15^th July 2025

AFENTRA PLC

H1 2025 Operational and Financial Update

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, is pleased to provide an operational and financial trading update for the six months ended 30 June 2025.

Key Highlights

-       Block 3/05 Acquisition: SPA signed with Etu Energias for additional interests in Blocks 3/05 and 3/05A

-       Kwanza Onshore Expansion: KON15 license awarded; KON4 license contract initialled

-       H1 2025 Net Average Production: 6,348 bopd

-       Crude Oil Sales & Revenue

o  0.7 mmbbls sold at $72/bbl average price, generating $52.0 million revenue

o  0.5 mmbbls sold at $70/bbl post period (1^st July), additional $35.4 million receivable¹

-     Borrowings: reduced to $36.8 million, Net Debt of $15.5 million (Net Cash $19.9 million post 1^st July lifting)

-       2P Reserve Replacement: >140% over 18-month period; demonstrating reserve growth potential

Operational & Corporate Overview

Production and Field Operations

-       Gross average production for H1 2025 was ~21,350 bopd (Net: Block 3/05 6,207 bopd; Block 3/05A 141 bopd).

-       Reserves and resources have materially increased since the last CPR in June 2023, with a 140% reserve replacement ratio, offsetting gross production of ~11 mmbo over the 18-month period to 31 December 2024, highlighting the long-term potential of the asset

-       Multi-year redevelopment plan remains on track targeting increased recovery and production growth. Key workstreams progressed in H1 include:

o  Water injection ramp-up continued, averaging 35,000 bwpd, with upgrades targeting around 85,000 bwpd consistently by year-end. Maximum injection rates in excess of 100,000 bwpd in H1 2025.

o  10 light well interventions delivered to date to underpin production performance.

o  Infrastructure upgrades across power systems, cranes, subsea lines and risers to enhance safety, reliability, uptime and protect future value.

o  Platform surveys and access preparation to support rig mobilisation and drilling in 2026.

-       Asset uptime remained stable throughout the period with no major periods of downtime.Opex continues to track around $23/bbl and we remain on track to deliver the planned $180 million (Net: $54 million) capital investment programme.

Etu Acquisition

In June 2025, Afentra signed a Sale & Purchase Agreement with Etu Energias for an additional 5% net interest in Block 3/05 and 6.67% net interest in Block 3/05A. The transaction is structured with a modest upfront payment of $23 million, contingent considerations of up to $11 million and will be fully funded from existing cash resources. The effective date of the transaction is 31 December 2023, which is expected to result in a significantly reduced payment at the expected completion in late H2 2025. The completion of the Acquisition is subject to the satisfaction of customary conditions precedent including governmental approval and approval of the transaction by the operator.

Strategically, the acquisition consolidates Afentra's position across its core offshore portfolio, enhances alignment within the joint venture, and delivers an immediate uplift in production and reserves.

Kwanza Onshore Licenses

In H1 2025, Afentra achieved key strategic milestones in its onshore Kwanza basin growth plan: the KON15 license was formally awarded in February by Presidential Decree, securing a 45% non-operated interest, and in June the KON4 Risk Service Contract (RSC) was initialed, confirming Afentra as the operator with a 35% working interest. Together with the previously awarded KON19 license, the combined acreage provides significant redevelopment and exploration potential. KON4 features the Quenguela Norte field - the largest onshore discovery to date - estimated to hold over 200 mmbbls of discovered oil in place. The blocks include both post-salt and pre-salt low-cost exploration potential.

Initial technical and operational workstreams are underway across the Kwanza licenses. Afentra and its partners have conducted reconnaissance visits, reviewed historic well data, and completed early-stage subsurface workshops. An eFTG survey was completed over KON19, with interpretation now feeding into the basin-wide structural understanding. eFTG Acquisition over KON15 and KON4 will be completed in 3Q 2025 and available before year-end for integration. These activities will support future 2D seismic planning and advance subsurface evaluation to identify exploration, development and appraisal opportunities in the next 18 months.

