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AET Afentra Plc

46.90
1.30 (2.85%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Afentra Plc LSE:AET London Ordinary Share GB00B4X3Q493 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  1.30 2.85% 46.90 1,533,808 16:35:08
Bid Price Offer Price High Price Low Price Open Price
45.20 46.90 47.50 44.30 45.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs USD USD -9.09M USD -0.0413 -11.02 100.12M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:54:22 O 1,432 46.90 GBX

Afentra (AET) Latest News

Afentra (AET) Discussions and Chat

Afentra Forums and Chat

Date Time Title Posts
12/4/202423:42AFENTRA - High Growth Second Phase O&G Sector Specialist 109
11/4/202418:56Afentra PLC - energy transition in Africa1,082
05/4/202419:05AET with Charts & News27
23/12/200808:14Canadian Energy Trusts19

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Afentra (AET) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-12 16:54:3146.901,432671.61O
2024-04-12 16:54:0645.10224101.02O
2024-04-12 16:41:5645.008,8023,961.08O
2024-04-12 16:05:3346.9035,00016,415.00O
2024-04-12 15:35:0846.902,028951.13UT

Afentra (AET) Top Chat Posts

Top Posts
Posted at 12/4/2024 09:20 by Afentra Daily Update
Afentra Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker AET. The last closing price for Afentra was 45.60p.
Afentra currently has 220,053,520 shares in issue. The market capitalisation of Afentra is £100,124,352.
Afentra has a price to earnings ratio (PE ratio) of -11.02.
This morning AET shares opened at 45.50p
Posted at 12/4/2024 23:42 by yumyum
Thank you very much Mount Teide. Appreciated. I will ponder on all that and see if I can concoct an improved spreadsheet. Your share price thoughts look cautiously modest perhaps.
Posted at 12/4/2024 13:35 by mount teide
YY - Ref: Production costs per bbl - have not seen any specific data.

However, what we do know is that after the second working interest on the Block 3/05 asset was announced in July 2022, the following information was provided:

* Break even economics of $35/bbl
* Potential to improve OPEX to $20/bbl
* Average FCF, after Capex, of $30m PA at $75 Brent.
* Average production of circa 16,800 bopd when AET first commenced asset negotiations

Since then, the following changes have been reported based on completion of the Sonangol (18%) and INA (5.33%) deal metrics:

* Potential to improve and MAINTAIN OPEX at $20/bbl
* Average FCF, after Capex, of $35m PA at $75 Brent.
* Full year 2022 gross production of 18,660 bopd
* Minimum Capex to realise P2 Case of 115 million bbls

Post the Azule completion:

* Average FCF, after Capex of $50m PA at $75 Brent based on 18,600 bopd (at $90 Brent and 22,550 bopd the FCF could potentially increase to $60-$70m a year).

* Average production March 2024 of 22,500 bopd (recent peak of 25,000 bopd YE 2023)
* Every 1% incremental recovery factor = 9 million bbls additional resources net to AET

* Debt - If the Azule deal closes during the next few weeks, assuming an average of current Brent price and an average of 22,500 bopd production, AET is likely to be debt free during Q3/2024.

* Apparently 80% of management time has been spent on M&A in the last 18 months . IR confirmed in January 2024 that the next webinar and strategy presentation will come after completion of Azule.

* Infill Drilling Campaign for 2025-26 - first for over 20 years, will be interesting when considering that Pacassa alone has another circa 500m barrels.

Thoughts:
A further 5,000 bopd deal during 2024 with similar non dilutive metrics could well see AET trading at 100p plus.

AIMHO/DYOR
Posted at 11/4/2024 21:19 by mount teide
Oil - Top traders and forecasters, as well as investment banks, have upgraded their price and demand forecasts in recent weeks on a tightening oil market, over which OPEC+ has now regained control.

OPEC+ Rules in an Increasingly Tight Oil Market - Oilprice.com 10 April 2024

'The OPEC+ group is firmly back in control of the oil market and has the power to have it extremely tight in the second half of the year should it choose to do so, industry executives and hedge fund managers say.

The market is growing increasingly bullish on oil, expecting robust global demand growth and supply constraints, including OPEC and Russia’s production cuts, to push prices even higher in the summer.

