Afentra (AET) Trading update summary

Executive summary

• Achieved strong operational and financial momentum in H1 2026, with net production of 5,777 bopd and revenue of $91.0 million from two crude liftings.

• Strategic review concluded, confirming pursuit of independent E&P growth and rejecting acquisition offers to maximize shareholder value; portfolio expansion underway with KON4 award and Etu transaction expected to complete in Q3 2026.

• Offshore drilling program progressing, with Pacassa SW well underway and initial results expected late July 2026.

• Significant operational progress includes the first drilling campaign on Block 3/05 in over a decade and ongoing asset revamping.

Financial highlights

• Cash balance at $97.4 million and net cash of $28.4 million as of June 30, 2026; total debt at $70.0 million.

• $125 million Gunvor prepayment facility secured, replacing previous RBL, reducing cost of capital, and extending maturities.

• $40 million equity raise completed, heavily oversubscribed, with an additional £2 million retail offer at 67p/share, broadening institutional shareholder base.

• H1 2026 revenue of $91.0 million from two crude oil liftings totaling ~1.0 mmbbls at an average price of $91.3/bbl.

Outlook and guidance

• Production growth targeted through multi-year drilling, workover, and development programs, aiming for 13kbopd in 2028 and >20kbopd longer term.

• Three additional crude liftings (~450,000 bbls each) anticipated in H2 2026, with the next in July.

• Material step-up in cash generation expected from 2028, with pre-capex asset cash generation forecast at $190–260 million at 13kbopd.

• Multiple near-term catalysts include drilling results, Etu transaction completion, and updates on redevelopment and exploration.