19 February 2025
AFENTRA PLC
Block 3/05 Reserves and
Resource Update
Afentra plc ('Afentra' or the
'Company') (AIM: AET), an upstream oil and gas company focused on
acquiring production and development assets in Africa,
provides an update on the latest Competent
Person's Report (CPR) for Block 3/05, conducted by ERC Equipoise
Ltd (ERCE).
As of 31 December 2024, total
net 2P working interest
reserves stand at 34.2
million barrels of oil (mmbo), (gross 114 mmbo). Since the
previous CPR in June 2023, gross production of approximately 11
mmbo was offset by a gross increase in reserves of 15.4 mmbo
resulting in a reserve replacement
ratio of 140% over the 18-month period.
Contingent resources on Block 3/05
have also increased since the last CPR with net working interest 2C resources of 13.8
mmbo (gross 46 mmbo). In addition, management currently
estimates1 Block 3/05A net 2C resources at 7.1 mmbo (gross 33
mmbo).
Since Afentra's first CPR in March
2022, 19.4 mmbo has been produced yet gross 2P reserves have
remained broadly stable, 114 mmbo compared to 115 mmbo in March
2022. This early reserves performance, prior to any rig activity,
reflects the significant potential of the Block 3/05 assets to
sustain and replenish reserves. With rig activity planned to start
in 2026, and the planned development of Block 3/05A, we expect to
build on this strong initial performance to deliver significant
production and reserves growth which will be sustained for many
years to come.
Paul McDade, CEO of Afentra,
commented: "The latest CPR
reaffirms the significant potential of Block 3/05. Delivering such
high reserves replacement prior to any rig activities or the
development of the significant discoveries in Block 3/05A
underscores the long-term value of these assets and our belief that
the production on these assets can be materially
increased.
Our focus remains on working with and supporting the Block
3/05 and 3/05A partnership to maximize production and recovery
while driving cashflow generation and value
creation."
Block 3/05 Reserve Summary
|
CPR Report
|
Block 3/05 - 2P
Reserves (mmbo)
|
|
Gross
|
Working
Interest
|
Net Entitlement
2
|
|
31 December
2024
|
113.9
|
34.2
|
24.2
|
|
30 June 2023
3
|
109.5
|
32.8
|
22.8
|
|
31 March 2022
3
|
115.2
|
34.5
|
21.5
|
Notes:
1To date, resource estimates
for Block 3/05A are based on management estimates and have not yet
been independently audited.
2 Net Entitlement Reserves are
the portion of future production (and thus resources) legally
accruing to Afentra under the terms of the production contract and
expenditure and oil price assumptions.
3 Working interest reserves
have been calculated as 30% of the gross reserves for comparison
purposes.
For
further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Burson Buchanan (Financial PR) +44 (0)20 7466
5000
Ben Romney
Barry Archer
George Pope
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint
Broker) +44 (0) 20 7710 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
Tennyson Securities (Joint Broker) +44 (0)20 7186
9033
Peter Krens
About Afentra
Afentra plc (AIM: AET) is an
upstream oil and gas company focused on opportunities in Africa.
The Company's purpose is to support a responsible energy transition
in Africa by establishing itself as a credible partner for
divesting IOCs and Host Governments. Offshore, Angola Afentra has a
30% non-operated interest in the producing Block 3/05 and a 21.33%
non-operated interest in the adjacent development Block 3/05A in
the Lower Congo Basin and a 40% non-operating interest in the
exploration Block 23 in the Kwanza Basin. Onshore, Angola Afentra has a 45% non-operated interest in the
prospective Block KON 19 located in the western part of the Onshore
Kwanza Basin. Afentra also has a 34% carried
interest in the Odewayne Block onshore southwestern
Somaliland.
Glossary
|
2C Resources
|
those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations by application of development projects but
which are not currently considered to
be commercially recoverable due to
one or more contingencies. Contingent resources are a class of
discovered recoverable resources
|
|
2P Reserves
|
those reserves which analysis of
geoscience and engineering data indicate are less likely to be
recovered than Proved Reserves but more certain to be recovered
than Possible Reserves. It is equally likely that actual remaining
quantities recovered will be greater than or less than the sum of
the estimated Proved plus Probable (2P) Reserves. In this context,
when probabilistic methods are used, there should be at least a 50%
probability that the actual quantities recovered will equal or
exceed the 2P estimate
|
|
mmbo
|
million barrels of oil
|
Standard
Estimates of reserves and resources
have been prepared in accordance with the June 2018 Petroleum
Resources Management System ("PRMS") as the standard for
classification and reporting.
Technical Information
The technical information contained
in this announcement has been reviewed and approved by Robin
Rindfuss, Head of Sub-Surface at Afentra plc. Robin Rindfuss has
over 30 years of experience in oil and gas exploration, production
and development. He is a member of the Society of Petroleum
Engineers (SPE) and holds a Bachelor of Science (BSc) and a
Bachelor of Science Honours (BSc Hons) in Physics and Mathematics
from the University of Cape Town.
This
announcement does not contain inside information