With Brent oil prices breaking above $90 a barrel, there is room for further upside amid tighter markets and heightened geopolitical risks, investment banks say, not ruling out $100 oil this year.

The trajectory of oil prices over the next year is largely in the hands of the OPEC+ alliance of the top Middle Eastern producers and Russia, according to Sebastian Barrack, head of commodities at hedge fund giant Citadel, which had $61 billion in investment capital as of April

The OPEC+ group has “definitely regained control” of the market, Barrack said at the FT Commodities Global Summit in Lausanne, Switzerland, this week.

If the alliance decides in early June to keep its current cuts after the end of the first half, we could see an “extremely tight” oil market in the second half of the year, Citadel’s executive said, adding that the timing of OPEC+’s potentially eased cuts and their volume “will define where prices go in the next 12 months.”

Right now, prices are going up, as geopolitical concerns linger in the Middle East, demand holds strong and could turn out stronger than expected, and supply and infrastructure issues hold back production and exports, from Mexico to Russia.

Top traders and forecasters, as well as investment banks, have upgraded their price and demand forecasts in recent weeks.

Oil prices are set to trade in the range between $80 and $100 per barrel this year, Russell Hardy, chief executive at Vitol Group, said at the FT summit this week. The world’s largest independent oil trader also expects robust global oil demand growth in 2024, at around 1.9 million barrels per day (bpd) higher than in 2023, Hardy said.

If this forecast pans out, this year’s growth in oil consumption will not be too far off the bumper increase in demand in 2023.

The U.S. Energy Information Administration (EIA) raised its 2024 and 2025 forecasts of global oil consumption by between 400,000 bpd and 500,000 bpd, due to a revision of historical data for 2022 and to the “current market dynamics,” the EIA said in its monthly Short-Term Energy Outlook (STEO) on Tuesday.

Morgan Stanley sees heightened geopolitical risk pushing Brent prices to $94 per barrel in the third quarter as the bank lifted its price forecast by $4 a barrel compared to its previous projection. Last month, Morgan Stanley had already hiked its third-quarter oil price forecast by $10 per barrel, to $90, on the back of expected tighter markets in the summer.

In recent weeks, banks, including JP Morgan, have said that oil prices could hit $100 per barrel by the end of the summer. However, demand destruction could prevent prices from reaching triple digits, JP Morgan says.

Still, analysts and industry executives believe that OPEC+ would reverse at least part of the cuts if prices run up to $100 as it would look to avoid demand destruction, stronger response to high prices from U.S. shale, and a potential loss of longer-term demand for OPEC+ crude.

If OPEC+ rolls over the cuts beyond June, “we will see a level of tightness in the market that will be very constraining to the market, and high prices will have to go and help destroy demand to solve that problem,” Citadel’s Barrack said at the FT Commodities Global Summit.

As tempting as it may sound for OPEC to sell oil at $100 a barrel, the cartel may not be willing to risk another inflation shock that could cripple demand.'
Posted at 10/4/2024 03:10 by xxnjr
MT - apologies for being disagreeable but as a shareholder in Tullow that is not how I remember it.

the share price of TLW is about 34p today. In 20 yrs the share price has increased from err 32p to 34p. Nothing much to shout home about.

The business wasn't really built by McDade. It was initially built by founder/CEO Aidan Heavey and CFO Tom Hickey. As far as i can recall they were the ones who would have steered the negotiations on UKNS acquisitions from Esso and BP and they were the ones who negotiated the Energy Africa acquisition in 2003/4 which was arguably the making of Tullow Phase 1.

The explosive share price grown of Tullow Phase 2 which reached £16 at one point (in old money b4 a capital raise) was driven by very high risk frontier exploration with big discoveries in Uganda, Ghana, Kenya, not from buying low risk mature assets from exiting majors.

It all went to their heads in Tullow Phase 3 when in relative terms Tullow probably had the highest exploration spend of any E&P on the planet. billions and billions on exploration. And billions and billions written off on failed wells.

McDade made such a mess of Tullow after being appointed CEO that the company were obliged to fire him.

