THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FOR IMMEDIATE RELEASE

13 May 2026

AFENTRA PLC

AUDITED FY2025 ANNUAL RESULTS, REFINANCING & CONCLUSION OF STRATEGIC REVIEW

Afentra plc ("Afentra" or the "Company") (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces its audited annual results for the year ended 31 December 2025 as well as providing detail on its debt refinancing and an update on the Strategic Review process.

Strategic Announcements

-       Strategic Review concluded: The Afentra Board has concluded a comprehensive review of the strategic options to realise maximum value for shareholders from the significant Angolan portfolio assembled since the company's inception in 2021. The Board has determined that given today's announcement of a successful re-financing at a reduced cost of capital, the significant change in the macro environment and the early start to infill drilling focussed on delivering material production and reserves growth, where the company's costs will be carried, Afentra is well placed to pursue the next phase of growth as an independent E&P company, ensuring that the value of Afentra's significant potential will be to the benefit of the Company's shareholders. As a result, the Company is no longer in an "offer period" as defined by the Takeover Code.

-       Debt Refinancing secured: $125 million Gunvor Pre-Payment Facility secured, will replace the existing Reserve Base Lending ("RBL") and Working Capital Facility; 4-year tenor to 2030, lowering cost of debt and providing long-term funding to support the Company's investment programme.

-       Pacassa SW drilling underway: the high impact Pacassa SW well operations were initiated in April, the well, which is carried, has the potential to add material production and reserves with results expected in June 2026.

Post-Period End Highlights

-       Block 3/05 Drilling: fully carried two well programme underway with spud of Pacassa SW

-       Crude Oil Sales & Revenue¹:

o  0.480 mmbbls sold in April at $119.3/bbl average price, generating $57.2 million revenue, of which $30.0 million was received in advance. Hedge related liabilities of $8.0 million to be settled.

o  0.517 mmbbls sold in January at $65.4/bbl average price, generating $33.8 million revenue.

-       Etu Energias transaction revised: Sonangol elected to participate; new SPA signed

-       Net average production: four months to 30 April 2026: 5,968 bopd

-     Kwanza Onshore: eFTG survey completed; KON4 licence awaiting Council of Ministers approval

2025 SUMMARY

2025 Key Highlights

-       2025 Net Average Production (working interest): 6,324 bopd

-       Crude Oil Sales: 1.63 mmbbls sold at $70.2/bbl average price generating $114.4 million revenue

-       Fourfold contingent resources increase: 2C WI contingent resources increased to 87.3 mmboe

-       Block 3/24 award: Afentra's first operatorship, 40% working interest

-       Kwanza Onshore Expansion: KON4 licence contract initialled

-       Year-end position: cash $10.2 million, net debt $21.8 million

Financial Highlights

-       Revenue of $114.4 million

-       Year-end cash of $10.2 million; net debt of $21.8 million

-       Borrowings, RBL drawn $31.5 million; Debt / Adjusted EBITDAX 0.6x

-       Adjusted EBITDAX of $51.7 million and loss after tax of $3.2 million

-       Four liftings totalling 1.63 mmbbls, average price of $70.2/bbl

-       Share purchase programme commenced in 2025 to cover future share award requirements, thereby avoiding dilution; 4,943,128 shares acquired to date at average price of 47.7 pence per share

Operational Highlights

-       Block 3/05 and 3/05A gross average production 21,268 bopd (2024: 21,111 bopd)

-       Reserves & Resources

o  2P WI reserves of 31.9 mmbo, 3-year average reserves replacement of 94% to end 2025

o  2C WI contingent resources of 87.3 mmboe, fourfold increase across Blocks 3/05, 3/05A and 3/24

-       Capex ~$220 million gross (Net: $66 million) covering asset integrity, revamping and drilling preparation

o  28 LWI's delivered during the period, sustaining production performance

o  Water injection averaged 37,798 bwpd; rates of ~50,000 bwpd consistently achieved in Q4 2025

o  FSO recertification work programme completed; formal recertification received in early 2026

-       Portfolio Expansion

o  SPA signed with Etu Energias for additional interest in Block 3/05 and 3/05A; transaction subsequently revised post period to acquire 3.33% - Block 3/05; 3.66% - Block 3/05A

o  Block 3/24 offshore licence awarded with Afentra as operator at 40% working interest

o  KON15 licence formally awarded, 45% non-operated working interest

o  KON4 Risk Service Contract initialled, confirming Afentra as operator at 35% working interest

-       Somaliland Odewayne Block interest transferred to Petrosoma Limited; $1.97 million received in settlement of carry obligations

Refinancing

Afentra has secured a refinancing of its debt facilities through the entry into a $125 million Pre-Payment Facility ("PPF") with Gunvor Group, this will replace its existing RBL Facility and Working Capital Facility with Trafigura and MCB.

The new facility comprises $125 million of committed capacity ($100 million initial advance plus $25 million subsequent advance available in 2027 subject to certain conditions), with an uncommitted accordion to scale facility size based on future production growth. The facility carries an interest rate of Term SOFR plus 6% margin with a 4-year tenor maturing in 2030 and a 12-month principal repayment grace period. The facility is secured against Block 3/05 and Block 3/05A liftings, a total committed volume of 8 mmbbls and a targeted minimum annual commitment of 1.8 mmbbls. Proceeds will be used to refinance the existing Facilities, to fund the Company's near-term work programme and to cover general corporate purposes.

The refinancing significantly lowers the cost of debt and provides funding to support the Company's near-term investment programme. The Company will continue to consider expansion of this facility utilising the uncommitted accordion or other sources of finance to ensure we remain fully funded to maximise the value of our current portfolio and pursue opportunities for further inorganic growth.

Strategic Review

The Board appointed Jefferies to conduct a process which could have resulted in a sale of the Company, under the UK Takeover Panel's Private Sale Process. Jefferies approached a number of potential counterparties, with multiple companies engaging in meaningful due diligence, including further inbound expressions of interest. The oil price volatility, coupled with the significant appreciation in the Afentra share price between initial outreach and the proposal deadline caused a number of parties to withdraw from the process. Ultimately a number of actionable proposals were received and considered by the Board. The Board's assessment of these proposals was that they did not recognise the significant upside value potential within Afentra's current business and therefore concluded that given the change in macro environment and the refinancing announced today that greater value potential is offered by Afentra pursuing the next phase of growth as an independent E&P listed company.

All discussions with potential acquirors have been terminated. As a result, the Company is no longer in an "offer period" as defined by the Takeover Code, and the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable.

Paul McDade, Chief Executive Officer, commented:

"The year under review saw Afentra further consolidate its position as a fast-growth independent E&P company in Angola, which included a fourfold increase of 2C WI resources to 87.3m mmboe and the continued expansion of our portfolio in Angola, including the award of our first operatorship with a 40% interest in Block 3/24.  Beyond the solid performance of the Company, a strategic review designed to assess all options to accelerate value growth from our accretive Angolan asset portfolio was conducted.  Given the significant changes in the macro environment, the new debt facility, which will significantly lower our cost of capital, and the carry of the two highly prospective wells in Blocks 3/05 focused on materially increasing both reserves and production, the Board has decided Afentra should remain an independent company, to ensure all of our stakeholders benefit from the delivery of the significant upside in our Angolan asset portfolio."  

