25^th March 2026

AFENTRA PLC

VESTING OF EXECUTIVE DIRECTORS' FOUNDERS' SHAREPLAN AWARDS

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces awards made to the Executive Directors of the Company under the Afentra plc Founders' Share Plan (the "FSP").

Founders' Share Plan Awards

The Founders' Share Plan ('FSP') is a five-year incentive scheme for the founders, designed to reward exceptional shareholder returns, which was approved by shareholders at the 2022 AGM and subsequently adopted by the Board.

Conditional Awards made to the Executive Directors under the FSP were assessed at three measurement dates, and Nil Cost Options are awarded based on the increase in Total Shareholder Return ("TSR") since the commencement of the FSP performance period on 16 March 2021.

Following the first and second measurement dates (16 Marc 2024, 16 March 2025), the Conditional Awards converted into Nil Cost Options on each date, half of which vested immediately, with the remainder vesting automatically on the third and final measurement date which occurred on 16 March 2026. Additionally on the third measurement date the remaining Conditional Award was assessed and further Nil Cost Options over ordinary shares of £0.10 each in the Company ("Ordinary Shares") have been awarded to the Executive Directors.

The number of Nil Cost Options awarded following the occurrence of the third measurement date is restricted in accordance with FSP scheme rules which limit the overall dilution limit of the Company's issued share capital in consequence of aggregate awards under the FSP to 10%. 

Following the occurrence of the third measurement date the Nil Cost Options awarded and which have all now vested in full are summarised in the Table below.

Details of Vesting at the Third Measurement Date

¹ Aggregate Options awarded at the 1^st and 2^nd Measurement date which vested at the 3^rd measurement date.

The total aggregate shareholding in the Company and number of unexercised Options held by each of the Executive Directors is as follows:

Further details of the FSP and the Nil Cost Options made thereunder will be disclosed in the Company's annual report and financial statements for the year ended 31 December 2025.

In line with the Company's commitment to avoid shareholder dilution, Afentra has been making share purchases utilising an existing Employee Share Benefit Trust ("Trust") to reduce the need to issue new Ordinary Shares. The Company continues to purchase shares through the Trust and to date 4,728,286 shares are held in the Trust available for utilisation.

The total number of shares required to cover the above Nil Cost Options (on a net of tax liability basis) at the time that the Directors elect to exercise their Nil Cost Options is approximately 6,180,000 shares.

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

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

Louise Mason-Rutherford

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, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza Basin, Afentra holds 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.

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.