So yeah, Afentra is a bit like early Tullow Phase 1 was the UKNS.
And hopefully McDade has learnt from past mistakes.....
Posted at 06/4/2024 23:04 by xxnjr
tim000,

good question

"MT: rather than apportion sales volumes per cargo according to field interests, it appears AET is allocated a proportion of cargoes per annum. That is very odd, for example it means pricing and end-of-year inventory could vary significantly between partners according to when they were allocated cargoes. Unless there is some accounting balancing procedure at, say, the end of each calendar year. Do you know exactly how the allocation of oil revenues is handled? Thanks."

Unless I misunderstood your central point tim000, I'm not sure this is "very odd", at least in 'West Africa'. For example in Ghana dedicated cargoes are allocated to equity partners; Tullow, Kosmos, GNPC in respect of Jubilee and TEN fields and to ENI, Vitol, GNPC in respect of Sankofa field, respective to their equity share of fields.

I believe this is pretty standard practise. At least in 'West Africa'. One recent exception has been where as part of Impact's farm out deal with Total Energies in Namibia, Impact elected to share their cargoes with Total as it would facilitate oil sales and reduce price volatility but that was driven by the structure of that particular farm out deal whereby Total were providing Impact a gross carry before netting out of say $6bn to $8bn to first oil (all seismic, exploration wells, development wells and first fpso development to 1st oil) with the carry being reclaimed out of a portion of Impact's revenues once Namibia production starts. In effect an interest free loan from Total to Impact. But once the 'loan' is repaid Impact will revert to dedicated cargoes.

But getting back to what I believe is fairly standard practise in Angola and elsewhere in 'West Africa', (1) as MT mentioned, the price is what it is when a dedicated cargo loads to tanker for export from the Palanca FSO. This is usually 5 day ave brent price from Bill of Lading date, adjusted for oil grade and in the case of Afentra, whatever 'take' Trafigura apply under the Trafigura Offtake Agreement. The revenue goes to whichever partner that particular cargo was allocated to and (2) at year end in the accounts for each partner there will be either an "overlift" or "underlift" to take account of any variances between equity produced barrels and actual volume of barrels offloaded by allocated tanker cargos.

To your point on pricing/revenues; yes there may well be timing/pricing anomalies in any one year but over say 20 yrs of a typical field life the "pluses and minuses" will in all likelihood average out to such an extent that individual equity partners carry that risk themselves. But of course smaller, non IOC/NOC type companies usually will additionally offset part of that risk through their OP hedging strategies.
Posted at 28/3/2024 08:50 by cf456
Baron keen on AET

"Holding Afentra still screening as one of the highest free cash yields for 2024. Production outperforming expectations, oil prices strong.

The Azule transaction is set to close in due course, balance sheet grows and M&A optionality really steps up. Exciting times ahead in view.

