Afentra (AET) Investor Presentation summary

Strategic vision and growth trajectory

• Focus on value-driven growth through accretive transactions and optimization of existing assets, with ESG integrated into all activities and no equity dilution to date.

• Established a credible counterparty status by successfully transacting with NOCs and IOCs, creating a platform for future expansion in Angola and West Africa.

• Assembled a portfolio with significant upside potential, leveraging first-mover advantage in Angola and targeting further M&A opportunities.

• Committed to responsible stewardship, supporting the African energy transition and delivering positive stakeholder outcomes.

• Strong, sustainable cash flow from producing assets, with a disciplined approach to balance sheet strength and value creation.

Financial performance and management

• Achieved a $35.2m net cash increase in 2024, driven by strong sales and disciplined spending while completing a third transaction.

• Ended 2024 with $54.8m cash balance and net 2P+2C reserves/resources of 55 mmbbls; asset cash generation in 2024 was ~$87m at $82/bbl.

• Maintains robust treasury management and financial flexibility through RBL and working capital facilities, supporting growth and liquidity.

• Prioritizes investment in current assets, preserves cash for strategic M&A, and considers shareholder returns as the business matures.

• Debt is strategically used to fund growth, with repayment optional during the current expansion phase.

Asset portfolio and operational highlights

• Operates world-class shallow water assets in Angola, including Block 3/05 (30%) and Block 3/05A (21.33%), with 9 fields, 3 undeveloped discoveries, and 157 wells.

• 2024 net production averaged ~6,200 bopd, with 34 mmbo net 2P reserves and significant underdeveloped potential.

• 2024 'Stabilise and Sustain' program improved facility reliability, increased production, and enhanced water injection rates above 80,000 bwpd.

• Light well interventions in 2024 delivered >2,000 bopd uplift; focus shifts to heavy workovers and ESP installations in 2025-2026.

• No infill wells drilled in over 10 years; multiple phases of infill drilling and satellite developments planned from 2026, targeting material production growth.