Afentra, an AIM-listed upstream oil and gas company acquiring production assets in Africa, generated revenue of $91 million in the six months to 30 June, from two crude liftings totalling approximately 997,000 barrels at an average $91.3 per barrel.
Net average production for the period was 5,777 barrels of oil per day, with output temporarily disrupted by rig positioning over the Pacassa platform and a planned gas compression shutdown.
In May, Afentra completed a refinancing through a new $125 million Gunvor prepayment facility, replacing its previous reserve-based lending and working capital facilities at a lower cost of capital.
The first $70 million tranche has been drawn, leaving $30 million available to draw in 2026 and a further $25 million accessible in the second half of 2027, subject to production hurdles.
Cash stood at $97.4 million at 30 June, with net cash of $28.4 million after the drawn facility.
The Etu acquisition, which will add a further 3.33% in Block 3/05 and 3.66% in Block 3/05A, remains on track for completion in the third quarter, pending Angolan government approval.
Three additional liftings of approximately 450,000 barrels each are anticipated in the remainder of 2026, with the next planned for July.
Initial results from the Pacassa SW well are expected in late July.
