17 May 2023

AFENTRA PLC

Ministerial Approval of Block 3/05 Licence Extension

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

Sonangol Acquisition Update

We are pleased to confirm that an Executive Decree to formally approve the period of the Block 3/05 licence extension, extending the production sharing agreement ('PSA') to 31 December 2040, has been published in the Diário da República. The recent agreement between the Block 3/05 JV partners and ANPG (the Angolan Oil & Gas regulator) on the licence extension terms, as communicated on 10 May 2023, will now allow these improved fiscal terms associated with the extension to be progressed towards formal approval.

Approval of the licence extension term satisfies a key condition precedent ('CP') under the Sonangol Sale and Purchase Agreement ('SPA'). Sonangol, as seller, is now in the process of obtaining the requisite government approvals for the transaction, the key outstanding CP. We remain on track to complete by 30 June 2023.

INA Acquisition Update

As previously advised on 10 May 2023, the successful licence extension satisfies the condition in the INA-Industrija d.d. ('INA') SPA for the payment of $10m of contingent consideration to INA. This $10m had previously been set aside into an escrow deposit upon completion of the INA Acquisition.

The Company looks forward to providing shareholders with further updates in due course.

Commenting on the update, CEO Paul McDade said:

"Approval of the Block 3/05 licence extension represents a major milestone towards completion of the Sonangol transaction. We are pleased with the progress made in recent weeks and continue to expect completion of this transaction to occur within our previously guided timeline."

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 4% non-operated interests in the producing Block 3/05 and adjacent development Block 3/05A offshore Angola in the Lower Congo Basin. In addition, Afentra maintains a 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.