Afentra Plc. Share Price (AET)

I might not be a mathematician but the maths does work there. Downside risk to upside risk is firmly in favor of the shareholders. £1 will be in the rear view mirror. Market waiting for production increase to be realised. That is now being fast tracked. 2028 production doubled. Then some after that.

Will pass. As a LTH

Dont feel comfortable risking a further 26k parity stock to make a 14k reward profit if this hits £1. The maths does not work.

Have put in for a chunk....will probably be scaled back massively...

Cavendish Company Comment

04/06/2026

Successful equity raise:

"Afentra has announced that it has successfully raised US$40m of new equity. The new stock was priced at 67p/share representing a 5.2% discount to the closing price on 2 June of 70.7p. The raise follows the recent conclusion of the strategic review, which considered the best course of action for the next stages of company growth. With no shortage of organic opportunities within the portfolio, it looks as though the company has taken the opportunity to add to its coffers and accelerate the growth plan, which sees production double to around 13kbopd (net) by 2028. 44 million new shares have been issued as part of the placing, equivalent to 19.6% dilution. A retail WRAP offer has been launched to raise up to a further £2m at the same price. Factoring in the dilutive impact of the raise, our Core NAV dips 3% to 110p, with Total NAV now at 205p. We trim our target price slightly to 110p, which offers over 55% upside.

— Our view: We believe the raise is opportunistic, but on the whole positive. The company has no shortage of growth opportunities within the portfolio, particularly with supportive oil prices. Accordingly, with strong demand for the stock, a US$40m raise, equivalent to c19% dilution, provides firepower, giving flexibility and the ability to accelerate growth opportunities. This is particularly important given the strongly contangoed oil price forward curve (i.e. near-term oil prices are considerably higher than longer term prices). We do not have visibility on the book; however, the raise will also have been an opportunity to introduce new blue-chip institutions onto the register. Having not raised material amounts of equity in the past (the company was founded via an RTO of an existing cash shell), some may have taken this opportunity to establish a position without having to buy through the market. While marginally dilutive, we believe today’s raise is incrementally positive. "

I think i had seen that they were always aiming to get to 20k boepd a day by 2030 but the roadmap is 12k a day by 2028 and then the extra 8k a day in 2029/2030 to get to target