Afentra (AET) investor relations material

Strategic growth and asset portfolio

• Built a diversified portfolio of cash-generating assets in Angola, expanding through value-accretive M&A since 2021, with interests in multiple offshore and onshore blocks and a focus on production, near-field development, and exploration.

• Achieved significant milestones including acquisitions from Sonangol, INA, Azule, and Etu Energias, increasing working interests and consolidating partnerships in core assets.

• 2025 net average production projected at 6,324 bopd, with net 2P + 2C reserves and resources of 120 mmboe and revenue of $114.4m.

• Returned to net cash position in 2024 and maintained a strong liquidity profile to support ongoing growth.

Financial performance and capital management

• Demonstrated robust asset cash generation, supporting ~$65m in capital investments, debt repayments, and corporate costs in 2025.

• Managed net debt of $21.8m at year-end 2025, with a cash balance of $10.2m.

• Active crude oil sales and hedging program in place, with 2026 sales estimated at 2.3 mmbbls and significant hedging to manage price volatility.

• RBL and working capital facilities provide financial flexibility, with ongoing discussions to extend and optimize funding for future growth.

Operational excellence and efficiency

• Infrastructure revitalization and water injection programs have improved asset reliability, safety, and production growth, targeting 100+ kbwpd water injection.

• Opex per barrel expected to decrease as production increases, driven by operational leverage and efficiency initiatives.

• Multiple organic growth projects underway, including drilling, workovers, and field reactivation, with near-term focus on Impala and Pacassa SW wells and heavy workover campaigns.