Afentra (AET) Investor Presentation summary

Strategic vision and growth trajectory

• Afentra has executed three major accretive deals since its 2021 formation, establishing a strong production and reserves base in Angola and positioning itself as a credible counterparty for NOC/IOC transactions.

• The company targets value-accretive transactions with zero equity dilution, integrating ESG into all activities and prioritizing shareholder value.

• Angola is the core market due to its supportive investment environment, abundant resources, and government reforms.

• Recent acquisitions have created a platform for future growth, with ambitions to expand both organically and through further M&A in West Africa.

• Afentra’s founding principles emphasize responsible hydrocarbon management during the energy transition, balancing socio-economic and climate impacts.

Financial performance and outlook

• Net production reached 6,700 bopd in H1 2024, with 32 mmbo net 2P reserves and strong asset cash generation of ~$50m per annum at $75/bbl.

• The company maintains a robust balance sheet, with net debt of $42m as of September 2024 and leverage at 1.2x, supported by sustained cash flow and prudent treasury management.

• Value-driven deal making has resulted in $72m inherited stock value and $76.5m net completion payments across INA, Sonangol, and Azule transactions, with further contingent payments linked to oil price and production milestones.

• Active hedging and lifting programs target 50-70% cargo hedged in the near term, utilizing puts and zero-cost collars to manage price risk and optimize cash flow.

• Liquidity and risk management strategies focus on fulfilling debt obligations, supporting investments, and minimizing equity dilution through innovative deal structures.

Asset portfolio and operational strategy

• Core assets include world-class shallow water fields in Angola’s Block 3/05 (30%) and 3/05A (21.33%), with over 3.5 billion bbls oil in place and significant underdeveloped potential.

• Operational focus is on stabilizing and sustaining production, optimizing wells and infrastructure, increasing recovery through infill drilling, and developing satellite discoveries.

• Well interventions, workovers, and gas lift programs are expected to deliver incremental production, with infill drilling and satellite developments offering material upside.

• Onshore Kwanza Basin licenses (KON-19 and KON-15) provide low-cost entry and significant upside, leveraging modern technology to rejuvenate historic fields.

• Additional exploration and appraisal interests include Block 23 in Angola’s Kwanza Basin and the Odewayne Block in Somaliland, both offering long-term growth potential.