Investor Webinar Presentation

Afentra plc will host a live online investor presentation via the Investor Meet Company platform on Tuesday 19 May 13:00 BST to update investors and answer questions. The presentation is open to all existing and potential shareholders. Questions can be submitted prior to the event via the Investor Meet Company dashboard until 18 May 2026, 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

Supporting presentation:

A supporting presentation has been uploaded to Afentra's website:

https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2026/05/Afentra-Investor-Presentation-May-2026.pdf

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

Bobby Morse

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

-------------------------

1.     Production figures are reported on a net (working interest) basis; net entitlement volumes are reflected in revenue and cash flow reporting.

2.     Revenue is net of the state's fiscal take (cost oil and profit oil allocation), but prior to deduction of petroleum income tax of ~6.5% (PIT).

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.

More information is available at www.afentraplc.com or by visiting the Afentra's Curation Showcase.

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.

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.

CHIEF EXECUTIVE OFFICER'S STATEMENT

A disciplined approach to long-term value creation 

In 2025, Afentra delivered significant strategic progress by expanding and diversifying our Angolan portfolio, strengthening the organic growth story in a high-value, low-cost manner. This achievement is a direct result of our growing reputation as a credible and trusted partner to government and local companies. We have cemented our early-mover advantage in Angola's emerging independent sector, creating a strong platform for future value creation.

At the end of 2025, in an effort to ensure we realised maximum value for our shareholders and other stakeholders from the significant Angolan portfolio assembled since the company's inception in 2021 the Board initiated a comprehensive Strategic Review. This review was supported by external advisers and after a thorough consideration of the various options available, the Board has determined that given the successful refinancing at a reduced cost of capital, the significant change in the macro environment and the early commencement of a fully carried two-well infill drilling programme focused on delivering material production and reserves growth, we will pursue the next phase of growth as an independent E&P company. The Board has strong conviction in the prospects to create further significant value for our shareholders.

Targeted portfolio expansion 

The targeted expansion of the portfolio and the award of operated positions in Angola have significantly enhanced Afentra's equity proposition by providing a diverse runway of production, development and low-cost exploration opportunities that can be targeted over the coming years. The opportunities within the portfolio provide significant value catalysts to unlock the next phase of growth, underpinned by our core Block 3/05 producing assets where we are positioned to deliver a step-change in production with the commencement of drilling activities in 2026. 

The disciplined approach we have taken to portfolio strengthening reflects Afentra's strategic priority of value driven growth that delivers long-term returns. Angola continues to provide the supportive operating and jurisdictional backdrop to build out the business and Afentra has established a strong reputation and network that ensures access to the kind of value accretive opportunities that have been capitalised on during this period.  

Afentra's evolution into an Operator, through the award of operatorship on offshore Block 3/24, symbolises the next phase of our stated growth strategy and maturity as a business. The Company will continue to be selective about when to operate, only operating where we can add value through agility and technical excellence. For our non-operated interests, we continue to proactively support the Operator, bringing a deep level of experience and technical insight for the benefit of the partnerships in which we are present. 

The expansion of Afentra's footprint in Angola has focused on two key areas. The first is the area around Block 3/05, that includes Blocks 3/05A and has now been significantly expanded with the addition of Block 3/24 where we see low-risk opportunity to materially increase near-term production and unlock significant reserves and resources - leveraging the existing infrastructure and our deep understanding of the assets and the geology. The second is our growing focus on the onshore Kwanza basin where we believe there is material upside to be unlocked given the historic production and vastly underexplored nature of this area. Based on the significant potential of the portfolio comprised across these two focus areas, we believe there is scope to double existing net production and achieve significant reserves growth in the coming years from the Block 3/05 area, complemented by the high potential and low-cost upside opportunity of the largely untapped onshore Kwanza basin. 

Well placed in an opportunity rich market  

Alongside our near-medium term organic growth plans we think Afentra is uniquely positioned to continue to add further core areas in Angola on account of our established status as a recognised operator and credible technical partner. Angola continues to implement reform in its Oil and Gas industry that encourages investment and there is a recognition in-country of the important role independents can play in meeting the country's production targets. As the regulator, ANPG's fiscal flexibility, combined with commercial awareness, is delivering activity to the benefit of all stakeholders and supporting the government's ambition to grow production - with output stabilising above the 1 million barrels of production per day threshold during the period following the country's exit from OPEC.  

While our present focus is on Angola, the long-term strategy remains to build a multi-jurisdictional business across target markets in West Africa. In this regard, we continue to screen opportunities that meet with our criteria. Our success in Angola reflects the sheer depth of opportunities available for Afentra. Our disciplined smart deal-making approach to portfolio development means we are able to capitalise on compelling opportunities in Angola that can add scale and sustainable value creation while maintaining balance sheet strength and avoiding shareholder dilution. For Afentra to have assembled its existing portfolio through creative deal structures, without raising any equity, emphasises the value driven approach that is deep-rooted in our corporate identity.  

 Supportive macro tailwinds 

Our value driven approach guides our decision-making processes and we feel that this strategy is more important than ever to create sustainable value for the long-term despite near-term market volatility. Despite the volatility of oil pricing and economic uncertainty, the general market dynamic is unfolding in the way in which we envisaged when Afentra launched in 2021. There is clear pragmatism on long-term oil demand and even stronger rhetoric and support on the need for Africa to develop its large resource potential to support its development and energy transition responsibly.  The global energy transition discourse has increasingly aligned with the long-held view across Africa and other developing nations that oil and gas will continue to play a critical role for decades in meeting growing energy demand. Ensuring the responsible supply of these resources is therefore essential to support economic growth and power emerging economies. These factors support increasing confidence in the longer-term viability of sector investment, and the important role of investors and lenders to fund the necessary investment required to meet the global demand outlook for oil and gas.  

The market volatility that has been a feature in the past couple of years requires a proactive approach and disciplined focus on mitigating business and finance risk. Subsequent to the year-end, this volatility has been amplified by escalating geopolitical tensions in the Middle East, reinforcing the importance of our disciplined approach.  Our active approach to marketing our crude sales backed up by the hedging in place for 2025 ensured our average realised sales price was above crude pricing through the period, averaging $70.2/bbl.  Our hedging policy for 2026 is designed to protect cash flows while retaining upside exposure. The programme remains under active review to secure value, and we will continue to adapt our position in response to market conditions.  

Organic growth momentum  

The year ahead is a pivotal year as we leverage the strong portfolio position we have built and move with momentum to the next phase of Afentra's growth story. On Block 3/05 the partnership post-period has begun drilling and is preparing to execute workover activity to achieve a step-change in production, deliver reserves and resources replacement and ensure sustainable revenue growth for future years.  

