Afentra Announces Results for the 6M Ending 30 June 2021

Source: 9/9/2021, Location: Africa

Afentra plc, together with its subsidiary undertakings (the 'Group'), is an upstream oil and gas company quoted on the AIM market of the London Stock Exchange.

The Company's strategy is to build an oil and gas business of scale through the acquisition of both operated and non-operated production assets and discovered resources in Africa, where its management team have extensive operational experience. Afentra is well positioned to take advantage of the energy transition and associated market dynamics which is creating opportunities for experienced operators with a strong track record to acquire quality producing assets.

The Company currently has a position in the onshore Odewayne exploration block that is operated by Genel Energy, where its 34% interest is fully carried.

Operations summary
Odewayne Licence - new Afentra team continue its technical assessment and outlook on block prospectivity in discussion with the operator
Business Development - experienced team now in place and actively pursuing potential deals in Africa, primarily focused on operated and non-operated production assets

Corporate summary
18 February 2021: Several institutional and high net worth investors purchased shares sold by existing shareholders including Waterford Finance and Investment Limited (equating to its entire 29.23% shareholding in the Company) and Mistyvale Limited (equating to its entire 15.66% shareholding in the Company)
16 March 2021: Paul McDade and Ian Cloke join the Board of Directors as CEO and COO respectively
30 March 2021: Jeffrey MacDonald and Gavin Wilson join the Board of Directors as Independent non-executive Chairman and Independent non-executive Director respectively
13 April 2021: The Company announced its intention to change its name from Sterling Energy plc to Afentra plc and adopt new articles of association. The proposed changes were approved at the General Meeting held on 30 April 2021
5 May 2021: Afentra plc launched and Anastasia Deulina is appointed as Chief Financial Officer

Financial summary
Cash resources as at 30 June 2021 of $40.8 million (30 June 2020 of $43.8 million).
Adjusted EBITDAX loss of $1.5 million (1H 2020: loss $289k).
Loss after tax of $2.4 million (1H 2020: loss $866k).
The Group remains debt free and fully carried for Odewayne operations (Third and the Fourth Period).

Paul McDade, Chief Executive Officer, Afentra plc commented: "2021 has been an eventful period during which we have established Afentra plc and set the company on an exciting strategic path. The market drivers for the energy transition across Africa are presenting a wide range of compelling opportunities and we believe that our proven operating track record, focused ESG agenda, strong balance sheet and supportive shareholder base put us in a unique position to capitalise on these opportunities."

Senegal >>  10/21/2021 - Performance
- Achieved sales revenue of $1,531 million, up 19% from Q2 2021.
- Delivered production of 22.2 MMboe, down 2% from Q2 2021.
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