Afentra (AET) Investor presentation summary

Strategic growth and asset portfolio

• Built a diversified portfolio of offshore and onshore assets in Angola, focusing on production, near-field development, and exploration, with working interests in multiple blocks and a strong M&A-driven expansion strategy.

• Achieved significant milestones including acquisitions from Sonangol, INA, Azule, and Etu Energias, increasing net production and reserves.

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

• Returned to net cash position in 2024 and maintained a disciplined capital allocation framework prioritizing liquidity, prudent leverage, and reinvestment in growth.

Financial performance and capital management

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

• Ended 2025 with $10.2m cash and $21.8m net debt, with strong treasury management and access to a $30m working capital facility.

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

• Ongoing discussions to extend RBL facility and optimize balance sheet for future growth.

Operational excellence and efficiency

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

• Operational reviews identified key efficiency levers, with production growth expected to drive opex per barrel down from $23/bbl.

• Low-cost interventions such as heavy workovers and infill drilling planned to restore production and unlock incremental reserves.