Afentra (LSE:AET) reported net average production of 6,324 barrels of oil per day during 2025, generating revenue of $114.4 million from total sales of 1.63 million barrels. The company maintained operating costs at approximately $23 per barrel and finished the year with net debt of $21.8 million, reflecting continued operational discipline while advancing its growth strategy.
During the year, Afentra progressed a multi-year redevelopment programme across Angola’s Block 3/05 and Block 3/05A assets. The company completed a series of light well intervention activities and is preparing for a major infill drilling and heavy workover campaign scheduled for 2026 and 2027. These planned activities are expected to significantly increase both production levels and recoverable reserves.
Independent resource evaluations highlighted a substantial expansion in the company’s asset base, with 2C contingent resources increasing more than fourfold to approximately 87.3 million barrels of oil equivalent. The assessments also confirmed 2P reserves of 106.3 million barrels gross, underscoring the long-term development potential within Afentra’s Angolan portfolio.
The company also continued to expand its asset footprint, securing its first operatorship with a 40% interest in Block 3/24, progressing the acquisition of additional stakes from Etu Energias, advancing exploration work across onshore Kwanza basin licences, and completing its exit from the Odewayne block in Somaliland.
From a financial perspective, Afentra is seeking to extend its reserve-based lending facility and is reviewing funding options to support upcoming drilling and workover campaigns. The company has also launched an employee share purchase initiative designed to support long-term incentive programmes without diluting existing shareholders. Management views 2026 as a key year that could deliver a meaningful step-change in both production output and resource growth.
Afentra’s outlook is supported by strong operational performance and favourable valuation metrics, although technical trading indicators suggest some bearish short-term momentum. The company’s ongoing redevelopment initiatives and portfolio expansion activities are expected to strengthen its longer-term growth trajectory.
More about Afentra
Afentra plc is an AIM-listed upstream oil and gas company focused on acquiring and redeveloping producing and development-stage assets across Africa. Its core portfolio includes offshore interests in Angola’s Blocks 3/05, 3/05A and Block 3/24, alongside onshore exploration licences in the Kwanza basin. Afentra’s strategy focuses on infrastructure-led development, asset revitalisation, integrity management and targeted drilling and workover campaigns to increase recovery rates, expand reserves and drive sustained production growth.
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