Afentra (AET) Acquisition presentation summary

Strategic growth and acquisitions

• Expanded working interests in Angola's Block 3/05 to 33.33% and Block 3/05A to 24.99% through a series of disciplined, value-accretive acquisitions, including the latest Etu transaction.

• Acquisition structures and commercial terms for Block 3/05 and 3/05A mirror previous deals, with upfront and contingent payments linked to Brent price and production thresholds.

• Effective date for the Etu deal is 31 December 2023, with completion expected in Q2 2026, further consolidating joint venture partnerships.

• Total consideration for the Etu deal includes $15.2 million upfront and up to $6.74 million in contingent payments, subject to oil price and development milestones.

• Deal metrics remain consistent with prior transactions, maintaining disciplined expansion in core assets.

Financial and operational highlights

• Returned to net cash of $12.6 million in 2024 after recent acquisitions and continued disciplined financial management.

• Projected 2025 net average production of 6,324 bopd and revenue of $114.4 million, with reserves and resources estimated at 120–130 mmboe by year-end 2025.

• Multiple license awards and SPA signings in 2024 and 2025, supporting ongoing growth trajectory.

Strategic positioning and market opportunity

• Focused on production, near-field development, and exploration with a strategic footprint in Angola and a robust M&A pipeline.

• Positioned to capitalize on the African energy transition, leveraging a significant hydrocarbon resource base and a proven team with African experience.

• Committed to responsible stewardship and delivering positive outcomes for stakeholders.