(Alliance News) - Afentra PLC on Thursday reported strong performance after a transformative period of acquisitions.

In 2023, the Africa-focused upstream oil and gas company narrowed its pretax loss to USD906,000 from USD9.1 million the previous year.

The company reported GBP26.4 million in revenue, after generating none in 2022.

At years end, cash resources stood at USD19.6 million, down 36% from USD30.6 million.

Combined gross production at Angolan assets in which the company holds a minority interest, stood at 20,180 barrels of oil per day, up 7.9% from 18,700 bopd in 2022.

During the period Afentra completed the acquisition of minority interests in two offshore Angolan assets for a net USD48.1 million payment followed by contingent payments of USD26.5 million.

Chief Executive Officer Paul McDade said: "Last year was another transformative period for the company as we completed our first two transactions in Angola. The subsequent completion of the Azule transaction represented another key milestone for Afentra

"The market dynamics in Africa continue to support our inorganic growth strategy and we are actively screening compelling opportunities that meet with our commercial criteria."

Afentra shares were down 0.4% to 57.60 pence each in London on Thursday afternoon.

By Elijah Dale, Alliance News reporter

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