Afentra (LSE:AET) has received formal approval for a Risk Service Contract granting the company a 35% operated interest in the onshore KON4 block in Angola’s Kwanza Basin, alongside local Angolan partners. The award strengthens Afentra’s strategic position in the basin and expands its portfolio of operated and non-operated assets across Angola’s onshore and offshore energy sector.
The KON4 block contains several historic oil fields, including the sizeable Quenguela Norte discovery, offering both redevelopment opportunities and near-field exploration potential. Existing infrastructure and the block’s proximity to the Luanda refinery are expected to support future project economics. Afentra and its partners have already initiated technical and subsurface evaluation work focused on restarting production at Quenguela Norte while also assessing broader exploration targets across the licence area. The company views the block as an important contributor to future growth and value creation within its Angolan portfolio.
Afentra’s outlook continues to be constrained by volatile recent financial performance, including lower revenue in 2025, a return to net losses and significantly negative free cash flow, despite maintaining a relatively solid balance sheet. Technical indicators remain broadly neutral, although momentum signals have weakened slightly, including a negative MACD trend. Valuation metrics also remain challenging due to negative earnings and the absence of dividend yield support.
More about Afentra
Afentra plc (LSE:AET) is an upstream oil and gas company focused on acquiring and developing production and exploration assets across Africa while supporting a responsible energy transition strategy on the continent. The company holds a combination of operated and non-operated interests in both offshore and onshore Angolan assets, including producing fields in the Lower Congo Basin and redevelopment and exploration licences within the Kwanza Basin.
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