Afentra (AET) Investor presentation summary

Strategic growth and portfolio development

• Built a diversified portfolio of offshore and onshore assets in Angola, focusing on production, near-field development, and exploration, with significant working interests in Blocks 3/05, 3/05A, 3/24, KON4, KON15, and KON19.

• Achieved key milestones through disciplined M&A, including acquisitions from Sonangol, INA, Azule, and Etu Energias, increasing production and reserves.

• 2025 net average production projected at 6,324 bopd, with net 2P + 2C reserves and resources of 120 mmboe and revenue of $114.4m.

• Continued expansion through new license awards and strategic partnerships, positioning for further growth in Angola and West Africa.

Financial performance and capital management

• Returned to net cash of $12.6m in 2024, with a projected cash balance of $10.2m at year-end 2025 after significant capital investments and debt repayments.

• Robust treasury management and access to capital markets support ongoing and future growth projects.

• RBL and working capital facilities provide financial flexibility, with ongoing discussions to extend and optimize the balance sheet for the next growth phase.

• Active crude oil sales and hedging strategies reduce volatility and provide cash flow certainty, with 2026 sales estimated at 2.3 mmbbls.

Operational excellence and efficiency

• Infrastructure revitalization, including FSO Palanca recertification and power generation upgrades, enhances reliability and safety.

• Water injection programs and workover campaigns target increased oil recovery and production growth.

• Operational reviews identify efficiency opportunities, with production growth expected to drive down opex per barrel.