Block 3/24.

4 September 2025

AFENTRA PLC

Block 3/24

Afentra signs Heads of Terms for first operated license offshore Angola

Afentra plc ('Afentra' or the 'Company') (AIM: AET), the upstream oil and gas company focused on acquiring production and development assets in Africa, announces that it has signed Heads of Terms with Angola's National Agency of Petroleum, Gas and Biofuels (ANPG) for the Risk Service Contract (RSC) for offshore Block 3/24, located adjacent to its existing Block 3/05 & 5A interests in Angola. The formal award of the license is expected in the coming months following the completion of the Government approval process.

Key Highlights

Material acreage expansion: Afentra's gross offshore acreage position increases from 265km² to 810 km²

Established discoveries: Block 3/24 contains five oil and gas discoveries all located in shallow water

Infrastructure-led development: Proximity to Block 3/05 offers short-cycle, low-cost development potential

Exploration potential: several exploration prospects identified within the acreage on existing 3D seismic

First offshore operatorship: Block 3/24 provides Afentra's first offshore operatorship

Contract Terms and Joint Venture Structure

Heads of Terms for the Block 3/24 RSC have been signed with ANPG and set out the following key terms:

-       Initial five-year period to review the development potential for existing discoveries and exploration prospectivity.

-       25-year production period that would subsequently be awarded when a discovery is developed.

-       Afentra to be Operator with a 40% interest in the block, alongside Maurel & Prom Angola S.A.S. (40%) and Sonangol E&P (20%).

About Block 3/24

Block 3/24 covers 545 km² and is adjacent to Afentra's existing producing oil fields and undeveloped discoveries in Blocks 3/05 and 3/05A. The block adds a further five discoveries -  Palanca North East, Quissama, Goulongo, Cefo and Kuma - all located in the same Pinda reservoir as the existing oil fields in Block 3/05 and 3/05A. In addition, the block contains the previously developed Canuku field cluster, which has produced up to 12,000 bopd. The block is estimated to include over 130 mmbbls of STOIIP and 400 bcf GIIP of already discovered resource

These discoveries and previous development assets offer a significant opportunity to apply modern technology to deliver short-cycle, low-cost developments tied back to the existing infrastructure in Block 3/05. A number of exploration prospects have also been identified based on existing 3D seismic date.

Key Discoveries

-       Palanca North East discovered in 1988, tested at 6,000 bopd (38 API).

-       Goulongo discovered in 1988, tested at a constrained rate of 2,400 bopd (23 API).

-       Quissama discovered in 1987, appraised in 1992 and tested at a constrained rate of ~3,000 bopd (36 API).

-       Kuma discovered in 1988, tested at 1,800 bopd (32 API).

-       Cefo discovered in 1988, tested at 1,150 bcpd and 32 mmcfd (48 API condensate with high H₂S content)

-       Canuku field cluster developed by Sonangol (2001-2008); produced up to 12,000 bopd (31 API)

CEO Paul McDade commented:
"We are pleased to announce this Heads of Terms and excited to progress towards Operatorship of Block 3/24, which represents the next step in our strategy to build a material production business in Angola. We look forward to reviewing the most efficient development options for the numerous discoveries, utilising the extensive Block 3/05 infrastructure. This will provide upside potential to enhance the overall redevelopment plan for the Block 3/05 area where we expect to significantly increase production and reserves, delivering long-term value and cashflows. Furthermore, we see potential for future infrastructure led exploration given the prospectivity of the area.

We appreciate the trust invested in Afentra by the ANPG and our joint venture partners and we look forward to building on the successful collaborative working relationship with Block 3/05 Operator Sonangol to ensure we deliver the full potential of this multi-billion barrel area."

Supporting Presentation

A short presentation summarising the strategic context and technical opportunity associated with Block 3/24 is available on the Company's website: https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2025/09/Block-324-final.pdf

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

Ben Romney

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

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, Afentra has a 30% non-operated interest in the producing Block 3/05 and a 21.33% non-operated interest in the adjacent development Block 3/05A in the Lower Congo Basin and a 40% non-operating interest in the exploration Block 23 in the Kwanza basin. Onshore Angola, Afentra has a 45% non-operated interest in the prospective Blocks KON15 & KON19 located in the western part of the onshore Kwanza basin. Afentra also has a 34% carried interest in the Odewayne Block onshore southwestern Somaliland.

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.