Afentra (AET) Investor presentation summary

Strategic positioning and growth trajectory

• Built a unique position as an African-focused independent with a cash-generative asset base and disciplined M&A, expanding interests in Angola through multiple acquisitions and license awards.

• Net production reached 5,777 bopd in H1 2026, with revenue of $91 million and net cash of $28.4 million, supported by strong operational cash generation and two crude liftings.

• Completed a $125 million Gunvor prepayment facility and a $40 million equity raise, strengthening liquidity and capital flexibility for near-term development.

• Portfolio includes significant offshore and onshore assets, with multi-year drilling, redevelopment, and exploration programs targeting production growth to 13kbopd by 2028 and >20kbopd longer term.

• Strategic review concluded with a focus on independent E&P growth, leveraging a proven management team and strong local partnerships.

Operational and financial highlights

• Four acquisitions and four license awards completed, with disciplined capital allocation and prudent leverage maintained through the cycle.

• H1 2026 cash balance of $97.4 million, net debt of $21.8 million, and total debt of $70 million, reflecting robust asset cash generation and investment capacity.

• Structured offtake profile with projected liftings rising to 3.5–4.0 mmbbls per year by 2027/2028, supporting regular revenues and price cycle averaging.

• Approximately 48% of 2026 forecast sales hedged using puts and collars, securing downside while retaining upside exposure at an average premium of ~$1/bbl.

• Gunvor facility provides a flexible, lower-cost debt structure with a 4-year tenor, SOFR + 6% margin, and security over key Angolan assets.

Asset development and value creation

• Offshore redevelopment program targets material production and reserve growth, with two fully carried wells drilling in 2026 and phased HWO campaigns.

• Pacassa SW and Impala-2 wells expected to deliver significant reserves and early production, with costs carried by Sonangol and first oil targeted for Q3/Q4 2026.

• Infrastructure upgrades 70% complete, extending asset life and increasing reliability, with $400 million invested since 2022 and capacity for 200,000 bbl/d.

• Onshore Kwanza Basin offers underexplored, proven hydrocarbon potential, with early production opportunities and low-cost redevelopment of legacy fields.

• Multi-pathway strategy includes further Angola license expansion, production acquisitions, and selective new country entry, underpinned by scalable financing.