Afentra announced a rise in reserves and contingent resources at Angola’s Block 3/05, based on an updated report by ERC Equipoise.
The AIM-listed company reported that as of 31 December, its total net 2P working interest reserves had grown to 34.2 million barrels, while gross reserves reached 114 million barrels.
Over the past 18 months, Afentra achieved a 140% reserve replacement ratio, with newly added reserves exceeding the 11 million barrels produced during that period.
Net 2C contingent resources for Block 3/5 increased to 13.8 million barrels, while the company’s management estimated net 2C resources for Block 3/5A at 7.1 million barrels.
Since Afentra’s initial competent person’s report in March 2022, gross 2P reserves have remained steady at 114 million barrels, despite total production of 19.4 million barrels.
The company views this reserve stability as a sign of Block 3/05’s long-term potential, even before scheduled rig operations begin in 2026.
Afentra expects future drilling and the development of Block 3/05A to drive sustained production and reserves growth in the coming years.
CEO Paul McDade emphasized that the latest report confirms Block 3/05’s strong potential.
He highlighted that achieving high reserves replacement ahead of rig activities or development at Block 3/05A demonstrates the long-term value of these assets and the possibility of significantly increasing production.
McDade reaffirmed Afentra’s commitment to collaborating with its partners at Block 3/05 and 3/05A to maximize production, enhance recovery, and generate strong cash flow and value.
Source:sharecast.com
African Energy Council