In tandem, we are undertaking technical studies on the recently assigned, operated Block 3/24 in preparation for development activity in 2027/28. As the operator, we can bring our focus and experience to fast-track low-cost development of existing discoveries and resources through an infrastructure-led approach utilising the extensive and upgraded Block 3/05 assets, as we seek to unlock the vast potential and value of this new addition to the portfolio. 

We have completed the enhanced Full Tensor Gravity Gradiometry  (eFTG) activity on the onshore Kwanza basin blocks post-period during early 2026 and following interpretation of this data we will plan follow-up 2D seismic. We will also follow with keen interest as peers undertake drilling activities in the adjacent licences. The dual approach of low-cost field reactivation combined with exciting low-cost exploration could yield very material upside for Afentra.  

On track to double production 

2025 was a year of material strategic progress in which we delivered significant portfolio growth through smart deal-making. The Strategic Review considerations have reinforced our view that we have a significant opportunity to continue to build Afentra into a significant value focused independent. We will remain opportunistic and agile in our approach to further portfolio growth and will continue to look for compelling acquisitions in Angola and in other countries in the region where we can build a further core area. 

The current year will be a period of enhanced activity as our organic growth story gains traction with activity across all elements of the portfolio. The cornerstone asset of Block 3/05 is responding well to the investment programme and Afentra remains on track with regards to the production projections previously disclosed to the market. The level of increase to production through 2026 remains dependent on the outcome of the ongoing drilling programme though we remain confident of achieving production of around 30,000 bopd gross (10,000 bopd net) in 2027 as a result of the strong foundations already laid and the activity outlined within this report. This is the first step to our target of doubling our net production from the greater 3/05 area in the coming years. 

To conclude, we are delighted with the progress achieved in 2025 that will enable Afentra to unlock the next phase of growth. We remain confident that the partnership will significantly increase production from Block 3/05 with the arrival of the rig and the start of drilling, and we will also progress the development of the adjacent Blocks 3/05A and 3/24 ensuring long-term delivery of reserves and resources replacement.  As we progress all of this activity we remain committed to improving the emissions profile associated with these assets as we actively explore initiatives to transform emissions into monetised gas. 

Supporting our operational focus will be our underlying discipline on costs and value creation through smart deal-making. Certainly, we feel the evolving market dynamics are supporting Afentra's long-term strategy and we have built a portfolio and reputation in an exciting jurisdiction that leaves us well placed to deliver sustainable value for our shareholders.  

OPERATIONS REVIEW

Asset summary

In 2025, Afentra delivered strengthened operational performance across its core producing assets while significantly expanding its Angolan portfolio, including the award of its first operatorship in Block 3/24 with a 40% interest. This positions the Group for short-cycle, infrastructure-led development and long-term growth.

Continued delivery of operational progress positions the company for the next phase of growth

2025 was a year of continued operational progress for Afentra, marked by stable production across our core assets in Blocks 3/05 and 3/05A and steady advancement of the redevelopment programme. Continued production optimisation and water injection improvement, combined with asset-integrity upgrades have prepared the assets for the future step-change in production through hydraulic workovers, infill drilling and short-cycle developments.

At the same time, Afentra has expanded the scale and diversity of its asset base, positioning the company for substantial value creation and long-term growth. Importantly, the award of our first operatorship in Block 3/24 adds short-cycle, high-value development and near field exploration potential adjacent to the existing infrastructure in Block 3/05.

Afentra's focused approach prioritises investment in producing and development assets to deliver sustained production growth and generates cash flow to support further expansion and underpins a resilient, sustainable business model.

Stable and sustained production through redevelopment and optimisation activities

For 2025, gross production from Blocks 3/05 and 3/05A averaged 21,268 barrels of oil per day (bopd), with peak production exceeding 25,000 bopd, highlighting the blocks potential for future growth. During the year, 28 light well interventions were completed, optimising production levels from existing wells. Upgrades to the water injection facilities continued, with injection rates averaging ~37,800 barrels of water per day (bwpd) (Q4 2025 at ~50,000 bwpd). Maximum spot injection rates were in excess of 80,000 bwpd in 2025. Asset uptime remained stable throughout the period with no major periods of downtime. Opex continues to track around $23/bbl. Additional investment associated with the preparation for the 2026 drilling campaign and accelerated revamping programme increased the 2025 capital programme from $180 million gross to around $220 million gross (Net: $66 million).

Unlocking the next phase of growth

Afentra and its JV partners are positioned to deliver significant, long-term organic growth from the world-class shallow-water assets in Blocks 3/05, 3/05A and 3/24. Our phased, capital-disciplined approach targets increased recovery and production while reducing emissions. This strategy is already delivering tangible results, highlighted by a more than fourfold increase in net 2C contingent resources to 87.3 million barrels of oil equivalent (mmboe). This material uplift underscores the significant upside potential across the portfolio, with the 2026-2027 infill drilling and workover programme anticipated to deliver further significant reserves replacement and production growth. 

The foundation for this growth has been laid since 2023, with the JV focusing on stabilising production and enhancing performance through targeted light well interventions (LWIs), increased water injection capacity, and infrastructure upgrades. This multi-year redevelopment plan has delivered material operational improvements, creating a strong foundation that now enables us to progress into the next phase of ramping up production through infill drilling and the development of satellite discoveries.

Onshore Angola offers significant untapped growth opportunities

Onshore, Afentra expanded its acreage footprint in the Kwanza Basin during 2025 with the award of a non-operated 45% interest in KON15 and the initialling of an RSC on KON4 with final award pending and expected in Q2 2026. Alongside KON19, awarded in 2024, these licences position the company to unlock low-cost early production and exploration opportunities within an under-explored basin. Together, the three blocks offer a complementary portfolio with exposure to a diverse range of play types across both post-salt and pre-salt petroleum systems, as well as multiple opportunities to appraise and redevelop discovered but abandoned oil fields such as Quenguela Norte in KON4 or left behind discoveries like Bamvo in KON15.

The onshore Kwanza Basin presents substantial upside potential as, unlike the Lower Congo and Gabon basins to the north, it has remained under-explored for the past 40 years due to civil war and subsequent access challenges, including extensive minefields. With 11 discovered oilfields, entry into the basin provides a compelling opportunity for low-cost exploration and near-term development, underpinned by the application of modern concepts and technologies to an area largely untouched for decades.

Enhancing asset stewardship

Enhancing asset stewardship is central to Afentra's approach to sustainability and operational integrity, particularly as the Group increases its responsibilities across both operated and non-operated assets. Ensuring the health, safety and security of employees, contractors and local communities remains fundamental to our operations. During the year, Afentra's management visited the facilities on two occasions to review progress on the revamping programme.

In 2025, across Blocks 3/05 and 3/05A production assets, there were zero Lost-Time Incidents (LTI), achieving a period of 2195 LTI-free days. This performance was achieved alongside ongoing maintenance activities and facilities upgrades, reflecting the continued focus on proactive risk management and safe operations. 

