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Afentra ( (GB:AET) ) has provided an announcement.
Afentra reported a solid operational start to 2026, with net average production of 5,958 barrels of oil per day from its Angolan offshore interests in blocks 3/05 and 3/05A, and revenue of $33.8 million from a January cargo of 517,643 barrels sold at an average $65.4 per barrel. The company ended the quarter with $18.5 million in cash, $31.5 million drawn under its reserve-based lending facility, and net debt of $12.6 million.
The group has launched a multi-year redevelopment plan on Block 3/05, including infrastructure upgrades, water injection increases and a light well intervention programme targeting about 40 jobs in 2026 to underpin future reserves recovery and production growth. Drilling has resumed after more than a decade, with a fully carried two-well campaign using the Borr Grid rig expected to deliver a potential gross uplift of around 9,000 barrels per day and over 100 million barrels of recoverable resources, without adding to Afentra’s 2026 cash capex.
Portfolio expansion progressed as Sonangol opted to participate in the Etu Energias acquisition, resulting in Afentra increasing its working interests by 3.33% in Block 3/05 and 3.66% in Block 3/05A, with completion targeted for the second quarter of 2026 subject to Angolan approvals. In the onshore Kwanza basin, the company completed an eFTG geophysical survey on KON15 and KON19 and advanced technical studies, while the KON4 licence awaits Council of Ministers approval expected in the same timeframe.
Afentra continues to build its financial resilience, with hedging in place on roughly half of its April lifting and on about half of projected July and September sales through oil price collars, and it expects proceeds of around $50 million from an April cargo after hedging. Refinancing talks to expand access to debt capital are described as well advanced, and the existing reserve-based lending facility with Trafigura and MCB has been amended to support the planned refinancing.
The board’s previously announced strategic review, aimed at maximising shareholder value, remains ongoing alongside the operational growth agenda. Management highlighted that the combination of stronger production, a fully carried drilling campaign, portfolio growth in Angola, and improved financing options underpins Afentra’s positioning as a consolidator of mature upstream assets in the region.
The most recent analyst rating on (GB:AET) stock is a Buy with a £118.00 price target. To see the full list of analyst forecasts on Afentra stock, see the GB:AET Stock Forecast page.
Spark’s Take on AET Stock
According to Spark, TipRanks’ AI Analyst, AET is a Outperform.
Afentra’s overall stock score is driven by its strong financial performance and attractive valuation, indicating a solid investment potential. However, technical analysis suggests caution due to bearish momentum. The company’s strategic initiatives and corporate events further bolster its growth prospects, contributing positively to the score.
To see Spark’s full report on AET stock, click here.
More about Afentra
Afentra plc is a UK-listed upstream oil and gas company focused on acquiring production and development assets in Africa, with a stated aim of supporting a responsible energy transition on the continent. It holds non-operated and operated interests in offshore Angolan blocks 3/05, 3/05A, 3/24 and 23 in the Kwanza Basin, as well as non-operated stakes in onshore Kwanza Basin blocks KON15 and KON19.
Average Trading Volume: 1,372,525
Technical Sentiment Signal: Buy
Current Market Cap: £176.4M
For detailed information about AET stock, go to TipRanks’ Stock Analysis page.