Afentra (AET) Investor Presentation summary

Strategic vision and growth trajectory

• Focus on value-driven growth through accretive transactions and existing asset optimization, with a clear strategy targeting Angola and West Africa for further opportunities.

• No equity dilution to date, with shareholder value as a core priority and ESG integrated into all activities.

• Established credibility as a counterparty through successful transactions with NOCs and IOCs, creating a platform for future expansion.

• Recent acquisitions and partnerships provide a foundation for more ambitious growth objectives in Africa.

• Well-positioned to leverage first-mover advantage in Angola and capitalize on the African energy transition.

Financial performance and capital management

• Achieved a $35.2m net cash increase in 2024, driven by strong sales and disciplined spending while completing a third transaction.

• Year-end 2024 cash balance of $54.8m, with net cash of $12.8m after accounting for $42m in debt.

• Asset cash generation in 2024 reached ~$87m at an average realized crude price of $82/bbl.

• Facilities include a $30m working capital facility and RBL debt maturing in 2028, structured to maximize liquidity and support growth.

• Financial priorities balance investment in current assets, cash preservation for M&A, and optionality for shareholder returns.

Operational excellence and asset portfolio

• Operates a diversified portfolio with 9 fields, 3 undeveloped discoveries, and 157 wells, with over 3.5 billion bbls oil in place.

• 2024 production averaged ~6,200 bopd net, with net 2P reserves of 32 mmbo as of year-end 2023.

• 2024 'Stabilise and Sustain' program improved facility reliability, increased production, and enhanced water injection rates.

• Light well interventions in 2024 delivered >2,000 bopd uplift; focus shifting to heavy workovers and ESP installations in 2025-2026.

• No infill wells drilled in over 10 years; over 20 opportunities identified, with drilling planned to start in 2026.