Working alongside JV partners, Afentra continues to target emissions reductions through ongoing facilities upgrade programmes aimed at improving asset integrity and operational efficiency. As part of these efforts, five gas flare meters had been installed by year end, with commissioning throughout 2026. This new measured data will support improved management of flaring volumes and help to build targeted emissions reduction plans. 

Partnering for success

Since entering Angola, a core element of Afentra's strategy has been to foster close working relationships with both local and international partners, ensuring alignment on asset management, strategy and the sustainability agenda. Angola is a core market for Afentra, offering significant value-creation potential through abundant resources and a stable and attractive investment environment fostered by ANPG and the Angolan Government. Our commitment is reflected in our expanding in-country presence, including the opening of our Luanda office and the secondment of key personnel within Sonangol.

Afentra has established itself as a trusted and credible partner for government, NOCs and independents. We collaborate closely with Sonangol and M&P on Blocks 3/05 and 3/05A, and with ACREP, Sonangol and Enagol, across our onshore acreage. This partnership-led approach helps reduce costs, unlock value, lower emissions and contribute directly to Angola's energy-transition objectives. The proactive and collaborative stance of the regulator, ANPG, further supports a conducive environment for mutually beneficial outcomes.

We are also proud of our partnership with The HALO Trust, the international landmine-clearance organisation active in Angola for over 30 years and responsible for clearing more than 120,000 landmines. This partnership supports the government's ambition of achieving mine-impact-free status and benefits local communities by making land safe for sustainable development.

Building momentum and future capacity

Afentra enters 2026 with a strengthened platform for growth. Over the past year, the company has expanded and diversified its Angolan portfolio by adding its first offshore operatorship in Block 3/24 and building a complementary onshore position with the non-operated KON15 and KON19 exploration acreage in the Kwanza Basin, and the initialling of an RSC on KON4 with final award pending and expected in Q2 2026. This broader footprint, combined with sustained operational progress, positions the Group for its next phase of short-cycle, infrastructure-led development.

Operational performance across our core offshore assets has continued to improve, with production stabilised, water-injection capacity expanded and asset-integrity upgrades progressing to plan. These advances set the foundation for increased recovery, infill drilling and the development of satellite discoveries, delivering near-term production growth and long-term value.

Onshore, Afentra is now well placed to unlock low-cost early production and high-impact exploration potential within one of Angola's most underexplored basins. Strong collaboration with our partners and the Angolan authorities supports responsible development and enhances the company's long-term growth prospects.

With a focused investment approach, an expanded asset base and clear operational momentum, Afentra is building the capacity to deliver sustained production growth, strong cash generation and long-term shareholder value.

Angola Offshore Lower Congo Basin Blocks 3/05, 3/05A and Block 3/24 

Offshore Angola, in the Congo basin, Afentra holds a material position across a world-class multi-billion-barrel field complex covering 810km². This includes a 30% non-operated interest in producing Block 3/05, a 21.33% non-operated interest in the adjacent development Block 3/05A, and a 40% operated interest in the adjacent exploration Block 3/24.  

World-class assets with significant potential for production and reserves growth 

The Blocks 3/05, 3/05A and 3/24 field area, situated 37km offshore Angola in shallow 30-100m water depths, represents a vast, under-developed asset with substantial potential, with eight producing fields and eight undeveloped discoveries, all within the same prolific fractured Albian aged Pinda carbonate reservoir.  

This is underpinned by established production and extensive infrastructure in Block 3/05, which provides opportunities for production growth and reserve replacement. Furthermore, the adjacent Block 3/05A and Block 3/24 acreage offers significant scope for infrastructure-led development of existing discoveries and future exploration. 

2025 production from Blocks 3/05 and 3/05A 

For 2025, gross production from Block 3/05 and 3/05A averaged 21,268 bopd (2024: 21,111 bopd)  with a clear pathway to potentially more than double production.

Block 3/05 

Spanning an area of around 40km by 15km, Block 3/05 contains extensive field infrastructure with 157 wells (currently 45 producing and 17 injecting water) and 17 installations, including the Palanca floating storage and offloading (FSO) vessel for the export of oil. The licence consists of eight mid-life producing fields: - Palanca, Impala, Impala SE, Bufalo, Pacassa, Pambi, Cobo, and Oombo, with gross 2P reserves of 106.3 million barrels of oil (mmbo).  

The fields, discovered by Elf Petroleum (now TotalEnergies) in the early 1980s commenced production in 1985 from fixed platforms, which continue to operate today. Peak production was reached in 1998 at 198,000 bopd with field-wide waterflooding successfully used to enhance recovery during early field production. Following the initial period of sustained waterflooding, injection was curtailed in 2015 before being restarted but at a reduced rate in late 2020. The success of this earlier period of sustained waterflooding lowers uncertainty and supports the forward production forecasts, with the current redevelopment plan again targeting sustained field-wide water injection. 

Block 3/05 holds independently audited estimated gross 2C contingent recoverable resources estimated at over 60 mmboe.  The block also contains the undeveloped Bufalo Norte discovery, which has an independent audited estimated  gross 2C contingent resource of over 11.4 mmbo and 38 billion cubic feet (BCF) of gas.

Block 3/05 is operated by Sonangol through a JV partnership under a Production Sharing Agreement (PSA). In 2023, the Block 3/05 PSA  was extended to 2040 with enhanced fiscal terms.  

Block 3/05A 

Block 3/05A contains the undeveloped Punja, Caco and Gazela discoveries with an estimated gross in-place resource of over 309.2 mmboe. An independent audit estimates there to be gross 2C recoverable resources of 98 mmbo and 290 BCF of gas.  

The Gazela field, commenced production in 2015, with approximately 2.4 mmbo recovered prior to a wellbore shutdown in 2017. Production was restored in March 2023 with the Gazela-101 well averaging 650 bopd gross during 2025 (2024: 1,248 bopd gross). This extended production test is helping to establish the long-term resource potential and define the appropriate development strategy for the Gazela field. 

Block 3/05A is operated by Sonangol through a JV partnership under a PSA. The Block 3/05A PSA, effective since 2015, is scheduled to expire in 2035, with provisions for extension contingent on continued production. A significant commercial uplift was achieved in 2024, with the Punja undeveloped discovery receiving marginal field terms, further enhancing the economic attractiveness of this block. 

Block 3/24 

Afentra operates Block 3/24, a 545 km²  shallow-water licence strategically located adjacent to its core producing assets, Block 3/05 and Block 3/05A. The block contains ten established oil and gas discoveries, including three previously produced fields, with >190 mmbos Stock Tank Oil Initially in Place (STOIIP) and 400 BCF Gas Initially in Place (GIIP). Discovered in the late 1980s, the reservoirs have not been re-evaluated using modern techniques. All discovery wells were tested, with flow rates of up to 6,000 bopd. Block 3/24 is a strategic addition to Afentra's portfolio, offering a unique short-cycle, low-cost, infrastructure-led development potential due to its proximity to Block 3/05, alongside several exploration prospects identified on existing 3D seismic. Following an initial internal review of the discoveries, management estimates a gross 2C contingent resource of 92.4 mmboe.

