Afentra PLC
11 August 2026
11 August 2026
AFENTRA PLC
Operational Update
Successful Pacassa SW Oil Discovery, Impala-1 Restart and Block 3/24 Progress
Afentra plc ('Afentra' or the 'Company') (AIM: AET), an upstream oil and gas company focused on production and development assets in Africa, is pleased to provide an operational update on its offshore Angola portfolio, including the Pacassa SW drilling programme, Impala redevelopment programme and operated activities on Block 3/24.
Highlights
Pacassa SW - Successful oil discovery, net pay 136 metres, reservoir quality supports pre-drill estimate of 5000 bopd (gross)
Impala-1 - Production re-established around ~ 3000 bopd (gross) following light well intervention
Impala- 2 - Rig expected to move to Impala-2 post Pacassa SW, results expected end Q4
Block 3/24 - Innovative operating approach reduces survey cost by around 90%
Pacassa SW
The Pacassa SW well has now reached a total Measured Depth ("MD") of 5,381 metres and has encountered a significant oil bearing reservoir section in the fractured Albian Pinda carbonate formation, in line with pre-drill expectations. Evaluation of wireline logging data and oil shows has identified gross hydrocarbon-bearing interval of 217 metres, containing an estimated 136 metres of net oil pay, characterised by good quality and fractured reservoir intervals. Initial pressure indications suggest limited pressure depletion, confirming communication with the main Pacassa field.
The drilling results are consistent with the Company's pre-drill geological model and support the previously announced development potential of the wider Pacassa SW structure. Based on the initial evaluation, the results continue to support management's previously announced view that the Pacassa SW area has the potential to contain up to 70 mmbo of gross recoverable resources (net 23mmbo1), subject to completion of the ongoing technical evaluation and reserves and resources assessment.
The well will now be completed as an oil production well and connected to the Pacassa production infrastructure. Completion operations are now underway, after which the rig will be mobilised to the next well location. It is anticipated that following the connection of the well to the production system first oil from the well will be delivered in Q3 2026. Sustainable production rates will be established following well clean-up and flow-back operations. Our current analysis of the well data suggests that a Pacassa SW injection well is unlikely to be required at this time, a final decision will be made ahead of the completion of the current rig operations.
The Company will provide a further well update once the well has been production tested and a full evaluation of the data collected has been completed.
Impala Redevelopment
Impala-1
The Impala-1 well, which had remained shut in since 2017, has been successfully returned to production as part of the Light Well Intervention ("LWI") programme. During production testing, the well achieved gross flow rates of up to ~ 4,700 bopd and has been producing at around 3,000 bopd, with production intentionally constrained to manage water cut and longer-term reservoir performance.
Production was re-established via a slickline intervention that successfully identified and removed a shallow wellbore obstruction after acid stimulation undertaken during an earlier LWI programme had proved unsuccessful. The well intervention also provided valuable reservoir pressure and well productivity data which supports the expected production estimates for the planned Impala-2 development well.Impala-2
Preparation, by the Operator, for the Impala-2 development well continues, with drilling expected to commence upon completion of the Pacassa SW operations subject to a final decision by the Joint Venture Partners on the requirement for a Pacassa SW injection well. The Impala-2 well is expected to take approximately 80 days with results expected end of Q4 2026.
The results from the Impala-1 intervention, together with the reservoir pressure data acquired during testing, have reduced subsurface uncertainty and have been incorporated into the final well planning for Impala-2. The well is expected to target an initial production rate of approximately 4,000 bopd and, if successful, would represent the start of the next phase in the redevelopment of the Impala field.
Block 3/24
Afentra has successfully completed its first operated offshore campaign on Block 3/24. The programme successfully inspected the Palanca NE, Quissama-1, Quissama-2 and Golungo-1 subsea wellheads, acquiring video, measurement and well integrity data to support the ongoing technical evaluation of the GPQ development. No hydrocarbon leakage or seepage was observed, and the campaign was completed with zero safety or environmental incidents. The data acquired during the campaign will support the ongoing technical evaluation of the block and the maturation of the GPQ development towards a Final Investment Decision (FID).
The campaign, managed by Afentra directly, utilised a compact remotely operated vehicle ("ROV") deployed from a locally contracted vessel. This optimised approach completed the entire scope for a total cost of approximately $60k, representing a material cost saving compared to conventional contracting market rates of between $500k and $1 million for a campaign of this nature.
Near-Term Catalysts
- Completion and hook up of Pacassa SW production well expected Q3 2026
- Commencement of the Impala-2 development well with results expected end of Q4 2026
- Completion of the Etu transaction expected Q3 2026
- Publication of the HY 2026 Results (mid-September)
- Operational update on the redevelopment of the KON 4 Quenguela Norte field
- Update on the assessment of the exploration potential across the Kwanza Onshore portfolio
Paul McDade, Chief Executive Officer, Afentra plc commented:
"The significant oil discovery at Pacassa SW and the material reserves potential provides clear proof of concept for our organic growth strategy and demonstrates the momentum we are building through disciplined execution. The Pacassa SW discovery is a major milestone for the Block 3/05 partnership, representing the first well delivered on Block 3/05 in more than a decade. 136 metres of net oil pay with exceptionally high quality reservoir makes this one of best wells drilled in the Pacassa area. It supports our view of the wider Pacassa SW opportunity, where we estimate a development potential of up to 70 million barrels of recoverable resources. We now look forward to completing the well and delivering first oil from this new structure.
Equally encouraging is the successful restart of Impala-1, which provides a strong endorsement of the low-cost LWI strategy. Returning this well to production at an optimised rate of around 3,000 bopd, having been shut in since 2017, will deliver immediate cash flow and provides invaluable reservoir data that de-risks our upcoming Impala-2 development well.
Finally, successfully executing our first operated offshore campaign on Block 3/24 with zero incidents, and at a fraction of standard industry costs, demonstrates the disciplined, pragmatic and entrepreneurial approach we bring to operatorship. This progress, alongside the anticipated completion of the Etu acquisition, positions us exceptionally well to deliver sustainable, long-term value for our shareholders as we advance our world-class Angolan portfolio."
Notes
1 - Net share at 33.33% working interest post completion of ETU acquisition.
For further information contact:
Afentra plc +44 (0)20 7405 4133
Paul McDade, CEO
Anastasia Deulina, CFO
Christine Wootliff, Investor Relations
Burson Buchanan (Financial PR) +44 (0)20 7466 5000
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, in the Lower Congo Basin, Afentra holds a 30% non-operated interest in the producing Block 3/05, a 21.33% non-operated interest in Block 3/05A, and a 40% operated interest in Block 3/24 - both Blocks 3/05A and 3/24 are located adjacent to Block 3/05. Onshore Angola, in the western part of the onshore Kwanza basin, Afentra holds a 35% operated interest in Block KON4 and 45% non-operated interests in the prospective Blocks KON15 and KON19. Afentra also holds a 40% non-operated interest in the offshore exploration Block 23 in the Kwanza Basin.
More information is available at www.afentraplc.com or by visiting Afentra's Curation Showcase.
Inside Information
This announcement contains inside information for the purposes of article 7 of Regulation 2014/596/EU (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and as subsequently amended by the Financial Services Act 2021 ('UK MAR'). Upon publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of Afentra is Paul McDade, Chief Executive Officer.
Glossary
|
bopd |
barrel of oil per day |
|
FID |
final investment decision |
|
GPQ |
Golungo-Palanca NE-Quissama |
|
LWI |
light well intervention |
|
mmbo |
million barrels of oil |
|
MD |
measured depth |
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.
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