Afentra (AET) Investor presentation summary

Strategic positioning and growth outlook

• Holds a unique position in Angola with disciplined execution, strong relationships, and a proven team, enabling scalable organic growth and value-driven expansion.

• Portfolio includes significant working interests in multiple offshore and onshore blocks, with embedded growth potential and a supportive market backdrop.

Production and resource growth

• Net production at 6,324 bopd in 2025, with a roadmap targeting 13,000 bopd by 2028 and >20,000 bopd longer term.

• Offshore redevelopment and onshore fast-cycle projects underpin multi-year production growth, with material resource conversion and exploration upside.

• 2P reserves at 31.9 mmbo and 2C contingent resources at 87.3 mmboe as of 2025.

Key asset developments and upside

• Major offshore assets (Blocks 3/05, 3/05A, 3/24) offer >3.7 bbo oil in place and >250 mmbo reserve and resource potential.

• Infrastructure rejuvenation 70% complete, with $400m invested since 2022, extending asset life to 2035 and targeting reliability improvements.

• Pacassa SW and Impala-2 wells, both fully carried, are expected to deliver significant production and reserves upside from 2026.

• Low-cost heavy workover (HWO) campaigns and infill drilling planned to restore and enhance production from shut-in wells.