#AET"
Posted at 24/1/2024 07:28 by nickiegaul
Afentra PLC Operations and Financial UpdateSource: UK Regulatory (RNS & others)TIDMAETRNS Number : 6783AAfentra PLC24 January 202424 January 2024AFENTRA P L COperations and Financial UpdateAfentra plc ('Afentra' or the 'Company'), the upstream oil and gas company focused on acquiring mature production and development assets in Africa, provides an operational and financial update for 2023. Afentra currently holds non-operated 18% and 5.33% working interests in Blocks 3/05 and 3/05A, respectively, offshore Angola with working interests to increase to 30% and 21.33%, respectively, following completion of the impending Azule transaction.Operational Highlights -- 2023 average gross production for Block 3/05 and 3/05A was 20,180 bopd -- Strong operational performance and successful well interventions have positively impacted performance with gross production of over 22,000 bopd in December 2023-- Drone survey completed as part of a holistic gas management program to identify, measure and reduce GHG emissions-- 30 successful well interventions were completed in 2023, a similar number of interventions are planned for 2024-- Water injection performance improved throughout the year with 42,000 bwipd(1) being achieved in December, further work planned for 2024 is expected to significantly increase water injection rates-- Production was restored at the Gazela field on Block 3/05A in March and averaged 970 bopd, gross, through 2023-- Progressed the review of future investment options to unlock the significant resource base including installation of ESPs, heavy workovers, infill drilling and development of Block 3/05A discoveries.Financial Highlights-- Cash resources at year end 2023 of $19.6 million, which includes restricted funds of $4.9 million (2)-- Debt drawdown on Reserve Based Lending Facility of $33.6 million resulting in year end net debt of $14.0 million-- Block 3/05 license extension and fiscal terms improvements approved by government enhancing economics and supporting future investment programs-- Company sold its first cargo in August 2023, 300,000 bbls of crude oil at sales price of $88/bbl, generating pre-tax sales of $26.4 million-- Crude oil stock as at year end 2023 of approx. 300,000 bbls, which with subsequent production supports crude oil lifting of 450,000 bbls planned for late February-- Afentra has proactively hedged 70% of its February cargo, this provides floor of $70/bbl and full exposure to the crude oil price upside-- Asset level cashflow generation related to 30% equity in 2023 was $67.4 million at an average weighted sales price of $90/bbl.Azule Acquisition-- The Government approval process is ongoing with the acquisition expected to complete later in Q1 2024-- The transaction has an effective date of 31 October 2022 with accrued net revenue being reflected in final payment on completionPaul McDade, Chief Executive Officer, Afentra plc commented: "2023 was a transformational year for Afentra with the completion of acquisitions from both INA and Sonangol of non-operating interests in Blocks 3/05, 3/05A and Block 23. Afentra identified these as assets with very significant upside potential and targeted acquiring a material ownership in the production licenses. In 2023 we made substantial progress towards that strategic goal and the asset partnership has been able to demonstrate the clear potential upside in the assets as the work programme designed to optimise production is accelerated. The strong operational performance and well intervention program in 2023 allowed us to increase gross production to 22,000 bopd by year end. In 2024 the operational activities and planning for future work programs will build on this early success and lay the foundations for continued production growth for many years ahead. The license extension to 2040, together with the revised fiscal terms, will enable the unlocking of further significant resources whilst reducing the emissions profile.The Company has achieved these successes whilst maintaining a robust financial position, at year end we had net debt of $14 million with an oil stock of 300,000 bbls, despite executing these transformative transactions without the need to issue new equity. Our first successful sale of crude in August 2023 will be followed by a further sale of crude, approx. 450,000 bbls, planned for late February 2024. This sale will further strengthen our financial position ahead of the completion of the Azule transaction.We look forward to the completion of the Azule acquisition in the coming months, and to another strong year of operational delivery in Blocks 3/05 and 3/05A as these assets underpin our more ambitious growth strategy in Angola and other target markets in Africa ."Operations SummaryBlock 3/05 (18% )(3) : Two successful light well intervention campaigns ('LWI') were carried out in 2023 involving 30 wells. This involved successfully re-entering wells to carry out matrix and tubing washes, perform water shut offs and re-perforations. These delivered incremental production leading to average monthly gross production increasing to over 22,000 bopd in December and have demonstrated the benefits of low cost well interventions. Investment in water injection upgrades have doubled injection rates since 2022 with December rates reaching 42,000 bwipd and further significant improvements expected in 2024. The improved water injection is expected to positively impact oil production in the medium term as reservoir pressure increases. A drone survey to identify fugitive emissions and assist in quantifying flaring was carried out in November to better understand the emissions profile of the asset . This forms part of a holistic gas management program to identify, measure and reduce GHG emissions.A full CPR was completed as part of the re-admission of the enlarged group to trading on AIM with an effective date of 1 July 2023 and published in the Company's admission document. Based on this report reserves replacement in the first half of 2023 has been in excess of 150%.Block 3/05A (5.33%) (3) production was restored at the Gazela field in March with the Gaz-101 well averaging 970 bopd, gross, through 2023. This extended production test will help to establish the long-term resource potential and appropriate development strategy. Development concepts for the Caco-Gazela and Punja discoveries were progressed with a focus on balancing near term production growth, phasing of investment, alongside maximising value.2024 & future operations The license extension to 2040 and revised fiscal terms have improved the attractiveness of the planned further investment which will unlock the significant remaining resource base. In 2024 an additional LWI campaign will be carried out with over 30 activities planned across both blocks. Water injection capacity is expected to steadily increase through 2024 with a target to double the 2023 average injection rate. A comprehensive shutdown is planned for Q3 2024, this will include power and water system upgrades, platform maintenance and re-certification of the Palanca FSO through to 2029. The installation of new gas flare meters during