Operational and Financial Update

 7 July 2026

AFENTRA PLC

Operational and Financial Update

Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, is pleased to provide an operational and financial trading update for the six months ended 30 June 2026.

Key Highlights

- Strategic Review: Afentra to pursue next phase of growth as an independent E&P company

- Refinancing: cost of capital reduced significantly with completion of $125m Gunvor prepayment facility

- Equity Raise: completed heavily oversubscribed US$40m placing and £2m retail offer at 67p/share

- Etu Acquisition: expected to complete in Q3 2026, increasing equity interests in Blocks 3/05 & 3/05A

- Block 3/05 Drilling:  Pacassa SW drilling underway with results expected late July

- Kwanza Onshore: eFTG survey completed; KON4 licence awarded

- H1 2026 Net Average Production: 5,777 bopd

- Crude Oil Sales & Revenue: two liftings totalling ~1.0 mmbbls at an average $91.3/bbl, generating $91.0 million

- Financial Position: Cash of $97.4 million, Net cash of $28.4 million at 30 June 2026

Operational & Corporate Overview

Strategic Review

Following a comprehensive strategic review, initiated in January and announced in March 2026, where the Board of Afentra considered a number of strategic options, including offers for the company, the Board determined that pursuing the next phase of growth as an independent E&P company offers the greatest opportunity to maximise shareholder value.

Block 3/05 & 5A Asset performance

Production

- Gross average production for the six months ended June 2026 was 19,379 bopd (Net: Block 3/05 5,688 bopd; Block 3/05A 90 bopd).1 Production was impacted by downtime associated with the positioning of the Borr Grid drilling unit over the Pacassa platform and a planned shutdown of the gas compression system to improve gas distribution.

- Production, water injection and gas compression has since been fully restored. Asset uptime remained stable throughout the period, supported by continued progress across the asset revamping and integrity workstreams.

2026 infill drilling and workover programme

- Drilling of Pacassa SW well is progressing, rig performance has improved with the reservoir section now expected to be drilled in the coming weeks and initial well results are anticipated in late July.

- The second well in the programme is expected to be the Impala-2 development well.

- The two well programme will be financed by Sonangol, with costs recovered from future well incremental production revenues and is therefore not expected to impact the Company's 2026 cash capex.

- Programme targets a potential gross production uplift of ~9,000 bopd and gross recoverable resources of over 100mmbo.

- Hydraulic workover programme preparations are ongoing with execution planned for late 2026/27.

Revamping & Integrity

- Multi-year redevelopment plan remains on track underpinning increased reserves recovery and production growth. Key workstreams during the period include:

o  Water injection averaged ~45,000 bwpd during the period, with rates of up to 70,000 bwpd achieved. Focus on increasing sustained water injection rates continues, targeting rates of ~100,000 bwpd in H2 2026

o  Infrastructure upgrades supporting improved reliability and operational performance progressed across key platforms, with work now completed at Pambi platform and ongoing at Cobo and Palanca platforms.

o  Palanca FSO works completed and formal recertification received for a further five-year period.

o  Well intervention activities continue across the asset, comprising slickline, electric line and acid stimulation programmes, focused on optimising production and improving well performance.

Block 3/24

- Operational activities in support of the GPQ development progressed during the period, including the planning of a survey vessel programme to perform a wellhead inspection that will commence in July.

- Subsurface work continues to assess the full extent of the hydrocarbon discoveries and exploration potential within the Block

Onshore Kwanza basin

- KON4 license, which contains the large pre-maturely abandoned Quenguela Norte oil field in addition to significant exploration potential, was formally awarded and signed.

- Acquisition of the eFTG geophysical survey data was completed across all of the licensed areas with initial results being interpreted and integrated with existing datasets.

- Technical studies progressing towards assembling a full prospect inventory and planning for future 2D seismic acquisition. It is anticipated that 2D seismic acquisition will start in KON15 in H2 2026.

Portfolio expansion

- Etu transaction: Afentra will acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A following the decision by Sonangol to participate alongside Afentra and M&P in this transaction. The transaction continues to progress through the remaining customary conditions precedent, including government approval in Angola, with completion now expected in Q3 2026.

Financial Overview

Key Financials as at and for six months ended 30 June 2026

- Revenue of $91.0 million2

- Cash resources of $97.4 million

- Gunvor Facility drawn: $70 million

- Net cash of $28.4 million3

Refinancing - Gunvor Facility

- Successfully completed the refinancing of the Company's debt facilities in May 2026 through a new $125 million Gunvor Prepayment Facility, replacing the previous Reserve Based Lending and Working Capital Facilities.

