Afentra Reports Growth in Reserves for Block 3/05 Offshore Angola

UK-headquartered and AIM-listed company Afentra has announced significant developments in hydrocarbon production and reserves for Block 3/05 off the coast of Angola based on the latest Competent Person’s Report (CPR) by ERC Equipoise (ERCE).

After entering Angola in May 2023, Afentra finalized a sale and purchase agreement with Azule Energy Angola Production in July 2023 to acquire an additional 12% interest in Block 3/05 and a 16% stake in Block 3/05A offshore Angola for up to $84.5 million, effective October 31, 2022.

The latest CPR for Block 3/05 reveals total net 2P working interest reserves of 34.2 million barrels of oil (mmbo) as of December 2024. With a reserve replacement ratio of 140% over 18 months, the report indicates a gross increase in reserves by 15.4 mmbo, offsetting the gross production of approximately 11 mmbo.

Additionally, the CPR shows a rise in contingent resources on Block 3/05, with net working interest 2C resources of 13.8 mmbo (gross 46 mmbo). The company estimates net 2C resources for Block 3/05A at 7.1 mmbo (gross 33 mmbo).

Paul McDade, CEO of Afentra, expressed optimism, stating, “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.”

Despite producing 19.4 mmbo since their first CPR in March 2022, Afentra notes that gross 2P reserves have remained stable at 114 mmbo. This performance indicates the potential for sustained reserves replenishment on the Block 3/05 assets, even before any rig activity.

Looking ahead, Afentra plans to commence rig activity in 2026 and develop Block 3/05A to achieve significant production and reserves growth in the coming years.

Block 3/05 comprises eight mature producing fields discovered by Elf Petroleum in the Lower Congo Basin in the early 1980s. The block’s facilities include 17 wellhead platforms, four processing platforms, and oil exportation through the FSO Palanca. Angola offers 30 investment opportunities in the oil sector, including blocks in permanent offers, onshore blocks, marginal fields, and opportunities for the 2025 bidding round.