17 April 2023

AFENTRA PLC

Update on the Angolan Acquisitions

Afentra plc ('Afentra' or the 'Company') provides the following update regarding the previously announced Angolan acquisitions.

INA Acquisition

Afentra is pleased to announce that having received the necessary approvals from the regulator and contractor group members to the formal transfer documentation ahead of the 17 April 2023 long stop date, we have agreed with INA to proceed to completion whilst we await receipt of outstanding signatures to this documentation. We look forward to updating on final completion settlement payments which we expect to occur in early May.

Sonangol Acquisition Update

Following extensive discussions between ANPG and the Block 3/05 JV partners, an updated proposal has been received from ANPG. This Licence Extension addendum (the "Addendum") is to extend the Block 3/05 PSA from 31 December 2025 to 31 December 2040 with improved fiscal terms that strengthen the economics of the permit, as anticipated in Afentra's Admission Document published on 10 August 2022. The Block 3/05 JV partners are currently reviewing this proposal and we anticipate, upon acceptance, that ANPG, the regulator, can begin the process of obtaining the requisite governmental decree to approve the Addendum.

In accordance with the announcement on 7 March 2023, the Company also confirms that it has extended the long-stop date from 31 March 2023 to 30 June 2023 in order to facilitate completion of the Sonangol transaction.

We look forward to providing shareholders with further updates in due course.

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Buchanan (Financial PR) +44 (0)20 7466 5000

Ben Romney

Jon Krinks

Peel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900

Richard Crichton

Paul Gillam

David McKeown

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

About Afentra

Afentra plc (AIM:AET) is an upstream oil and gas company focused on opportunities in Africa. The Company's purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and Host Governments. Afentra has a current carried interest in the Odewayne Block onshore southwestern Somaliland.

Inside Information

This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.