Afentra plc (‘Afentra’ or the ‘Company’), is pleased to announce its annual results for the year ended 31 December 2021.

2021 SUMMARY

Strategic

·      Established a new Executive team and Board, introduced new institutional and high net worth shareholders.

·      Rebranded Sterling Energy to Afentra (‘African Energy Transition’) with a strategic imperative of capitalising on opportunities resulting from the accelerating energy transition on the African continent.

·      Established key focus areas with a comprehensive strategy to capture production and development assets in Africa and create value for all stakeholders.

·      Built a small, focused team with a history of identifying and acquiring high quality assets, to rapidly assess business development opportunities technically, operationally and commercially.

·      Developed a robust Governance and ESG framework to support future growth ambitions.

Operations

·      Submitted a non-binding Expression of Interest to purchase interests in Block 3/05 and Block 23 in Angola.

·      The Company continued to support the Operator of the Odewayne block, Somaliland, in progressing the technical understanding of the block; and continued to review its technical assessment and outlook on block prospectivity.

Financial Highlights

·      Cash resources net to the Group at 31 December 2021 of $37.7 million (2020: $42.7 million).

·      Adjusted EBITDAX¹: loss for the Group of $2.0 million (2020: $761k loss).

·      The Group remains debt free and fully carried for Odewayne operations (Third and the Fourth Period).

¹defined within the definitions and glossary of terms

Post year end highlights

·      In April, Afentra named preferred bidder to purchase interests in Block 3/05 and Block 23. 

·      Afentra progressing final due diligence ahead of finalising Sales and Purchase Agreement (SPA) with Sonangol.

Commenting, CEO Paul McDade, said:

“2021 was a year of transformation for Afentra. The Company underwent a significant change of strategic focus and is now extremely well placed to execute on our strategy to identify and responsibly develop African opportunities and create value for all stakeholders. Sonangol’s recent announcement of our preferred bidder status for Block 3/05 and Block 23 in Angola moved Afentra one step closer to completing its first acquisition and we look forward to moving ahead with that opportunity as we seek to underpin the Company with stable cash flow and reserves.

As we look forward to 2022, our focus remains on the implementation of our growth strategy, building scale and stakeholder value within the Energy Transition in Africa. With a strong balance sheet and an exceptional team behind us, the board and management are excited for the journey ahead and look forward to updating shareholders on our progress. “

For the full press release, see here.