Afentra Delivers Strong Reserves Growth in Block 3/05
Why we think this is good
The RNS provides a positive update on Afentra's Block 3/05 assets, with a significant increase in 2P reserves and 2C resources, as well as a high reserve replacement ratio. This suggests the company's producing assets have strong potential to sustain and grow production and reserves in the future.
Key Points
- Net 2P working interest reserves of 34.2 million barrels of oil (mmbo) as of 31 December 2024
- Gross production of 11 mmbo offset by a gross increase in reserves of 15.4 mmbo, resulting in a reserve replacement ratio of 140%
- Contingent resources on Block 3/05 have increased, with net working interest 2C resources of 13.8 mmbo
- Management estimates net 2C resources on Block 3/05A at 7.1 mmbo
Summary
Afentra plc has provided an update on the latest Competent Person's Report (CPR) for its Block 3/05 assets in Angola. As of 31 December 2024, Afentra's net 2P working interest reserves stand at 34.2 million barrels of oil (mmbo), up from 32.8 mmbo in the previous CPR. Gross production of 11 mmbo was offset by a gross increase in reserves of 15.4 mmbo, resulting in a reserve replacement ratio of 140% over the 18-month period. Contingent resources on Block 3/05 have also increased, with net working interest 2C resources of 13.8 mmbo. Management estimates net 2C resources on Block 3/05A at 7.1 mmbo. The company's focus remains on working with the Block 3/05 and 3/05A partnership to maximize production and recovery while driving cashflow generation and value creation.