Afentra (LSE:AET) reported revenue of $91 million for the first half of 2026 after crude oil liftings of approximately one million barrels, while net average production was 5,777 barrels of oil per day.
Following the end of the reporting period, the company completed a further lifting in July valued at approximately $38 million.
Afentra ended June with cash of $97.4 million and net cash of $28.4 million. The company has hedged approximately half of its remaining forecast oil sales for 2026 as well as a portion of expected 2027 volumes.
Afentra Secures $125 Million Prepayment Facility
During the period, Afentra secured a $125 million prepayment facility with Gunvor, of which $70 million has been drawn. The company said the facility reduced its cost of debt.
Afentra also completed a $40 million equity placing, which was described as heavily oversubscribed, alongside a £2 million retail offer.
The financing is intended to support the company’s drilling and redevelopment activities across its Angolan portfolio.
Afentra Advances Blocks 3/05 and 3/05A Programme
Operational activity continued on Afentra’s multi-year redevelopment programme covering offshore Blocks 3/05 and 3/05A. Work included infrastructure upgrades, increased water injection and well interventions.
At Pacassa SW, the company reported an oil discovery with substantial net oil pay. Afentra said the well will require a sidetrack completion.
The Impala-1 well was returned to production, while preparations continued for Impala-2, which is targeting production of approximately 4,000 barrels per day. Hydraulic workovers are also planned for early 2027 as part of efforts to increase recovery.
Afentra Progresses Etu Acquisition and Kwanza Exploration
Afentra continued work towards completing its acquisition of Etu, which is expected to increase its equity interests in Blocks 3/05 and 3/05A.
The company also received the formal award of the KON4 licence in Angola’s onshore Kwanza basin.
In Kwanza, Afentra completed an eFTG geophysical survey, began seismic work and identified multiple exploration leads, including prospects near the Quenguela Norte field.
Afentra is an AIM-listed upstream oil and gas company with production and development interests in offshore Angola and exploration interests in the onshore Kwanza basin.
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