Afentra Fast-Tracks Angola Block 3/05 Drilling with Sonangol-Funded Rig Deal

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

Afentra has accelerated its 2026 drilling programme on Angola’s offshore Block 3/05 after securing access to the Borr Grid jack-up rig through a commercial agreement with Sonangol, enabling a two-well campaign to start in the coming days with the Pacassa SW exploration well. The deferred funding structure, under which Sonangol finances the drilling and recovers costs from future incremental production, is expected to leave Afentra’s 2026 cash capex unchanged while targeting a potential gross production uplift of around 9,000 barrels per day and unlocking material recoverable resources in the Pacassa SW area and Impala field.

The programme will first test the undrilled Pacassa SW fault block, which could be rapidly tied back to existing infrastructure if successful, and then move to either a Pacassa SW injection well or the Impala-2 development well to refine the development plan for up to 50 million barrels of incremental recoverable resources at Impala. Management frames the accelerated drilling as a key step in executing Afentra’s organic growth strategy, using existing platforms and infrastructure to efficiently convert resources into production while generating new data to de-risk future prospectivity across Block 3/05 and potentially enhancing long-term value for shareholders and partners.

The most recent analyst rating on (GB:AET) stock is a Buy with a £100.00 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 London-listed upstream oil and gas company focused on acquiring and developing mature production and development assets in Africa. The group holds non-operated interests in several offshore Angolan blocks in the Lower Congo and Kwanza basins, as well as operated and non-operated positions in adjacent exploration acreage, positioning it as a partner for international oil companies and host governments in Africa’s energy transition.

Average Trading Volume: 1,180,535

Technical Sentiment Signal: Buy

Current Market Cap: £179.6M

See more data about AET stock on TipRanks’ Stock Analysis page.