Afentra (LSE:AET) has announced a significant upgrade to its resource base after an independent audit and internal portfolio review lifted its 2C working interest contingent resources to 87.3 million barrels of oil equivalent. The revised estimate covers Angola’s offshore Blocks 3/05, 3/05A and 3/24 and reflects a more than fourfold increase on previously reported volumes.
The uplift follows an assessment by Sproule ERCE, alongside Afentra’s own evaluations of newly awarded acreage, with the increase largely driven by undeveloped discoveries and early-stage resource potential identified at Block 3/24. The company highlighted that these figures point to meaningful upside beyond currently booked resources.
Looking ahead, Afentra plans to further appraise this potential through a targeted infill drilling and heavy workover programme scheduled for 2026–27 on the producing Block 3/05 fields. In parallel, the group is advancing the maturation of near-field discoveries and exploring opportunities within the onshore Kwanza Basin, initiatives that could enhance production levels and support longer-term growth in Angola.
From an investment perspective, Afentra’s outlook is underpinned by solid financial performance and what is viewed as an attractive valuation. However, bearish technical momentum suggests some caution in the near term, even as the company’s strategic activity and recent corporate developments continue to strengthen its growth profile.
More about Afentra plc
Afentra plc is an upstream oil and gas company focused on acquiring and managing production and development assets across Africa in support of a responsible energy transition. Listed on AIM, the company holds operated and non-operated interests in several offshore blocks in Angola’s Lower Congo Basin, including the producing Block 3/05 and adjacent Blocks 3/05A and 3/24. Its portfolio also includes non-operated interests in the onshore Kwanza Basin blocks KON15 and KON19, as well as offshore exploration Block 23.
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