Afentra (AET) Investor Presentation summary

Strategic growth and operational highlights

• Achieved significant growth through value-accretive M&A, completing three major acquisitions in Angola and expanding its asset base and production footprint.

• Net average production reached 6,229 bopd in 2024, with 2P+2C reserves and resources totaling 55 mmbo.

• 2024 revenue was $180.9m, with cash resources of $54.8m at year-end and a return to net cash of $12.6m.

• Strategic focus on production, near-field development, and exploration, with a robust pipeline of M&A opportunities.

• Expanded onshore presence in Angola's Kwanza Basin, targeting under-explored basins and rejuvenation of legacy fields.

Financial performance and capital management

• Delivered a $35.2m net cash increase in 2024, driven by strong sales and disciplined spending during transaction completions.

• Crude oil sales of 2.27mmbbls in 2024 generated $180.9m in revenue, with a long-term hedging strategy providing price protection and cash flow stability.

• RBL and working capital facilities structured for maximum flexibility, supporting growth and operational cycles.

• Financial priorities include investing in current assets, preserving cash for strategic growth, and maintaining optionality for shareholder returns.

• Debt is used strategically to fund growth, with repayment optional during the current expansion phase.

Operational excellence and asset development

• Focused on stabilising and sustaining production through facility upgrades, water injection improvements, and well interventions.

• Water injection system upgrades delivered >80,000 bwpd, with further enhancements planned through 2026.

• Light well interventions in 2024 delivered >2,000 bopd uplift; heavy workover and ESP programs planned for 2025-2026.

• Infill drilling and development of satellite discoveries targeted to add significant production, with phased drilling starting in 2026.

• Ongoing emissions reduction initiatives include gas flare metering and feasibility studies for gas export, aiming for zero routine flaring.