Operational and Financial Update.

23^rd April 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 three months ended 31 March 2026.

Key Highlights

-       Strategic Review: the company continues to review options to maximise shareholder value

-       Block 3/05 Drilling: fully carried two well programme started with spud of Pacassa SW

-       Etu Energias Acquisition: Sonangol elected to participate; new SPAs signed

-       Q1 2026 Net Average Production: 5,958 bopd

-       Crude Oil Sales & Revenue:

o  0.517 mmbbls sold in January at $65.4/bbl average price: generating $33.8 million revenue

o  0.5 mmbbls to be sold in April; expected to generate ~$50 million proceeds after hedging

-       Kwanza Onshore: eFTG survey completed; KON4 licence awaiting Council of Ministers approval

-       Borrowings: drawn RBL of $31.5 million, Net debt of $12.6 million at 31 March 2026

Operational & Corporate Overview

Block 3/05 & 5A Asset performance      

Production  

-     Gross average production for the three months ended 31 March 2026 was 20,006 bopd (Net: Block 3/05 5,856 bopd; Block 3/05A 102 bopd)^1.  Production was impacted by downtime associated with the Borr Grid drilling unit positioning over the Pacassa production platform.

-     Asset uptime remained stable throughout the period, supported by continued progress across the asset revamping and integrity workstreams.

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  Six light well interventions (LWI) were completed during the period. The full 2026 LWI programme is targeting ~40 interventions.

2026 infill drilling and workover programme

-     Agreement signed with Sonangol to use the Borr Grid drilling unit. Drilling has commenced with the spud of Pacassa SW well. Initial well is expected to take between 70-80 days.

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

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

-    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.

Block 3/24

-    Operational activities in support of the GPQ development progressed during the period, including the planning of a survey vessel programme to execute wellhead inspection, survey and measurement scope.

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

Onshore Kwanza basin (KON15 & 19)

-    Acquisition of the eFTG geophysical survey data was completed across the licence 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.

Portfolio expansion

-   Etu transaction: Sonangol elected to participate in the acquisition resulting in Sonangol, Afentra and M&P jointly acquiring Etu's interests in Blocks 3/05 and 3/05A. Afentra will now acquire an additional 3.33% in Block 3/05 and 3.66% in Block 3/05A. Completion of the transaction, now expected in Q2 2026, remains subject to customary conditions precedent, including government approval in Angola.

-    KON4: will be submitted to the April Council of Ministers for approval, with final award pending and expected in Q2 2026.

Financial Overview

Key Financials as at and for three months ended 31 March 2026

-       Revenue of $33.8 million²

-       Cash resources of $18.5 million (including $5.0 million of restricted funds)

-       Debt outstanding:

o  Reserve Based Lending Facility: $31.5 million

o  Working Capital Facility: zero

-       Net debt of $12.6 million

Crude Oil Sales

-       Lifting of 517,643 bbls in January with average price of $65.4/bbl, generating revenue of $33.8 million.

-     Lifting of ~500,000 bbls planned for April, pricing based on April Dated Brent, together with the impact of the Company's hedging programme, expected to generate proceeds of ~$50 million.

-       Prepayment of $30 million received against April cargo which will be repaid from the cargo proceeds.

-       Three further liftings of ~450,000 bbls anticipated in 2026.

Hedging

-       Hedges with an average collar ceiling of $90/bbl in place on 50% of the April lifting.

-       Approximately 50% of July and September projected sales of 900,000 bbl currently hedged using collar structures with put prices ranging from $60/bbl to $68/bbl and collar ceilings ranging from $77/bbl to $78/bbl.

Refinancing

-    Refinancing discussions are well advanced to significantly enhance access to debt capital to support the company's future investment programmes.

-     The existing RBL facility with Trafigura and MCB has been subject to amendments to support the ongoing refinancing plans.

Strategic Review

-     The Company confirms that the strategic review process announced on 19 March 2026 is ongoing. Further updates will be provided as appropriate.

The Company expects to release its full year 2025 results in the second half of May 2026.

Paul McDade, Chief Executive Officer, Afentra plc commented:

 "Afentra has made a strong operational and financial start to 2026. During the quarter we generated revenues of ~$34 million from the sale of 517k barrels and commenced the first drilling campaign for over a decade on Block 3/05, with the prospect of a transformational increase in our production and resource base. Looking forward, we remain on track for our second cargo lift of 2026 later this month, increasing our working interest in Blocks 3/05 and 3/05A and seeing the results of the fully carried drilling campaign in the second half of 2026.  Our team remains focused on delivering our organic growth projects while continuing to assess all options to accelerate the growth and development of our high-quality Angolan portfolio.  Our performance to date, combined with our well-advanced debt refinancing and the ongoing strategic review, firmly underpins our strategic commitment to maximising shareholder value."

Supporting presentation:

A supporting presentation has been uploaded to Afentra's website

https://wp-afentra-2025.s3.eu-west-2.amazonaws.com/media/2026/04/2026.04-Afentra-Investor-Presentation-April-Trading-Update.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

Bobby Morse

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).

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 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 http://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.

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.

Glossary

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

The defined terms used in this section "Disclosure requirements of the Code" are defined in the Code which can be found on the Takeover Panel's website.

Publication on a website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.afentraplc.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The release, distribution or publication of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Afentra who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Afentra who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.

Nothing in this announcement is or should be relied on as a promise or representation as to the future. This announcement includes certain statements, estimates and projections provided by the Company in relation to the Company's anticipated future performance. Such statements, estimates and projections are based on various assumptions made by the Company concerning anticipated results which may or may not prove to be correct. No representations or warranties are made by any person as to the accuracy of such statements, estimates or projections.