Afentra (AET) H2 2025 earnings summary

Executive summary

• Completed a strategic review, deciding to remain independent and focus on organic growth in Angola, supported by a successful $125 million debt refinancing at lower cost and a strengthened asset base.

• Expanded Angolan portfolio with first operatorship in Block 3/24 (40% WI), increased interests in Blocks 3/05 and 3/05A, and new onshore Kwanza Basin licences.

• Achieved a fourfold increase in 2C contingent resources to 87.3 mmboe and maintained stable production across core assets.

Financial highlights

• Revenue for 2025 was $114.4 million from four liftings at an average realised oil price of $70.2/bbl (down from $180.9 million and $82.2/bbl in 2024).

• Adjusted EBITDAX was $51.7 million (2024: $90.2 million); loss after tax was $3.2 million (2024: $52.4 million profit).

• Year-end cash was $10.2 million, net debt $21.8 million (2024: net cash $12.6 million).

• No dividend proposed for 2025.

• Share purchase programme initiated to cover future share awards, with 4.9 million shares acquired at an average price of 47.7p.

Outlook and guidance

• 2026 drilling campaign underway, targeting a step-change in production and reserves, with results from Pacassa SW well expected in June 2026.

• Confident in achieving net production of 10,000 bopd by 2027 and doubling net production from the 3/05 area in coming years.

• Continued focus on cost discipline, emissions reduction, and leveraging infrastructure for low-cost, phased development.