Afentra Announces Robust Reserve Update for Block 3/05

Afentra ( (GB:AET) ) has provided an announcement.

Afentra PLC has released an update on its reserves and resources for Block 3/05 as of December 31, 2024, revealing that its net 2P working interest reserves are 34.2 million barrels of oil, with a gross increase in reserves resulting in a 140% reserve replacement ratio over an 18-month period. The company’s CEO, Paul McDade, highlights the significant potential of the Block 3/05 assets, which have maintained stable reserves despite production, and anticipates substantial future growth with planned rig activity and development efforts, emphasizing the long-term value and production potential of these assets.

More about Afentra

Afentra plc (AIM: AET) is an upstream oil and gas company focused on opportunities in Africa. Its purpose is to support a responsible energy transition in Africa by positioning itself as a credible partner for divesting international oil companies and host governments. Afentra holds interests in various blocks offshore and onshore Angola, as well as a carried interest in an onshore block in southwestern Somaliland.

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Current Market Cap: £104.9M

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