the shut down will enable an accurate baseline emission profile to be generated. With these plans and the 2023 drone survey and Q1 2024 methane Infra Red study of the asset, the joint venture partnership is beginning to deliver on and develop the future gas management workstream.Planning is continuing on the selection of the initial phase for ESP installation, heavy workovers and selection of B3/05 & B3/05A infill wells. Drilling candidates include the undeveloped Bufalo Nord field, Gazela discovery and a near field exploration well at Pacassa South West. A decision on these investments will occur in 2024 enabling the purchase of Long Lead Items (LLI) for delivery of the programs in 2026. In Block 3/05A the extended production test on Gaz-101 will continue, enabling further definition of the development concept for the Caco-Gazela discovery. A sea bed survey will be acquired over the Punja discovery to enable planning for a future gas pipeline as part of a potential zero-flaring well head platform development concept.Angolan Onshore Bid Round: Afentra submit ted bids for Blocks KON15 (1,000 Sqkm) and KON19 (900 Sqkm) located in the Kwanza onshore Basin as a non-operating partner and has been informed that it has been selected as preferred bidder for a non-operated 45% equity in both blocks.Odewayne block : offshore Somaliland (34% interest fully carried by operator, Genel Energy), the operator and Afentra completed updated petroleum systems and satellite seep studies with borehole planning in progress.Financial SummaryDuring the course of 2023 Afentra has successfully utilized the first two tranches of the RBL Facility to complete the acquisitions of INA's and Sonangol's interests. Afentra finished 2023 in a strong financial position with a net debt position of $14 million post completion of both acquisitions. Cash reserves at year end were $19.6 million with $33.6 million drawn on the RBL Facility. During the year Afentra made drawdowns on the Working Capital Facility which has been repaid in full post the August cargo lifting. As at year end 2023 the WC Facility had full availability of up to $30 million.The asset generated cashflow of $67.4m based on lifting revenues less cash calls and Petroleum Income Tax paid. This asset cashflow contributed to the reductions in the final completion payments for both the INA and Sonangol transactions and will also contribute towards the Azule transaction completion adjustments.Afentra sold its first cargo of 300,000 bbl in August at an average price of $88/Bbl and since that time had accumulated a further stock position at year end of approximately 300,000 bbl comprised of entitlement production related to INA and Sonangol purchased working interests. With the accumulated stock position and further production over the course of January and February 2024 Afentra has scheduled its first 2024 lifting of approximately 450,000 bbl for late February 2024. With the planned lifting in February, and in light of the recent volatility in oil prices Afentra has proactively hedged 70% of the scheduled February cargo, providing downside protection below $70/bbl and leaving Afentra with full exposure to the crude oil price upside.The Company intends to fund the anticipated completion of the Azule transaction in Q1 2024 largely via a drawdown on the existing RBL Facility, supplemented by the WC Facility and cash resources, as required. The final capital structure for the combined Angolan acquisitions will be optimised at completion of the Azule transaction. Afentra will provide a further financial update at the time of Azule completion estimated to take place in late Q1 2024.As previously communicated, both INA and Sonangol acquisitions have contingent structures with contingent payments subject to oil price and production hurdles. Each of the contingent payments is tested at year end against the agreed thresholds. The Company expects to pay a total of $4.6 million in crystallised contingent payments (related to 2023) to Sonangol and INA during Q1 2024.As previously reported approval was given for the extension of the Block 3/05 License to 2040 along with improved fiscal terms and the r edistribution of the China Sonangol International's interests, thereby increasing Afentra's interest in Block 3/05A from 4% to 5.33%; this interest will further increase to 21.33% upon completion of the Azule acquisition.Investor PresentationAfentra's management team intends to host an investor presentation via the Investor Meet Company platform in late Q1, with a date to be set in due course. During the presentation the management will provide more detail on the operational programme and objectives for the current fiscal year.(1) Barrels of water injected per day(2) Restricted cash relates to the $4.9m deposit held in Escrow associated with Azule transaction.(3) Afentra's interest in Blocks 3/05 and 3/05A will increase from 18% to 30% and 5.33% to 21.33%, respectively, upon completion of the Azule acquisition .For further information contact:Afentra plc +44 (0)20 7405 4133Paul McDade, CEOAnastasia Deulina, CFOBuchanan (Financial PR) +44 (0)20 7466 5000Ben RomneyBarry ArcherGeorge PopePeel Hunt LLP (Nominated Advisor and Joint Broker) +44 (0)20 7418 8900Richard CrichtonDavid McKeownGeorgia LangoulantTennyson Securities (Joint Broker) +44 (0)20 7186 9033Peter KrensThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDUPDQKNBBFBKDDDB(END) Dow Jones NewswiresJanuary 24, 2024 02:00 ET (07:00 GMT)
Posted at 29/12/2023 17:04 by mrnumpty
Afentra is being strongly tipped by Small Company Share Watch . However , whilst I do realise that this is going back a quarter of a century , the share price was about £ 15 in August 1997 , rising to about £ 18 in December 1997 . Does anyone know why the share price then collapsed ? I am tempted here , and I’m sure the board of directors has changed in the intervening 25 years , but knowledge of the reason for the fall all those years ago would be useful .
Posted at 20/12/2023 14:57 by ashkv
Share Price - AET: 37.5
AET Current Share Price vs 52 Week low of 18.85p on 24 Mar 23: 92.31%
AET Current Share Price vs 52 Week High of 34p on 11 Dec 23: 10.29%
Brent: $80.10
Shares Outstanding: 220,053,520
Market Cap (GBP): £82,520,070
GBPUSD: 1.265
Market Cap (USD): $104,387,889
Production Average FY 2022: 4,478
Production Assuming Acquisition Completion 3/05 & 3/05A (Nov 2023): 6,427
Block 3/05 2023 Production Forecast as of 8 Dec 23 (AET 30%): 5,730
Cash (HY 2023 Results): $15,700,000
Cash Outlay For Equity Component of Acquisitions: $20,700,000
Net Debt Forecast YE 2023 at $75 Brent (8 Dec 23 RNS) : $20,700,000
AET Crude Stock at $75 Brent (8 Dec 23): $11,900,000
Enterprise Value (Market Cap + Debt - Cash at HY 22) (USD): $125,087,889
EV/Barrel (FY 2022 Production Average): $27,931
EV/Barrel Production Assuming Acquisition Completion 3/05 & 3/05A (Nov 2023): $19,463
EV/Barrel Block 3/05 2023 Production Forecast as of 8 Dec 23 (AET 30%): $21,830
EV/Barrel November 2023 Production including YE Crude Stock: $17,611
2P Reserves Post Revised Acquisitions: 33,000,000
EV/2P: $3.79
Posted at 24/10/2023 14:25 by zengas
AET should mirror Panoros growth

