Afentra (AET) Investor Presentation summary

Strategic vision and growth trajectory

• Pursuing value-driven growth through accretive deals, with three major transactions completed since 2021, establishing a strong production and reserves base in Angola.

• Focused on delivering shareholder value with zero equity dilution and a clear strategy to leverage Angola's supportive investment environment.

• ESG principles are integrated into all activities, aligning with the African energy transition and responsible asset stewardship.

• Recent acquisitions provide a platform for future expansion, both organically and through further M&A in West Africa.

• Assembled a portfolio with significant upside potential, targeting both offshore and onshore opportunities.

Operational performance and asset base

• Net production averages ~6,100 bopd, with 32 mmbo net 2P reserves and additional contingent resources.

• Operates world-class shallow water assets in Angola, including Block 3/05 and 3/05A, with over 3 billion bbls oil in place and substantial recovery potential.

• Ongoing well interventions, infrastructure upgrades, and infill drilling programs aim to sustain and grow production, targeting >5,000 bopd from optimizations.

• Satellite discoveries and onshore Kwanza Basin blocks offer further growth, with phased development to maximize value and manage capital requirements.

• Production stabilization and operational efficiency improvements are expected to generate ~$50m annual cash flow at $75/bbl.

Financial performance and risk management

• Strong financial outlook with robust cash flow, $50m annual asset cash generation, and a solid balance sheet post-acquisitions.

• Net debt at October 2024 stands at $42m, with leverage ratios around 1.1x–1.2x and a clear debt maturity profile extending to 2028.

• Active hedging program covers 70% of cargo at $70–$80/bbl, supported by a $30m revolving prepayment facility to manage liquidity.

• Rigorous internal governance, dynamic risk management, and ongoing debt optimization underpin financial resilience.

• Efficient deal screening and innovative structures minimize equity dilution and maximize acquisition value.