Afentra (AET) H2 2024 earnings summary

Executive summary

• Achieved transformative growth in 2024, completing the Azule transaction and expanding interests in Angolan offshore and onshore assets, including Block 3/05, Block 3/05A, KON19, and post-period KON15.

• Net average production rose to 6,229 bopd, with gross production up 5% year-over-year to 21,111 bopd.

• Revenue surged to $180.9 million from $26.4 million in 2023, with profit after tax of $52.4 million (2023: $2.7 million loss).

• Ended the year with $54.8 million in cash and a net cash position of $12.6 million, reversing prior net debt.

• Strategic focus on value-driven growth, operational excellence, and ESG integration across all activities.

Financial highlights

• Revenue: $180.9 million, up from $26.4 million in 2023.

• Net profit: $52.4 million, compared to a $2.7 million loss in 2023.

• Adjusted EBITDAX: $90.2 million (2023: $11.1 million).

• Cash resources at year-end: $54.8 million (2023: $19.6 million).

• Net cash position: $12.6 million (2023: net debt of $12.3 million).

• Operating expenditure averaged $23/bbl, expected to remain similar in 2025.

• Four crude oil liftings totaling 2.3 million barrels at an average realised price of $82/bbl.

Outlook and guidance

• 2025 guidance includes increased redevelopment spend to $180 million gross ($54 million net) to sustain long-term production.

• Continued focus on organic growth through asset redevelopment, production optimisation, and near-field exploration.

• Ongoing disciplined screening of M&A opportunities in Angola and West Africa.

• Hedging in place for 2025: put options with floors of $60–$65/bbl cover 68% of estimated sales; call options with caps of $80–$89/bbl cover 44%.