Block 3/24 is operated by Afentra through a JV partnership under a RSC. 

Block 3/05 Work Programme 

Delivering on the Multi-Year Redevelopment Plan which will Underpin Future Growth 

The 2025 work programme for Block 3/05 successfully continued the advancement of the multi-year re-development plan to enhance asset integrity and boost recovery, alongside a parallel programme of targeted production optimisation through LWIs. These parallel workstreams, combining foundational upgrades with immediate production gains, have prepared the asset for the coming step-change in performance. This readiness was cemented in 2025 by the completion of site surveys, contractor selection, and the ordering of long-lead items for the 2026 drilling and heavy workover campaign. 

Protecting Asset Value: Infrastructure Integrity and Renewal  

A core element of the 2025 work programme was a systematic campaign of infrastructure upgrades designed to enhance asset integrity, improve operational reliability, and ensure the long-term value of the Block 3/05 facilities. 

A major achievement was the safe completion of the FSO Palanca's 18-month recertification process during Q4 2025, with formal recertification received in early 2026. Conducted under the supervision of Bureau Veritas (BV) while the vessel remained in continuous operation, the project successfully recertified the hull, machinery, cranes, and lifting systems. This milestone secures the FSO's operational licence for the long-term, thereby avoiding the need to drydock until beyond 2030. 

In parallel, significant progress was made on a suite of other integrity projects. Work advanced on a comprehensive overhaul of power generation units and the recovery of cranes across the assets, improving water-injection equipment and platform availability whilst enhancing reliability. Collectively, these initiatives are fundamental to mitigating Health, Safety and Environment (HSE) and production risks, reinforcing asset reliability, and providing the stable operational platform required for future growth. 

Production Optimisation 

Alongside the multi-year redevelopment plan, the 2025 work programme delivered value through activities designed to enhance current production and maximise long-term hydrocarbon recovery through LWIs including through-tubing casing logging to identify bypassed oil. 

Continuous Production Optimisation: Light Well Interventions 

During the year, 28 LWIs were completed, targeting incremental production gains from the existing well stock. These low-cost, high-impact activities continue to provide excellent returns, delivering an incremental production increase of approximately 100 bopd with typical short-payback periods. The LWI programme remains a key, cost-effective tool for maximising value from the asset. 

Utilising through-tubing logging to identify bypassed oil  

In addition, utilising through-tubing logging (TTL), 3 wells have been successfully evaluated to identify zones of bypassed oil behind pipe. This new programme initiated in 2025 supports the selection and planning of future well interventions aimed at increasing production, improving waterflood sweep efficiency, and delivering incremental production gains. To date, the success rate has been 100% in identifying unswept oil. 

Enhancing Recovery Through Water Injection Upgrades 

The multi-year project to upgrade the water injection infrastructure is fundamental to unlocking the full potential of Block 3/05 by maintaining reservoir pressure and maximising long-term recovery. Significant progress was made in 2025, with the reinstatement of field-wide injection capability with redundancy in the distribution network being a key achievement. 

Performance increased steadily throughout the year, with average injection rates reaching ~37,800 bwpd. Peak rates were in excess of 80,000 bwpd in 2025, highlighting significant capacity headroom for future injection increases. This performance enabled the joint venture to successfully achieve its strategic objective of a sustained injection rate of ~50,000 bwpd by year-end 2025. This achievement provides a robust platform for future growth, with the ongoing programme designed to ultimately deliver an injection capacity of over 150,000 bwpd beyond 2026. 

Preparing for a Step-Change in Growth 

A primary focus throughout 2025 was the finalisation of planning and the de-risking of the 2026 drilling and hydraulic workover campaign. All critical preparatory milestones were successfully completed during the year. This included the selection of a turnkey drilling contractor and key quality assurance/control (QA/QC) teams, the completion of platform site surveys to validate rig access, the detailed prioritisation of HWO candidates, and the ordering of all necessary long-lead items. 

The  2026 campaign is designed to deliver a material increase in production and marks the next major phase of the redevelopment plan. The scope includes: 

·      Hydraulic Workovers: Maximising the reuse of existing wellbores for both production and injection to enhance recovery in a capital-efficient manner. 

·    Infill Drilling: Targeting reserves in areas of the field that have not been drilled in over a decade, with more than 20 opportunities already identified. 

·    Near-field Exploration: Targeting high-impact structures adjacent to the existing fields that could deliver material uplift. 

·      Production Enhancement: Planning for the installation of Electric Submersible Pumps (ESPs) following the completion of ongoing power system upgrades. 

The campaign's optimised sequencing is designed to balance production rates, operational risk, and capital efficiency, positioning the asset for the planned step-change in production growth. 

Reducing Emissions Through Measurement and Gas Management 

In 2025, the partnership installed new gas-metering systems, improving visibility of flare volumes, composition, and associated emissions. These insights underpin the development of a comprehensive gas-management plan to reduce routine flaring and enhance gas utilisation. This holistic approach is essential for the responsible and efficient monetisation of these oil and gas resources. 

In parallel, a multi-year feasibility study is assessing potential solutions and guiding future investment decisions, ensuring the fields can meet long-term emissions-reduction targets and align with a lower-carbon operating environment. 

A Foundation for Wider Growth 

The foundational work completed in 2025 - enhancing operational reliability, increasing recovery potential, and advancing emissions management - has positioned Afentra for a pivotal year in 2026. The Block 3/05 asset is now fully prepared for the next material phase of investment. 

The arrival of the drilling rig post-period unlocks a step-change in growth, not only through the redevelopment of Block 3/05 but also by creating synergies with the adjacent licences. Block 3/05's extensive infrastructure will serve as a central hub for the low-cost, phased development of satellite discoveries in Block 3/05A and the evaluation of development options for the discoveries in the Afentra-operated Block 3/24. This creates a coordinated, long-term growth framework across the wider area, providing significant operational optionality to drive continuous delivery, portfolio progression, and sustainable value creation in Angola 

Case Study: De-risking the 2026 rig campaign through a technical led approach 

Building on deep technical collaboration within the joint venture since 2022, Afentra's expertise has been central to de-risking the next major phase of investment in Block 3/05: the 2026 drilling, which commenced post-period, and the heavy workover (HWO) campaign. 

Afentra's multi-disciplinary team, with extensive experience across geoscience, reservoir engineering, and drilling, has been instrumental in maturing a high-quality portfolio of opportunities. This involved detailed subsurface analysis to identify and rank over 20 infill drilling targets and prioritise a sequence of capital-efficient HWOs focused on maximising the reuse of existing wells. 

