil and gas discoveries across Blocks 3/05 and 3/05A, including Bufalo Norte, Punja, Gazela1&2 and Caco. As a result of this assessment 2C working interest (WI) contingent resources of 36.6 mmboe (gross 164.2 mmboe) has been certified across these discoveries, inclusive of associated gas.

The Company has also undertaken an initial internal review of the discoveries within the recently awarded Block 3/24, and management estimates that this represents additional WI contingent resource of 37.0 mmboe (gross 92.4 mmboe).

In addition, the Company is in the process of assessing the significant upside resource potential within the Block 3/05 producing fields and these will be quantified as the planned infill drilling and heavy workover programme is progressed. To date only 13.8 mmbo (gross 46 mmbo) of 2C WI contingent resource has been booked, however, the initial infill and workover programme has significant potential beyond this initial booked value.

Accordingly, the Company's total 2C WI contingent resources across Blocks 3/05, 5A and 24 now amount to 87.3 mmboe (gross 302.6 mmboe) representing an increase of over 400% versus the previously disclosed 2C resources WI of 20.9 mmboe.

A summary of the updated working interest contingent resources is set out below:

Working Interest Contingent Resource
	Oil (mmbo)			Gas (bcf)			Total (mmboe)
	1C	2C	3C	1C	2C	3C	1C	2C	3C
Block 3/05 & 5A discoveries1	10.8	24.5	53.4	36.5	72.6	138.4	16.9	36.6	76.4
Block 3/24 discoveries2	8.2	21.0	43.1	54.2	96.0	149.6	17.3	37.0	68.0
Block 3/05 producing fields3	6.7	13.8	22.7	-	-	-	6.7	13.8	22.7
Total							40.9	87.3	167.1

¹ Contingent resources are the result of water injection and natural depletion and comprise a combination of development pending, development on hold and other contingent classifications in accordance with applicable resource definitions.

² Block 3/24 contingent resource values exclude previously produced fields.

³ Contingent resource estimates are in the process of being updated.

Growth Opportunities

The Company's Chief Operating Officer, Ian Cloke, will be presenting an overview of Afentra's near and medium-term growth potential from both offshore and onshore Angola at the Pareto Conference. This will include a discussion of the Company's planned infill drilling and workover campaign within the producing Block 3/05 fields, currently targeted for execution during 2026-2027, which will target significant near-term production and reserves upside.

In addition, the presentation will outline the Company's ongoing work to mature and progress undeveloped and near-field discoveries across Blocks 3/05, 3/05A and 3/24 over the medium term, providing further significant production upside and conversion of the contingent resources into reserves. Additional growth opportunities associated with Afentra's onshore Kwanza Basin acreage including both redevelopment of existing assets and exploration potential will also be covered. A copy of the Pareto Conference presentation will be released on the morning of the conference on Thursday 22 January 2026.

Paul McDade, Chief Executive Officer, Afentra plc commented:

"We're delighted to disclose the outcome of this independent resource update which contributes to a fourfold increase in Afentra's Working Interest 2C resources vs the previously disclosed figures in the market.  This demonstrates some of the enormous upside potential that resides across the diverse portfolio that we have strategically assembled in Angola.  We look forward to elaborating on the outstanding organic growth potential of our asset base at the Pareto conference in London next week."

For further information contact:

Afentra plc [phone]

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) [phone]

Ben Romney

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 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.

Glossary

2C Resources	those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources
2P Reserves	those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus 2P. In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate
bcf	Billion cubic feet
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.

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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