Afentra : Investor presentation 25-01-23

AFRICAN ENERGY TRANSITION

Investor Presentation

Q1 2023

Afentra plc

Disclaimer

• The information set out in this presentation and the accompanying verbal presentation including any question and answer session and any documents or other materials distributed with the presentation (the
  "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.
• No reliance may be placed for any purposes whatsoever on the information or opinions contained in this presentation or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company, its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever is accepted by the Company or any of its members, directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
• With respect to the United Kingdom, the information set out in this presentation has not been written or approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act
  2000 ("FSMA"). It is considered by the Company that the communication of the Presentation will be exempt from the financial promotion restriction (as defined in Section 21(1) of FSMA, as amended) pursuant to Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "Order"), as the Company's shares are admitted to trading on the London Stock Exchange's Alternative
  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.
• This presentation is not for publication, release or distribution directly or indirectly in nor should it be taken or transmitted, directly or indirectly into the United States, Australia, Canada, Japan or South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
• 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.
• By attending the Presentation or by accepting this document in any other way you agree to be bound by the foregoing provisions

Afentra plc

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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

Afentra plc

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Strong market drivers

Focused on shareholder returns and stakeholder outcomes

The opportunity

Africa remains a prolific Oil & Gas region with longevity (~100 billion boe, 20 years+)

Early stages of an industry transition providing a significant M&A pipeline

Transition will require credible and responsible operators to manage and optimise assets

Market evolution and investor sentiment towards sector requires a new approach

Committed to investor and broad stakeholder value creation

Afentra's Proposition

Experienced leadership team with proven track record and established network in Africa

Industry transition experience combined with ability to identify, high-grade, acquire and integrate assets

Track record of creating value from operating and asset redevelopment capabilities

Business model focused on value accretive roll-up of discovered resources generating strong cash flow

Committed to responsible stewardship to ensure positive socio-economic and environmental impact

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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

Afentra plc

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