Afentra : Frontier Africa Energies Summit, London 17.05.23

AFRICAN ENERGY

TRANSITION

Delivering Value in the Energy Transition

Frontier Africa Energies Summit, London

17 May 2023

Afentra plc

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• 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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Afentra plc

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The Afentra Team

Deep experience and expertise across Africa

Non-Executive board members

Jeffrey McDonald (Chairman)

Paul McDade

Paul's 35 years within the international Oil & Gas business has provided him with a rich and

diverse set of relevant experiences. From his early international experience in challenging operational, social, security and safety environments, to his 19 years as COO and then CEO of Tullow Oil, he has essential first-hand experience of what is required to build a successful African-focused, responsible oil & gas company.

His strong focus on delivering stakeholder value, shared prosperity, environmental performance and strong governance, coupled with his understanding of the role that Oil & Gas has to play in both the global and African energy transitions, makes him the ideal leader to deliver Afentra's ambitious growth strategy, a company that will have stakeholder objectives and ESG embedded at its core.

Ian Cloke

Ian has over 25 years experience of working across the international Oil & Gas space with a proven track record of delivering operational, technical and commercial results. His business focus and background of deploying innovative technologies across global upstream projects, has delivered significant value for all stakeholders. As EVP at Tullow Oil, he led multi- cultural and diverse teams delivering operations safely and at pace across Africa and South America, from the remote onshore to the ultra deepwater, effectively managing risk and social-environmental sensitivities whilst embedding strong financial discipline.

He has first-hand experience in making a difference in countries having discovered and successfully delivered commercial oil & gas in Uganda, Kenya and Guyana. Having lived and travelled throughout Africa, he has enjoyed the full spectrum of life and business on the continent, making him an ideal founding partner and COO of Afentra.

Anastasia Deulina

Anastasia's multicultural upbringing and over 20 years of working in the energy sector within

global, tier-1 investment banks, private equity and corporates has given her extensive experience in strategy development, deal origination, structuring and execution, M&A and business transformation.

Her primary focus is always on driving sustainable business growth that has a visible positive impact on the bottom-line.

This, along with her significant prior board experience, both as a NED and committee member, and her strong global business development and financial network means that Anastasia provides expert leadership as Afentra's CFO.

Jeffrey MacDonald was a former managing director with private equity firm, First Reserve, with responsibility for investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the oil & gas sector.

Before joining First Reserve, he was a founder and CEO of Caledonia Oil & Gas Ltd., a U.K.- based exploration and production (E&P) firm, and a founding member and managing director of Highland Energy Ltd. Most recently he held the position of Interim CEO and, prior to that, Non-Executive Director, of Kris Energy

Gavin Wilson (NED)

Gavin Wilson has held the position of Investment Director at Meridian Capital Limited, a Hong Kong based international investment firm, for over a decade, managing an Oil & Gas portfolio focused on world-class assets in emerging markets.

Mr Wilson founded and managed, for over seven years, two successful investment funds - RAB Energy and RAB Octane. Previously he was Managing Partner of Canaccord Capital London's Oil & Gas division, responsible for Sales and Corporate Brokering/Finance

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Afentra's founding principles

The Global Energy Transition will take time.

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 transition needs to be considered alongside the climate impact.

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

Current global energy environment make these principles more

relevant today than when Afentra was founded in 2021

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Delivering against a focused strategy

A Firm Foundation

• Highly experienced Board and Executive team
• Established a small effective team with deep knowledge of target geographies
• Developed a robust Governance and ESG framework to support future growth ambitions

Clear Strategic Focus

• Identified key focus areas with a clear strategy to acquire production and development assets
• Utilising existing networks to establish the Afentra brand with both governments and industry partners
• Disciplined approach to opportunity screening with focus on identifying long-term value

Initial Acquisitions &

Opportunity Screening

• Angolan acquisitions demonstrate the success of the foundation work in year one
• Multiple opportunities remain under review with further ideas continually being identified
• Existing Odewayne asset remains under review to maximise value to shareholders

Afentra established as a credible counterparty for African deals Initial acquisitions delivered; pursuing further opportunities

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