Industry News – Afentra

More positive news in the African Upstream: Afentra Positioned for a Transformative Year in 2025

Accra, Ghana – January 2025

Africa Oil Week (AOWEnergy) is thrilled to highlight the remarkable progress of Afentra (AET LN), a key player in Africa’s upstream sector, as the company enters 2025 with robust momentum and a strong outlook. Following a year of significant achievements and operational milestones, Afentra is set to further solidify its position as a leading energy operator in Angola and beyond.

Operational Success and Strategic Investments Afentra reported impressive production figures, averaging 6,100 barrels of oil equivalent per day (kboe/d) over the first ten months of 2024. With gross oil production from Angola Blocks 3/05 (30%) and 3/05A (21.33%) averaging 23,000 barrels per day following planned maintenance, the assets have demonstrated robust cash-generating capacity and the potential for organic growth.

The company has commenced its next phase of light well interventions (LWIs), with over 10 planned before the year’s end, incorporating advanced stimulation techniques and reperforation activities to optimize production. Additionally, Afentra’s focus on infill drilling and satellite field developments is expected to unlock further potential, targeting over 30,000 boe/d gross production in collaboration with its joint venture partners.

A Strong Financial Foundation for Growth Afentra’s disciplined financial management has been a cornerstone of its success, with $37.4 million in cash resources and a trajectory toward a net cash position by the end of 2024. The company’s final crude lifting for 4Q24, 70% hedged at a $70/bbl floor, underscores its robust financial health and commitment to shareholder value.

This financial strength positions Afentra to capitalize on value-accretive opportunities in Angola and the broader West African region, further reinforcing its role as a leader in the region’s energy transition.

AOWEnergy’s Endorsement of Afentra’s Vision AOWEnergy commends Afentra’s strategic investments, operational excellence, and commitment to sustainable growth. The company’s proactive approach to optimizing production and pursuing reinvestment opportunities aligns perfectly with the platform’s mission of driving upstream development and fostering impactful partnerships.

As Afentra builds on its strong foundation in 2025, AOWEnergy looks forward to celebrating its continued success and supporting its vision for a thriving and sustainable energy future in Africa. Join us at AOWEnergy 2025 to connect with industry leaders like Afentra and explore opportunities shaping Africa’s energy landscape.

For more information on AOWEnergy 2025 please visit: www.aowenergy.com