A discovery well at Pacassa SW and a revived Impala-1 well lifted Afentra shares 10% as brokers pointed to material upside for Block 3/05.

"The Pacassa SW discovery is a major milestone for the Block 3/05 partnership, representing the first well delivered on Block 3/05 in more than a decade," chief executive Paul McDade said.

Shore Capital Markets reiterated its Buy rating and 147p price target on Afentra, arguing the Angolan oil producer's shares are cheap ahead of first new-well results on Block 3/05.

It raised US$40 million from a placing and a further £2 million via an oversubscribed retail share offer.

The small-cap oil and gas firm has raised gross proceeds of US$40m through an oversubscribed placing of 44.32m new shares at 67p.

The oil and gas junior has been awarded a 35% operated interest in onshore Block KON4, now approved by Presidential Decree, adding the large Quenguela Norte redevelopment opportunity to its Kwanza basin portfolio.

Afentra will increase its stakes in Angolan Blocks 3/05 and 3/05A as Sonangol joins the Etu transaction and has begun a fully‑carried two‑well drilling campaign after spudding Pacassa SW, while reporting Q1 net production of 5,958 bopd and $33.8m revenue.