Afentra Share Discussion Threads

[croasdalelfc] 24/1/2024 18:48

Annual Run rate for 2024, $170-180m but likely a 2 month partial or even complete shutdown so perhaps closer to $150m for 2024. That's at 22k average for 10 months and $75 Brent

[zengas] 24/1/2024 16:03

$180m surely annual oil sales

6600-6700 bopd incl Azule and it's contributing to reduction in settlement.

[croasdalelfc] 24/1/2024 13:51

Haha ! Are you taking your ball home too?

[apotheki] 24/1/2024 10:29

Yup agree with you there B T C

[billy two cocks] 24/1/2024 09:53

Some people eh Apotheki.

Trolls apart, this is all looking very promising.

[apotheki] 24/1/2024 09:36

Due to that TROLL I will NOT now bother post the BROKER notes

[apotheki] 24/1/2024 09:35

Exactly B T C

[billy two cocks] 24/1/2024 08:46

"We can all read RNSs - why the copy and paste ??"

It's called being helpful.

[croasdalelfc] 24/1/2024 08:29

We can all read RNSs - why the copy and paste ??

[apotheki] 24/1/2024 08:20

Looking very good!

[return_of_the_apeman] 24/1/2024 08:17

So current annual oil sales run rate of approx $80million already vs mcap of £80million?

Sounds pretty impressive and further expansion news in the pipeline

Lots to like

[mount teide] 24/1/2024 07:59

Excellent operational and financial update - following approval of the extension of the Block 3/05 License to 2040 along with greatly improved fiscal terms and the redistribution of the China Sonangol International's interests, the asset partners are effectively putting in place during 2023-25, a potentially highly material, relatively low cost, field development reinvestment plan to maximise production, FPSO and field uptime, and to minimise opex over the course of the next 5 year cycle of statutory inspection and maintenance for the FPSO and field infrastructure through to 2029.

[apotheki] 24/1/2024 07:46

Paul 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."

[apotheki] 24/1/2024 07:42

Operations and Financial Update

Afentra 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 bwipd1 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 completion

[billy two cocks] 24/1/2024 07:34

Excellent.

[nickiegaul] 24/1/2024 07:28

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 [phone]Paul McDade, CEOAnastasia Deulina, CFOBuchanan (Financial PR) [phone]Ben RomneyBarry ArcherGeorge PopePeel Hunt LLP (Nominated Advisor and Joint Broker) [phone]Richard CrichtonDavid McKeownGeorgia LangoulantTennyson Securities (Joint Broker) [phone]Peter 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 [e-mail] 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)

[elrico] 23/1/2024 10:27

https://x.com/lemminginvestor/status/1749730536493293787?s=46

[apotheki] 22/1/2024 13:25

Commenting on the update, CEO Paul McDade said:

"Afentra continues to demonstrate its commitment to the Angolan industry through our participation in this process and this commitment has been rewarded by being selected as preferred bidder for our preferred blocks. We will now work with the selected Operators, Sonangol P&P in Kon15, and ACREP in Kon19, to successfully negotiate these new licenses with ANPG. We look forward to continue to play a meaningful role in the development of Angola's resource potential for the benefit of the country and its people. These licenses would expand Afentra's footprint in this attractive market and further diversify the portfolio with low-cost onshore blocks with significant potential that would complement our existing offshore portfolio which is principally focused on low cost, long-life stable production and low-risk development assets. We look forward to providing further details regarding this bid round in due course"

[apotheki] 22/1/2024 13:25

Commenting on the update, CEO Paul McDade said:

"Afentra continues to demonstrate its commitment to the Angolan industry through our participation in this process and this commitment has been rewarded by being selected as preferred bidder for our preferred blocks. We will now work with the selected Operators, Sonangol P&P in Kon15, and ACREP in Kon19, to successfully negotiate these new licenses with ANPG. We look forward to continue to play a meaningful role in the development of Angola's resource potential for the benefit of the country and its people. These licenses would expand Afentra's footprint in this attractive market and further diversify the portfolio with low-cost onshore blocks with significant potential that would complement our existing offshore portfolio which is principally focused on low cost, long-life stable production and low-risk development assets. We look forward to providing further details regarding this bid round in due course"

[kevjones2] 22/1/2024 13:17

LOL. RNS out.

[kevjones2] 22/1/2024 11:52

Getting a good boost on the news. Hopefully, the company will take their time with formulating the RNS so we might get another boost. Tomorrow or better still, Wednesday.

[mount teide] 22/1/2024 08:47

Interesting interview with the GM of Acrep, which secured operatorship of KON 19 in the 2023 Angolan onshore bidding round.


Angola’s deepwater dynamics and onshore prospects - Carlos Amaral, general manager of Acrep, talks to The Energy Year about Angola’s deepwater E&P dynamics, challenges in operating sustainably onshore and the company’s plans to become an operator. Acrep is an Angolan upstream company with a focus on developing Block 1/14 and the Cabinda North block.

[cf456] 22/1/2024 08:15

“#AET look to have won bids for 45% non-operated positions in onshore KON 15 & KON 19”