Financial Overview

Key Financials at 30 June 2025 (excl 1^st July lifting)

-       Revenue of $52.0 million

-       Cash resources of $21.6 million (includes $7.6 million of restricted funds)

-       Debt drawdowns:

o  Reserve Based Lending Facility: $36.8 million

o  Working Capital Facility: zero

-       Net debt of $15.5 million

-       INA transaction contingent payment for Block 3/05 expired with no further payments expected

Crude Oil Sales and Hedging

-       Two crude oil liftings completed during H1 2025, totaling approximately 0.7 million barrels

-       Average realised price for crude sales was approximately $72/bbl

-       Up to five liftings anticipated for 2025, evenly distributed across the year

-       Approximately 70% of 2025 production hedged using a combination of put options and collar structures

o  Current hedging includes $60-$65/bbl put options over 70% of estimated sale volumes

o  Call options in place at $80-$89/bbl over approximately 45% of volumes

Post-Period Summary

-       A third lifting of approximately 0.5 mmbbls was completed on 1 July 2025 at $70/bbl

o  Additional revenue of $35.4 million to be recognised in H2 2025

o  Results in total liftings to date of 1.2 million barrels¹

o  Average realised price across all three liftings of $71/bbl

o  Cash resources increase to $57.0 million, including restricted funds

o  Net cash of $19.9 million on a pro forma basis (vs. net debt of $15.5 million at 30 June)

-       Employee Benefit Trust commenced a share purchase programme in July to acquire ~6.5 million shares, covering FSP and LTIP awards through H2 2025 and 2026, avoiding dilution and capitalising on current share price levels.

Following two liftings in H1 and a third post-period, Afentra has realised $87.4 million in revenue year-to-date (inclusive of the $35.4 million receivable relating to the 1 July lifting), resulting in a pro forma net cash position of $19.9 million. The Company's balance sheet has strengthened significantly over the period, with total debt reduced to $36.8 million at 30 June 2025 (vs 30 June 2024: $60.2 million) and net debt more than halving to $15.5 million (vs 30 June 2024: $46.4 million), reflecting strong cash generation and active debt repayment. This strong financial position, underpinned by cost discipline and active risk management, provides a solid foundation for continued investment and long-term value creation. The 2026 hedging programme is currently paused as prevailing market pricing does not offer sufficient value protection. The management team continues to take a disciplined and opportunistic approach to future hedging.

Paul McDade, Chief Executive Officer, Afentra plc commented:

Afentra has continued to make strong progress in executing our value driven growth strategy, with the announced Etu transaction consolidating our position in Block 3/05 and the initialling of the KON4 RSC marking a further step forward in our onshore ambitions. The KON4 RSC marks an important step for Afentra, as it will be our first operated asset, a testament to our growing capabilities and a key step forward in our onshore ambitions. We continue to prioritise sound financial and risk management to ensure appropriate visibility on cash flow and the most recent cargo sale has moved Afentra into a strong net cash position. Combined with solid operational performance, material reserve replacement and strong asset cash generation, these milestones reinforce the strength of our portfolio and leave us well positioned to deliver further organic growth from our existing portfolio and pursue further value-accretive opportunities.  The focus for the second half of the year will be continued operational progress across the portfolio and completion of the Etu and KON4 transactions as we continue to expand, diversify and strengthen Afentra's portfolio in Angola."

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor Meet Company platform on Thursday 17 July 2025 10:30 BST to updated investors and answer questions.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 16 July 2025, 17:00 BST, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet AFENTRA PLC via:

https://www.investormeetcompany.com/afentra-plc/register-investor

A presentation has been uploaded to the Afentra website:

https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/07/2025.04-Afentra-Investor-Presentation-July.pdf

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Revenue is net of the state's fiscal take (cost oil and profit oil allocation), but prior to deduction of petroleum income tax (PIT).

¹Post 1^st July lifting Afentra's stock in tank was in an overlift position of 217k bbls.

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 Blocks KON15 & KON19 located in the western part of the onshore Kwanza basin. Afentra also has a 34% 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) and as subsequently amended by the Financial Services Act 2021 ('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.

Glossary

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.