Afentra is poised for a significant growth phase over the next two years, following a five-year period of building a diverse asset base in Angola. The company's strategy capitalized on Angola's pro-business environment early, cultivating key relationships with the government, regulator ANPG, and state company Sonangol to accumulate substantial interests in production, development, and exploration assets.

Core Offshore Portfolio and Resources

The company's core producing asset is Block 3/05, with major interests in adjacent Block 3/05A and operatorship of contiguous Block 3/24. These three blocks, covering an area the size of Greater London, hold substantial resources: over 3.7 billion barrels of oil in-place (OIP) and about 1.2 trillion cubic feet of gas. The estimated recoverable portion is at least 250 million barrels of oil and 550 billion cubic feet of gas. Current production from Block 3/05 is between 21,000 and 22,000 barrels per day, with significant upside potential by improving the recovery factor, which is currently in the low-to-mid-30s compared to analogue fields in West Africa in the high 40s to 50s.

Infrastructure and Development Plans

Partners have focused on revamping infrastructure across 12 platforms, an FSO vessel, and a subsea tieback. Significant ullage in this infrastructure supports plans to tap numerous discoveries across the three blocks, including Punja, Bufalo Norte, and Gazela. By 2031, total production from these assets could reach 50,000 bpd plus gas. A gas commercialization project for gas-rich discoveries near the Angola LNG pipeline is likely from 2028/2029, coming online in the early 2030s.

Fast-Track Drilling Campaign

Low-risk, fast-payback exploration, development wells, and workovers are a key target. In Q3, a rig will drill two key wells:

• Impala-2: Could be brought on stream late this year at ~4,000 bpd. A follow-on three-well campaign aims to tap 50 million barrels of OIP from a field where only 12 million of an estimated 60-200 million barrels OIP have been produced.
• Pacassa SW-1: Targets a prospect with up to 210 million barrels OIP. If successful, it could produce at >5,000 bpd this year, potentially leading to a new platform and a three-well follow-on project.

Additionally, light well interventions at Palanca in 2026 aim to restore about 3,500 bpd from shut-in wells.

Excitement for Block 3/24

Block 3/24, awarded late last year, represents a "step change" with 10 discoveries holding 190 million barrels OIP and 400 Bcf of gas. It features discoveries with lower gas-to-oil ratios and suspended wells that can be cost-effectively re-entered. A potential joint development of Palanca NE, Quissama, and Golungo could feed ~10,000 bpd to nearby facilities just five kilometres away in shallow water. A final investment decision is targeted for late this year.

Onshore Kwanza Basin Potential

Afentra holds stakes in exploration blocks KON 15 and 19 and is due to be awarded operatorship of KON 4. KON 4 is a compelling opportunity containing the legacy Quenguela North field, which produced 20,000 bpd before the civil war. Wells there are