Afentra Announces Massive 400% Jump in Contingent Resources Across Angola Blocks
Afentra, an upstream oil and gas company focused on African production and development assets, has reported a spectacular fourfold increase in its working interest contingent resources following an independent audit and expansion into new acreage. The company’s total 2C working interest contingent resources across Blocks 3/05, 3/05A and 3/24 now amount to 87.3 million barrels of oil equivalent, up from the previously disclosed 20.9 mmboe, representing an increase of over 400 percent.
The dramatic upgrade follows completion of an independent resource assessment by Sproule ERCE of undeveloped oil and gas discoveries across Blocks 3/05 and 3/05A, including Bufalo Norte, Punja, Gazela 1 and 2, and Caco. This assessment certified 2C working interest contingent resources of 36.6 mmboe, or 164.2 mmboe gross, across these discoveries, inclusive of associated gas.
Additionally, Afentra has conducted an initial internal review of discoveries within the recently awarded Block 3/24, with management estimating this represents additional working interest contingent resources of 37.0 mmboe, or 92.4 mmboe gross. The company is also assessing significant upside resource potential within the Block 3/05 producing fields, which will be quantified as the planned infill drilling and heavy workover program progresses. To date, only 13.8 million barrels of 2C working interest contingent resources have been booked for these fields, though the initial infill and workover program has significant potential beyond this initial value.
Paul McDade, Chief Executive Officer of Afentra, expressed delight at the outcome of the independent resource update, noting that it demonstrates the enormous upside potential residing across the diverse portfolio the company has strategically assembled in Angola. McDade emphasized the outstanding organic growth potential of the asset base.
The company’s Chief Operating Officer, Ian Cloke, is scheduled to present an overview of Afentra’s near and medium-term growth potential from both offshore and onshore Angola operations. The presentation will cover the planned infill drilling and workover campaign within the producing Block 3/05 fields, currently targeted for execution during 2026-2027, which will target significant near-term production and reserves upside. The presentation will also outline ongoing work to mature and progress undeveloped and near-field discoveries across all three blocks over the medium term, providing further production upside and conversion of contingent resources into reserves.
Source: energy-pedia.com