- The new facility enhances funding flexibility, lowers the Company's cost of capital and supports the Company's investment programme.

- The first $70 million tranche has been drawn, with a further $30 million available to be drawn in 2026 and an additional $25 million available in H2 2027, subject to delivery of 1.8mmbbls in first 12 months of the facility and certain production hurdles.

Equity Fundraising

- Successfully completed an oversubscribed equity fundraising, raising US$40 million through a placing at 67 pence per share, together with a £2.0 million WRAP Retail Offer.

- The proceeds strengthen the Company's balance sheet and support the acceleration of its investment programme.

Crude Oil Sales

- Two liftings of 997,252 bbls at average price of $91.3/bbl sold, generating revenue of $91.0 million.

- Three additional liftings of ~450,000 bbls each anticipated in the remainder of 2026 with the next lifting planned for July.

Hedging

- Approximately 53% of the projected July sales are currently hedged.

- Approximately 37% of the remaining projected H2 2026 sales and 20% of projected H1 2027 sales are currently hedged.

- Hedges are predominantly structured as collars, with floor prices ranging from $60/bbl to $72.50/bbl and collar caps ranging from $78/bbl to $115/bbl.4

Near-Term Catalysts

- Completion of the Pacassa SW well and initial drilling results (late July)

- Commencement of the second infill well, expected to be the Impala-2 development well

- Completion of the Etu transaction (Q3 2026)

- Update on the redevelopment of the Quenguela Norte field.

- Update on the assessment of the exploration potential across the Kwanza Onshore portfolio.

- HY 2026 Results (first half of September)

Paul McDade, Chief Executive Officer, Afentra plc commented:

"The first half of 2026 has been a period of significant progress across every dimension of our business. We concluded our strategic review with a clear determination that pursuing Afentra's next phase of growth as an independent E&P company represents the most compelling path to shareholder value creation. We have backed that conviction with decisive action: completing an oversubscribed equity fundraising raising, refinancing our debt facilities at a lower cost of capital, and with the commencement of the first drilling campaign on Block 3/05 in over a decade. As we await the results of the Pacassa SW well, with Impala-2 expected to be the second well in this carried programme, we have a busy period of activity ahead, including the expected completion of the Etu acquisition to increase our equity interests in Blocks 3/05 and 3/05A, continued Block 3/05 revamping and integrity works and the anticipated commencement of 2D seismic acquisition in KON15. Across our offshore and onshore portfolio, we have multiple pathways to deliver the production and reserves growth we have been building towards, and I look forward to updating shareholders on our progress going forward."

Supporting presentation:

A supporting presentation has been uploaded to Afentra's website: Investor Presentation July Trading Update

For further information contact:

Afentra plc +44 (0)20 7405 4133

Paul McDade, CEO

Anastasia Deulina, CFO

Christine Wootliff, Investor Relations

Burson Buchanan (Financial PR) +44 (0)20 7466 5000

Barry Archer

George Pope

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7710 7600

Callum Stewart

Simon Mensley

Ashton Clanfield

Tennyson Securities (Joint Broker) +44 (0)20 7186 9033

Peter Krens

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1. Production figures are reported on a net (working interest) basis; net entitlement volumes are reflected in revenue and cash flow reporting.

2. Revenue is net of the state's fiscal take (cost oil and profit oil allocation), but prior to deduction of petroleum income tax (PIT).

3. Net cash comprises cash less debt principal drawn adjusted for accrued interest, capital costs and lease liabilities.

4. Refer to the accompanying H1 2026 presentation for further details of the Company's hedge portfolio, including collar structures, floor prices and ceiling prices.

About Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on opportunities in Africa. The Company's purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting IOCs and host governments. Offshore Angola, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza basin, Afentra holds a 35% operated interest in Block KON4 and 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.

More information is available at www.afentraplc.com or by visiting the Afentra's Curation Showcase.

Inside Information

This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and as subsequently amended by the Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.

Glossary

Standard

Estimates of reserves and resources have been prepared in accordance with the June 2018 Petroleum Resources Management System ("PRMS") as the standard for classification and reporting.

Technical Information

The technical information contained in this announcement has been reviewed and approved by Robin Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss has over 30 years of experience in oil and gas exploration, production and development. He is a member of the Society of Petroleum Engineers (SPE) and holds a Bachelor of Science (BSc) and a Bachelor of Science Honours (BSc Hons) in Physics and Mathematics from the University of Cape Town.