Panoro 3 year history on production, revenue, reserves, net debt, dividends and m/cap.

2020 Production = 2200 bopd.

Revenue $26.9m. Cash $5.7m. Debt $21.3m.

--------------------

9th Feb 2021 Eq Guinea & Gabon acquisitions of 6900 bopd + 25 mmbo 2P for $140m .

Financed with $70m placing and debt of $90m from Trafigura.

113m shares in issue 21 NOK at this date = N2.37 billion = £174m m/cap.

-----------------------------

RNS 23/2/22 = Year end 2021 Production 7495 bopd. Total 35.8 mmbo P2, Revenue $119.7m. Net debt $72m .

RNS 30/11/22 = "USD 20 million core dividend paid on a quarterly basis in cash weighted towards H2 and subject to average oil price realisation remaining above USD 80 per barrel after the effects of any hedging.

Target distribution for 2023 of USD 30 million subject to higher oil price realisation of USD 90 per barrel being achieved for the year after the effects of any hedging"

----------------------------

2023 Production

Q1 = 6,320 bopd

H1 2023 results = Revenue $66m. 'Net debt' at 30/6/23 = $50.4m

Working interest production averaged 7,220 bopd in the first half (H1 2022: 7,860 bopd).

71m NOK paid out in Dividends to end H1 = $6.7m paid out so far for H1

$6.7m paid out so far for H1.

117m shares in issue NOK 30 = N3.5 Billion = £260m m/cap against a an average broker target price of $4.18 or £390m m/cap



----------------------

AET = same 2P, approx 6,600 bopd. A $10m future dividend = 3.5p or 12.5% at the current share price or 3.3% yield at a £1 target price = £220.5m m/cap or 15% discount to Panoro. Should track Panoros rising production via 3/05 peak target programme and 3/05A commercial start up - not to mention any further acquisitions.
Afentra share price data is direct from the London Stock Exchange

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