Afentra (AET) investor relations material

Executive summary

• Independent growth strategy confirmed post-strategic review, with a transformed balance sheet and increased financial flexibility from refinancing and equity raise.

• Strengthened capital structure via $125m Gunvor debt facility and $40m oversubscribed equity raise.

• Offshore growth demonstrated by Pacassa SW discovery and Impala-1 results, supporting production and reserves growth; onshore Kwanza Basin opportunities advancing.

• Net average production of 5,777 bopd in H1 2026, increasing to 6,236 bopd in July/August.

• Multiple near-term catalysts include Pacassa SW first oil, Impala-2 drilling, workover program, Etu completion, and onshore seismic.

Financial highlights

• H1 2026 revenue reached $91.0 million, up from $52.0 million in H1 2025, driven by higher sales volumes and oil prices.

• Adjusted EBITDAX was $41.9 million (H1 2025: $27.9 million); operating cash inflow $33.2 million (H1 2025: $3.2 million outflow).

• Cash balance at June 2026 was $97.4 million (Dec 2025: $10.2 million); net cash position of $28.4 million (Dec 2025: net debt of $21.8 million).

• Total debt increased to $70.0 million (Dec 2025: $31.1 million), with Total Debt/Annualised Adjusted EBITDAX at 0.8x.

• Loss after tax of $1.5 million (H1 2025: profit of $5.7 million), impacted by early termination fees and contingent consideration revaluation.

Outlook and guidance

• FY 2026 estimated liftings of ~2.3 mmbbls, rising to 3.5–4.0 mmbbls per annum in 2027/2028, subject to operational delivery.

• Production growth from drilling and development activities expected to support higher lifting volumes through 2028.

• Multiple catalysts expected in the near term, including Pacassa SW first oil and Impala-2 drilling.

• Targeting sustained water injection rates of ~100,000 bwpd in H2 2026 to support production growth.

• Financial focus on disciplined funding, completion of Etu acquisition, and further value-accretive growth opportunities.