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Afentra plc announced an update on its Competent Person's Report (CPR) for Block 3/05, conducted by ERC Equipoise Ltd, on 19 February 2025. As of 31 December 2024, total net 2P working interest reserves for Block 3/05 were 34.2 million barrels of oil (mmbo), with gross 2P reserves at 114 mmbo. Contingent 2C resources for Block 3/05 increased to 13.8 mmbo net working interest, and the reserve replacement ratio over the 18 months since June 2023 was 140%.
| Date | 19 Feb 2025 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 5963X |
19 February 2025
AFENTRA PLC
Block 3/05 Reserves and Resource Update
Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, provides an update on the latest Competent Person's Report (CPR) for Block 3/05, conducted by ERC Equipoise Ltd (ERCE).
As of 31 December 2024, total net 2P working interest reserves stand at 34.2 million barrels of oil (mmbo), (gross 114 mmbo). Since the previous CPR in June 2023, gross production of approximately 11 mmbo was offset by a gross increase in reserves of 15.4 mmbo resulting in a reserve replacement ratio of 140% over the 18-month period.
Contingent resources on Block 3/05 have also increased since the last CPR with net working interest 2C resources of 13.8 mmbo (gross 46 mmbo). In addition, management currently estimates1 Block 3/05A net 2C resources at 7.1 mmbo (gross 33 mmbo).
Since Afentra's first CPR in March 2022, 19.4 mmbo has been produced yet gross 2P reserves have remained broadly stable, 114 mmbo compared to 115 mmbo in March 2022. This early reserves performance, prior to any rig activity, reflects the significant potential of the Block 3/05 assets to sustain and replenish reserves. With rig activity planned to start in 2026, and the planned development of Block 3/05A, we expect to build on this strong initial performance to deliver significant production and reserves growth which will be sustained for many years to come.
Paul McDade, CEO of Afentra, commented: "The latest CPR reaffirms the significant potential of Block 3/05. Delivering such high reserves replacement prior to any rig activities or the development of the significant discoveries in Block 3/05A underscores the long-term value of these assets and our belief that the production on these assets can be materially increased.
Our focus remains on working with and supporting the Block 3/05 and 3/05A partnership to maximize production and recovery while driving cashflow generation and value creation."
Block 3/05 Reserve Summary
|
CPR Report |
Block 3/05 - 2P Reserves (mmbo) |
||
|
Gross |
Working Interest |
Net Entitlement 2 |
|
|
31 December 2024 |
113.9 |
34.2 |
24.2 |
|
30 June 2023 3 |
109.5 |
32.8 |
22.8 |
|
31 March 2022 3 |
115.2 |
34.5 |
21.5 |
Notes:
1To date, resource estimates for Block 3/05A are based on management estimates and have not yet been independently audited.
2 Net Entitlement Reserves are the portion of future production (and thus resources) legally accruing to Afentra under the terms of the production contract and expenditure and oil price assumptions.
3 Working interest reserves have been calculated as 30% of the gross reserves for comparison purposes.
For further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Burson Buchanan (Financial PR) +44 (0)20 7466 5000
Ben Romney
Barry Archer
George Pope
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
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. Offshore, Angola Afentra has a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin and a 40% non-operating interest in the exploration Block 23 in the Kwanza Basin. Onshore, Angola Afentra has a 45% non-operated interest in the prospective Block KON 19 located in the western part of the Onshore Kwanza Basin. Afentra also has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland.
Glossary
|
2C Resources |
those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources |
|
2P Reserves |
those reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable (2P) Reserves. In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate |
|
mmbo |
million barrels of oil |
Standard
Estimates of reserves and resources have been prepared in accordance with the June 2018 Petroleum Resources Management System ("PRMS") as the standard for classification and reporting.
Technical Information
The technical information contained in this announcement has been reviewed and approved by Robin Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss has over 30 years of experience in oil and gas exploration, production and development. He is a member of the Society of Petroleum Engineers (SPE) and holds a Bachelor of Science (BSc) and a Bachelor of Science Honours (BSc Hons) in Physics and Mathematics from the University of Cape Town.
This announcement does not contain inside information