Afentra : Admission Webcast IMC 20-09-23

AFRICAN ENERGY

TRANSITION

20 September 2023

Afentra plc

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  "Presentation") has been produced by Afentra plc (the "Company") as at the date of this presentation, and is being made available to recipients for information purposes only. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company. This presentation is subject to English law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the English courts.
• This presentation has not been verified, does not purport to contain all information that a prospective investor may require and is subject to updating, revision and amendment. The information and opinions contained in this presentation are provided as at the date of the Presentation and are subject to change without notice. In furnishing this document, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent.
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  Investment Market (AIM). Any investment or investment activity to which this document relates is only available in the United Kingdom to such persons as are permitted under the Order ("Relevant Persons") and will be engaged only with such persons within the United Kingdom. Persons who are not (within the United Kingdom) Relevant Persons should not in any circumstances rely on this presentation. The contents of the Presentation are not to be construed as legal, business, investment or tax advice nor does it constitute a recommendation regarding any transaction. Each recipient should consult with their own legal, business, investment and tax adviser as to legal business, investment and tax advice. By receiving the presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
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• Certain statements, beliefs and opinions in this presentation, are forward-looking, which reflect the Company's or, as appropriate, the Company's directors' current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward- looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward- looking statements, which speak only as of the date of the Presentation.
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Afentra plc

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Afentra Corporate Formation

Foundation and road to success

Afentra's founding principles (April 2021)

Feb-Mar 2021

Apr-May 2021	Apr & July 2022	July 2023	Sept 2023

The Global Energy Transition will take

time.

New leadership & owners

1. P.McDade & I.Cloke appointed executive directors
2. Replaced key shareholders (44.89% of issued shares) with new owners
3. J.MacDonald and G.Wilson appointed Chairman and NED, replacing outgoing directors

Re-brand & official	Foundational	3rd acquistion
launch	transactions
Implementing a new,
buy-and-build strategy		Signed SPA to
to capitalise on	Signed SPAs with	acquire Azule
opportunities resulting	Energy's interests in
Sonangol and INA
from the accelerating	Blocks 3/05 and
for assets offshore
energy transition on the	3/05A. Amended
Angola, constituting
African continent	SPA with Sonangol
a Reverse takeover
	for Block 3/05
	(Rule 14, AIM Rules)
	acquisition.

Re-admission to AIM

Publication of Admission Document; resumption of trading on AIM. Deal completion expected 4Q 23.

Hydrocarbons are part of the transition

and will continue to remain important in

the overall energy mix.

It is vitally important that we responsibly

manage what has already been found.

The socio-economic impact of the energy

Afentra Management

Joined 2021

Joined 2021

Joined 2021

Paul McDade	Ian Cloke	Anastasia Deulina
Chief Executive Officer	Chief Operating Officer	Chief Financial Officer
35 years in international oil & gas	>25 years in international oil & gas	>20 years in global, tier-1 financial
institutions and energy corporates

transition needs to be considered alongside the climate impact.

Afentra was formed to deliver this balance and create significant value for

shareholders.

Afentra plc

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Delivering Value Enhancing Transactions

Combination of transactions builds a material position in both Blocks 3/05 and 3/05A

Significant equity in material Production and Development Portfolio

• Completion of INA, Sonangol and Azule acquisitions will deliver material equity: Block 3/05 (30%) and Block 3/05A (21.33%)
• Net 2P Reserves of ~33 mmbo and net 2C resources of ~20 mmbo; Net Production of ~5,700bopd
• Significant upside potential through:
• • improved recovery from the over 3 billion bbls in place in Block 3/05
  • development of multiple fully appraised discoveries in Block 3/05A

Value Accretive Deals in Attractive Investment Environment

• Acquisition cost of ~$3.4/bbl across three transactions; strong net cashflow results in short term payback
• Benefit of accrued cashflow from effective dates will reduce combined completion payment to ~$56m
• First crude cargo sale in August, 300,000 bbls sold at $88/bbl realizing pre-tax sales of $26.4m
• Block 3/05 license extended to 2040 approved and Improved fiscal terms in process of being approved

Improvements to asset performance positively impacting delivery

• Program of light well interventions underway and delivering increased production; current production >20,000 bopd
• Updated Competent Persons Report demonstrates positive impact with 1H 23 reserves replacement of >150%**
• Block 3/05A production test contributing to revenues and providing critical development data

•

*Assumes that the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% post-INA Acquisition and from 16% to 21.33% post-Azule Acquisition completion

**Based on a management calculation, using the Block 3/05 2P reserves from the Competent Person's Report effective 30 June 2023 and operator's production reports

Afentra plc

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Blocks 3/05 & 3/05A: Production & future development asset

Block 3/05 (Congo basin) - 30%1

• Material shallow water, long life, low decline asset with extensive infrastructure covering 8 fields with OIIP in excess of 3 billion barrels, only 43% recovery to date
• August 2023 production averaged ~21,000 bopd

1. H1 2023 production averaged ~18,000 bopd, demonstrating the benefit of restoration works over Q1'23 in addition to the well intervention works completed to date.

• 1. 2P reserves of 110 mmbo (net 33mmbo) and 2C resources of 44 mmbo (net 13mmbo)3
• Key 2023/2024 activities:
• 1. Water injection rates have increased, averaging ~38,000 bwpd in H1'23

1. Ongoing investment in infrastructure to enhance reliability and uptime

1. Light well interventions ongoing with a further 30 interventions in next 18 months, including acid wash, well perforations and installation of artificial lift

1. A gas management workstream has commenced to examine a holistic solution for gas which could enable a material reduction of emissions in medium-to-long term

Block 3/05A (Congo basin) - 21.33%2,3

• 3 appraised discoveries offering near term production growth
• Over 300 mmbo of oil in place, 2C resources of 33 mmbo (net 7mmbo)3
• Long-termtesting continues at the Gazela field of an additional 1,450bopd, enabling framing of potential development options
• Development concept works ongoing to frame Punja development opportunity

1. Upon completion of the Azule and Sonangol transactions (adjusted working interest, July 2023), Afentra's working interest in Block 3/05 increases from 4% to 30%
2. Assumes the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% (post-INA) and from 16% to 21.33% (post-Azule)
3. 2023 CPR estimated 1P/2P/3P of 73/110/147 mmbbls (gross) at 30.6.23 effective date. Caco-Gazela & Punja resources not included in 2023 CPR. Block 3/05A 2C resources of 33 mmbbls (gross) based on Afentra resource estimate effective 1 July 2023

Afentra plc

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