This meticulous technical work was translated into tangible operational readiness in 2025. Through a deeply embedded partnership with the operator, the team supported the completion of all critical preparatory milestones, including platform site surveys, the selection of a turnkey drilling contractor and QA/QC teams, and the ordering of all necessary long-lead items. The result was a fully defined and executable programme for 2026, designed to unlock significant value by reactivating dormant wells and accessing unswept reserves. 

Crucially, the detailed processes, learnings, and technical models developed for the Block 3/05 campaign now serve as a blueprint for Afentra's wider Angolan growth strategy. It provides a repeatable model for evaluating and planning the low-cost development of satellite discoveries in Block 3/05A and maturing the proven discoveries in the Afentra-operated Block 3/24, underpinning the company's ability to deliver sustainable, long-term growth. 

Block 3/05A Work Programme

Block 3/05A, strategically positioned adjacent to the Block 3/05 field infrastructure and Afentra's operated Block 3/24, represents a key growth area for Afentra, housing the undeveloped Punja, Caco, and Gazela discoveries. These assets collectively hold an estimated 300 mmbo of oil in place, with Afentra's gross 2C recoverable resource estimate standing  at 98 mmbo and 290 BCF. 

Our ongoing activities in Block 3/05A are yielding valuable insights. The Gazela field, which initially came online in 2015, saw approximately 2.4 mmbo recovered before a wellbore shutdown in 2017. Following successful restoration in March 2023, the Gazela-101 well has demonstrated robust performance, averaging  650 bopd gross throughout 2025. 

When combined with our detailed subsurface mapping of the Caco and Gazela fault compartments, this extended production test is crucial for de-risking the long-term resource potential and refining our optimal development strategy. The resulting identified well opportunities have been rigorously ranked to strategically inform the  2026/2027 drilling campaign. 

Infrastructure-led Development Potential 

Advancing the development concepts for Block 3/05A remains a high priority. Recognising the high gas-oil ratio of the Punja field reservoirs, an integrated gas management plan spanning both Blocks 3/05A, 3/05 and 3/24 is paramount. This holistic approach is essential for the responsible and efficient monetisation of these oil and gas resources. In alignment with our environmental commitments, we are thoroughly evaluating all alternatives to flaring excess gas from future developments in collaboration with the JV partnership. Multiple options to reduce flaring are under active consideration, including the commercial export of excess gas via the nearby ALNG network or re-injection into existing fields. Both pathways will require a comprehensive review and potential upgrade of existing compression infrastructure. 

The JV partnership is committed to a phased development strategy for Punja and Caco-Gazela. This approach is designed to progressively gather appraisal data, mitigate subsurface uncertainty, and generate early cash flow through initial production. A thorough screening and ranking process for various development concepts is underway, targeting an optimised Final Investment Decision (FID) in the near term. 

Block 3/24 Work Programme

Afentra's operated Block 3/24 offers low-cost, short-cycle development opportunities adjacent to existing infrastructure. The block contains ten proven oil and gas discoveries, including three previously produced fields, and also holds significant infrastructure-led exploration potential. All wells have been tested, delivering flow rates up to 6,000 bopd, with a block-wide volume estimated >190 mmbo STOIIP and 400 BCF GIIP already discovered, though reservoirs have yet to be re-evaluated using modern techniques.  This significant discovered volume underpins a material contingent resource base, with a management estimate of 92.4 mmboe of gross 2C resources, which the work programme is designed to mature towards development.

Located around 5 km from the Block 3/05 producing infrastructure in shallow water, the area is ideal for small-scale platform deployment. The initial development of the block is being fast-tracked, with the focus on the GPQ (Golungo-Palanca NE-Quissama) infrastructure-led development plan. This phased project is targeting an initial production rate of up to 10,000 bopd and is being advanced toward a Final Investment Decision (FID) targeted for Q4 2026.

Case study:

GPQ: Near-term, operated infrastructure-led growth

The initial development focus for Block 3/24 is the Golungo-Palanca NE-Quissama (GPQ) area, which represents a key near-term organic growth catalyst for Afentra. The discoveries are 3 of the 10 identified on the block.

Our strategy is centred on a low-cost, fast-track development. Leveraging the GPQ area's proximity - just 5km from existing Block 3/05 facilities with available capacity and in shallow water - we can minimise capital expenditure with a phased development plan and accelerate time to first oil. The initial development plan focuses on well re-entry and optimisation studies, targeting a Final Investment Decision (FID) in late 2026 for a project with the potential to deliver up to 10,000 bopd (gross).

As Afentra's first operated development, GPQ provides a clear pathway to material value creation. It will unlock previously stranded resources and establish a repeatable, low-cost development blueprint that can be applied to other discoveries, converting the block's significant resources into production and reserves.

Onshore Angola 

Afentra is well-positioned to unlock early production and untapped exploration opportunities in the proven onshore Kwanza basin from KON4, KON15 and KON19 

Untapped hydrocarbon potential 

KON4, KON15 and KON19 are all located in the proven yet significantly under-explored onshore Kwanza basin. This presents an early-stage opportunity with significant growth potential. Entry into this basin, where 11 oil fields have been discovered  (with approximately 400 mmboe of oil in place, of which around 90 mmboe has been produced to date), offers a value-driven strategic opportunity for low-cost redevelopment and near-term and low-cost exploration in a proven basin, by applying fresh ideas and modern concepts to an area where the last exploration well was drilled in 1982 and no new technology has been applied for 40 years. 

These onshore blocks were high graded by Afentra as they have good signs of a working petroleum system and contain wells that were drilled on a variety of structures with light oil recovered to surface in one, and oil shows in others from both post- and pre-salt reservoirs.  

The onshore basin is analogous to nearby regional basins such as the Lower Congo and Gabon basins, which contain over 2 Bn boe and 3.5 Bn boe of discovered reserves respectively. In contrast, the Kwanza basin has less than 100 mmboe of  currently recognised 2P reserves, highlighting its significant untapped potential. 

We continue to evaluate additional opportunities utilising modern technologies such as eFTG and new 2D seismic acquisition alongside techniques that the team have successfully deployed in other regions of Africa. 

Taking a basin-wide approach 

The utilisation of eFTG across KON4, KON15 and KON19 represents the first modern, large-scale geophysical programme in the basin in decades and is designed to provide a new understanding of the subsurface geology. The data from the eFTG survey will be integrated with legacy well and seismic data to de-risk the basin and high-grade the most promising areas. The interpretation of this integrated dataset will then guide the subsequent, more targeted 2D seismic acquisition campaigns, forming the basis for future prospect definition and exploration drilling. This systematic, technology-led approach is fundamental to efficiently unlocking the full exploration potential of Afentra's strategic Kwanza onshore acreage. 

KON4 

In June 2025, Afentra announced that it had initialled an RSC for KON4  with final award pending and expected in Q2 2026. Under the terms of the KON4 RSC, Afentra will be Operator with a 35% equity interest. The Block offers both short-cycle, low-cost production opportunities linked to field redevelopment, alongside low-cost, near-term exploration potential. 

