Afentra PLC - Responds to Media Speculation

18 March 2025

AFENTRA PLC

Responds to Media Speculation

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, notes the recent press speculation in African Intelligence and confirms that Afentra, and another of its joint venture partners, is in discussions to acquire the interests in Blocks 3/05 (10%) and 3/05A (13.5%) held by Etu Energias (the "Etu Interests").

There can be no certainty that the transaction to acquire the Etu Interests will proceed. Should any such acquisition proceed, Afentra would utilise existing cash resources to fund the transaction and the transaction would be subject to a number of customary closing conditions, including regulatory and government approvals. Further updates will be made as appropriate.

Afentra continues to work with the Block 3/05 and 3/05A operator, Sonangol, and our joint venture partners on an ongoing redevelopment plan for the assets which is delivering both increased production and reserves. We are pleased with the collaborative progress being made alongside Sonangol as operator and remain focused on supporting the joint efforts to unlock further value from these assets.

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 Afentra has a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin and a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin. Onshore, Angola Afentra has a 45% non-operated interest in the prospective Block KON 19 and 45% non-operated interest in Block KON 15 located in the western part of the Onshore Kwanza Basin. Afentra also has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland. 

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.