Afentra, a London-listed oil company, is poised to learn within weeks if its Pacassa South West-1 exploration well offshore Angola has made a discovery, according to CEO Paul McDade. The well, operated by Sonangol in Block 3/05, targets a 70 million barrel prospect in a fault block never drilled by former operator TotalEnergies. McDade estimates a 60% to 70% chance of success, noting the same geology as the main Pacassa field, which produced 500 million barrels from 1.2 billion barrels of oil in place. However, he cautions that geology can be unpredictable, and the well could be dry.

If successful, the well, drilled by the jack-up Borr Grid from an existing platform (F4), could be brought online next quarter at over 5,000 barrels per day (bpd), with up to three additional development wells. After Pacassa SW-1, Borr Grid will move to the Impala-2 well in Block 3/05, targeting a field with up to 200 million barrels of oil in place that previously produced via one well in the early 2000s. Impala-2, a second development well, could be online by end-2026, flowing 4,000 bpd from a potential 50 million barrel reserve base. Sonangol is funding Afentra’s share of costs for both wells, to be recouped from future revenues.

Afentra is also active in Angola’s onshore Kwanza basin, which has been neglected for over 40 years despite producing oil. The company operates block KON 4 and is a partner in KON 15 and 19, with exploration targets hosting up to 350 million barrels of in-place oil resources. McDade states it is not a question of finding more oil but determining its location and accumulation size. Afentra plans to drill its first exploration well in 2027 after acquiring new 2D seismic data, while also targeting revived production from shut-in oilfields like Quenguela Norte in KON 4, where it aims to re-enter old wells with lateral or multilateral wells and truck oil to the Luanda refinery, 50 kilometers away.

Discussing the strategic review initiated by investment bank Jefferies in December 2025, McDade explained that while Afentra built a strong Angolan portfolio over five years, it needed finance to generate value. With 2026 oil price forecasts around $55 per barrel, securing finance was limited, and the portfolio may have outgrown its balance sheet. The board considered options including going private, securing a strategic investor, or selling. Interest was high, but offers undervalued the company. However, the Persian Gulf crisis dramatically changed the macro environment, raising oil and gas price forecasts and enabling Afentra to secure a $125 million pre-payment facility from Gunvor, one of 13 interested refinancing parties. This facility runs until mid-2030, based on current net production of 6,500 to 7,000 bpd, potentially rising to 10,000 bpd in 2027. Additionally, Afentra completed its first equity raise since formation, an oversubscribed placement securing $40 million, strengthening its balance sheet to invest in the portfolio.