Block KON4 covers 1,387 sqkm and is situated in a historically productive area of the onshore Kwanza Basin. The Block features the Quenguela Norte field - the largest Angolan onshore discovery to date - estimated to hold over 200 mmbo of discovered oil in place. The field achieved peak production of 12,000 bopd, with 46 mmbo recovered before it was eventually shut-in and abandoned in 1999. This represents an opportunity to unlock significant value through the reactivation of this and other legacy oil fields, supported by modern technology and redevelopment techniques that have advanced considerably since the fields were last in production decades ago. The commercialisation plan is aided by the fields' proximity to infrastructure, creating a pathway for early production export to the Luanda refinery.  

During January 2026, the KON4 joint venture commenced acquisition of the eFTG survey, with data acquisition targeted for completion in Q1 2026, followed by the interpretation phase. Field reconnaissance has also been completed to assess infrastructure, access routes and the surrounding community landscape. The new eFTG dataset, together with legacy seismic and well information, will be integrated to update the subsurface model and play analysis, refining priority areas for redevelopment. This will be followed by planning for future well re-entries and 2D seismic acquisition, including environmental permitting and early-stage vendor engagement.  

KON 15 and KON19 

Afentra holds a 45% non-operated interest in both KON15 and KON19. The blocks are located adjacent to the legacy Tobias and Galinda oil fields and offer significant potential within Angola's prospective post- and pre-salt formations. With significant advances in exploration technology since the last well was drilled over 40 years ago, these blocks can now be rapidly explored and appraised, potentially leading to early development and production. Supported by a favourable investment environment, these licences will expand Afentra's footprint in this attractive Angolan market by diversifying our portfolio, which is principally focused on low-cost, long-life, stable production and low-risk development assets.  

The initial phase of a basin-wide eFTG survey, launched in August 2024, has now been completed for KON19, with remaining infill lines on KON15 completed post-period in early 2026. This advanced eFTG technology will enable a more comprehensive subsurface analysis of the 25,000 km² onshore Kwanza basin - an area largely unexplored in recent decades - and help identify the most prospective regions. The eFTG interpretation will guide the design of  future 2D seismic surveys and identify priority areas. Environmental and regulatory preparations for 2D seismic acquisition and future field operations are ongoing, with acquisition expected in 2026 and interpretation to follow in 2027. Together, the eFTG and new 2D seismic results will support prospect definition and future exploration well planning. 

Block KON15  

Block KON19  

Angola 

Angola, Block 23 

Afentra also holds a 40% non-operated interest in Block 23, a deepwater exploration licence with a proven hydrocarbon potential and no outstanding work commitment.

Block 23 is a 5,000 km2 exploration and appraisal block located in the offshore section of the Kwanza basin in water depths ranging from 600 to 1,600 meters, with a proven working petroleum system, and is in proximity to TotalEnergies Kaminho future deepwater development. Whilst this large block is covered by modern 2D and 3D seismic data sets, with no outstanding work commitments remaining, much of the block remains under-explored. 

FINANCIAL REVIEW

Financial discipline and strategic execution

In 2025, despite a soft commodity market, Afentra demonstrated prudent financial management generating $114.4 million from four liftings in 2025, with the additional monetisation of ~360,000 barrels stock in January 2026. Building on our historic successes, we reinvested in our core assets and expanded our portfolio by signing the Etu SPA to increase our interests in Blocks 3/05 and 3/05A and securing Block 3/24 (our first operatorship) and the KON15 licence.

With the softening of commodity prices and the capped nature of our RBL facility we have carefully managed our financial position during 2025 including through a selective use of cargo pre-payment facility in Q4 2025. Overall our financial  position remained stable in 2025, with a focus on increased capital investment in Angola. We ended 2025 with $10.2 million in cash ($54.8 million at 31 December 2024), inclusive of restricted cash balances, and an end of year net debt position of $21.8 million (net cash $12.6 million at 31 December 2024). A full reconciliation of net debt is provided in note 20 to the Consolidated Financial Statements. Our Debt to EBITDAX ratio of 0.6x  has been flat vs 0.5x at 31 December 2024. Subsequent to the year end, in May 2026, the Company entered into a new prepayment financing arrangement with a subsidiary of Gunvor Group. The facility will replace the Company's existing financing structure and is intended to support the Company's ongoing investment programme.

We completed four liftings during the period, at an average realised price of $70.2/bbl, resulting in revenue of $114.4 million. A fifth lifting, originally scheduled for December 2025, was deferred to January 2026 when we sold our first cargo of crude oil for the year of approximately 0.5 mmbo at a sales price of $65.4/bbl resulting in additional revenue of $33.8 million, of which $17.1 million was received in advance, in December 2025. This has been recorded as a contract liability on the 2025 balance sheet.

We continue to manage our exposure to oil price risk through our hedging strategy and historically have hedged approximately 70% of 2025 production through a combination of put options and collar structures. Currently, approximately 44% of 2026 projected sales are hedged using a combination of put options with strike prices ranging from $60/bbl to $68/bbl and collar structures with call option ranging from $78/bbl to $92/bbl. The hedging programme will continue to be under active review to evaluate further opportunities.

Our asset base build out continued at pace.  Acquisition of the ETU's interests further simplifies management of the Block 3/05 and Block 3/05A licenses with Sonangol's election to participate in the transaction being an important endorsement signifying alignment of interests between the JV partners and Sonangol as well as highlighting the importance of the Block 3/05 and Block 3/05A to the state of Angola. In March 2026, Afentra signed a new SPA with Etu reflecting its revised pro rata share of the acquisition. Under the revised transaction, our net upfront payment is $15.2 million, with contingent consideration of up to $6.74 million. At completion our participating interest in Block 3/05 will increase to 33.33% and our participating interest in Block 3/05A will increase to 24.99%. The effective date of the transaction is 31 December 2023, which is expected to result in a significantly reduced payment on completion. The completion of the acquisition is subject to the satisfaction of customary conditions precedent, including approval by the relevant governmental agencies and 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. Also offshore Angola, the award of the Block 3/24 licence was completed in December, following ministerial approval, with Afentra as operator at 40% working interest.

Onshore, we increased our presence in the Kwanza basin in April by securing a 45% non-operated interest in Block KON 15 alongside Sonangol (operator with 55% interest). The KON 4 Risk Service Contract (RSC) was initialled in June, with completion of the award expected in H1 2026.

During the year, we completed the transfer of our 34% non-operated participating interest in the Odewayne Block, Somaliland, to Petrosoma Limited for cash proceeds of $1.97 million, which we received in December. The disposal of this non-core asset resulted in a $19.5 million accounting loss on disposal.

