Afentra has issued a trading statement covering the full year ended 31 December 2025, in-line with our expectations, with production, revenue (once adjusted for a January lifting), operating costs and net debt all broadly consistent with our forecasts. Afentra also announced the results of its annual reserve audit, with Sproule ERCE certifying 31.9mmbbls of remaining working interest 2P reserves. This corresponds to an average 3-year reserve replacement ratio of 94%, implying the vast majority o ....