As described in our 2024 Annual Report, in line with our commitment to avoid shareholder dilution, we have elected to satisfy vested options under the Founders' Share Plan ("FSP") and employee Long-term Incentive Plans ("LTIP") through market purchases via an existing Employee Share Benefit Trust (the "Trust") rather than issuing new ordinary shares. During the year ended 31 December 2025, the Trust purchased 4.5 million shares on the open market at an average price of  48p per share. Since 31 December 2025, the Trust purchased an additional 0.4 million shares at an average price of 47p per share and will continue with the share purchase programme to satisfy the requirements of the employee LTIP and final 2026 FSP vesting. Subject to certain purchase criteria agreed with the Trust, in aggregate the Trust is expected to purchase around 6.5 million ordinary shares over 2025 and 2026.

We continue to develop our office presence in Luanda, signing a lease on a new office in July 2025 and expanding our presence to four full staff members, all of them Angola nationals supported by a number of the local Angolan contractors.

With the conclusion of a comprehensive review of the strategic options that resulted in the determination to pursue the next phase of growth as an independent E&P company based on the strong prospects in front of the Company our focus remains unchanged as we continue to seek to strengthen and exploit our portfolio in Angola and seek value accretive license acquisitions and M&A opportunities in Angola as well as in other jurisdictions in West Africa.

Non-IFRS measures

The Group uses certain measures of performance that are not specifically defined under IFRS or other generally accepted accounting principles.

EBITDAX (Adjusted) represents earnings before interest, taxation, depreciation, total depletion and amortisation, impairment and expected credit loss allowances, share-based payments, provisions, and pre-licence expenditure. Additionally, in any given period, the Company may have significant, unusual or non-recurring items which may be excluded from EBITDAX (Adjusted) for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below. The Company believes this measure assists investors by excluding the potentially disparate effects between periods of the adjustments specified.

Debt to EBITDAX is calculated as total debt divided by EBITDAX and is presented to assist users of the financial statements in evaluating the Group's financial leverage and its ability to service debt from operating earnings.

EBITDAX (Adjusted) and Debt to EBITDAX are non-IFRS financial measures. EBITDAX (Adjusted) and Debt to EBITDAX should not be considered as alternatives to net income or any other indicator of Afentra plc's performance calculated in accordance with IFRS. Because the definition of EBITDAX (Adjusted) and Debt to EBITDAX may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

Income Statement

Revenue from four liftings completed during the year, net of off-take fees, was $114.4 million (2024: $180.9 million). The decrease is attributed to lower oil prices, with an average realised price of $70.2/bbl (2024: $82.2/bbl) and a decrease in sales volumes to 1.6 mmbo (2024: 2.3 mmbo).

Cost of sales during the year totalled $69.2 million (2024: $94.1 million); a full reconciliation is provided in the notes to the accounts (Note 4).

The profit from operations for 2025 decreased to $21.5 million (2024: $74.5 million) as a result of lower revenues described above, the $19.5 million loss on disposal of the Odewayne Block (2024: nil), a $0.5 million impairment of the Block 23 exploration asset (2024: nil), and a $1.6 million expected credit loss (2024: nil). This was offset by a $13.2 million non-cash gain on revaluation of the provision for contingent consideration. During the year, net administrative expenditure increased to $15.3 million (2024: $12.3 million), primarily due to increases in staff costs and corporate advisors.

Finance costs decreased during 2025 to $7.8 million (2024: $9.0 million), reflecting principal repayments on the RBL facility. Further detail is provided in the notes to the accounts (Note 8).

The loss after tax for the year was $3.2 million (2024: $52.4 million profit after tax):

Group adjusted EBITDAX totalled $51.7 million (2024: $90.2 million):

The basic and diluted loss per share for the year was 1.4 cents (2024: basic earnings per share of 23.3 cents and diluted earnings per share of 21.1 cents). No dividend is proposed to be paid for the year ended 31 December 2025 (2024: nil).

Statement of financial position

At the end of 2025, non-current assets totalled $172.6 million (2024: $153.5 million). The increase is primarily due to capital expenditure on Blocks 3/05 and 3/05A ($62.0 million), offset by depreciation ($22.2 million) and the disposal of Odewayne ($21.4 million). Further information can be found in Note 12 to the Financial Statements.

At the end of 2025, current assets stood at $47.0 million (2024: $73.1 million) including inventories of $25.0 million (2024: $7.5 million), trade and other receivables of $11.6 million (2024: $10.6 million), cash and cash equivalents of $5.1 million (2024: $46.9 million), and restricted funds of $5.0 million (2024: $7.9 million). The increase in the inventories balance is primarily due to the deferral of the December lifting to 2026.

At the end of 2025, current liabilities were $83.4 million (2024: $71.1 million) including trade and other payables of $68.8 million (2024: $52.9 million), borrowings of $10.9 million (2024: $11.3 million), and contingent consideration of $3.5 million (2024: $5.5 million). There were no derivative liabilities at 31 December 2025 (2024: $1.3 million). The increase in trade and other payables is primarily due to the recognition of a $17.1 million contract liability, relating to revenue received in advance for the January 2026 lifting.

At the end of 2025, non-current liabilities were $42.4 million (2024: $56.9 million), comprised of borrowings of $20.2 million (2024: $30.1 million), contingent consideration of $9.9 million (2024: $24.4 million), and deferred tax of $11.5 million (2024: $1.7 million). The decrease is primarily due to lower provision for contingent consideration, as a result of the lower oil price environment, and repayments of debt principal, offset by an increase in deferred tax.

The Group's net assets decreased from $98.6 million at the end of 2024 to $93.8 million as at 31 December 2025, reflecting the loss for the year and purchases of Afentra shares to satisfy the vesting of 2026 FSP and staff LTIPs.

Cash flow

Net cash inflow from operating activities totalled $29.6 million (2024: $85.6 million). The decrease is primarily due to a decrease in revenues in 2025 as a result of lower oil prices and sales volumes.

Net cash used in investing activities decreased to $52.3 million from $53.6 million in 2024. Increased additions to property, plant and equipment in 2025 were offset by proceeds received on the disposal of Odewayne and non-recurrence of the 2024 asset acquisition.

Net cash used in financing activities totalled $19.0 million, compared to $0.1 million generated from financing activities in 2024, reflecting repayments of debt principal and interest and purchases of Afentra shares under the 2025 share purchase programme.

Accounting Standards

The Group has reported its 2025 and 2024 full year accounts in accordance with UK adopted international accounting standards.

Cautionary statement

This financial report contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Directors believe the expectation reflected herein to be reasonable in light of the information available up to the time of their approval of this report, the actual outcome may be materially different owing to factors either beyond the Group's control or otherwise within the Group's control but, for example, owing to a change of plan or strategy. Accordingly, no reliance may be placed on the forward-looking statements.

Anastasia Deulina - Chief Financial Officer - 13 May 2026

The Strategic Report was approved by the Board of Directors and signed on its behalf by:

Paul McDade - Chief Executive Officer - 13 May 2026

FULL FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The financial statements of Afentra plc, registered number 01757721, were approved by the Board of Directors and authorised for issue on 13 May 2026.

Signed on behalf of the Board of Directors

Paul McDade - Chief Executive Officer