Afentra plc has confirmed a revised drilling sequence for its offshore Angola Block 3/05 programme, announcing an immediate rig move to drill and complete the Impala-2 development well, with first oil expected in January 2027.

The Borr Grid drilling rig will then return to drill and complete the Pacassa SW sidetrack, where first oil is now expected in the first quarter of 2027.

Revised Sequence to Optimise Drilling Schedule

The joint venture has agreed to move the Borr Grid drilling rig to Impala-2, and upon completion of that well, the rig will return to drill and complete the Pacassa SW sidetrack. According to the company, the revised sequence is designed to optimise the drilling schedule and rig utilisation, allowing Impala-2 to progress while final preparations and equipment mobilisation for the Pacassa SW sidetrack are completed.

Impala-2 is expected to spud in mid-October, with drilling and completion operations anticipated to take approximately 80 days. Completion of the well is targeted for the end of December, with first oil expected in January 2027 at an initial gross production rate of approximately 4,000 barrels of oil per day.

Reservoir pressure and productivity data obtained during the successful Impala-1 intervention, which restarted production from that well, have been incorporated into the final well planning, supporting the next phase in the redevelopment of the Impala field. Afentra stated that a material incremental resource upgrade for the Impala field is anticipated following the completion of Impala-2.

Joint Venture Partners to Fund Impala-2 Directly

The joint venture partners have elected to fund Impala-2 directly rather than utilise the previously agreed carry mechanism. The partners have agreed to fund the well directly up to a reduced cost cap of USD 60 million gross.

Direct funding allows Afentra to participate in production revenues from first oil and to benefit from the full capital expenditure uplift available under the Production Sharing Contract. The joint venture partners will retain the agreed well-cost cap mechanism at the reduced level of USD 60 million gross, thereby providing Afentra with protection against any cost overruns.

Chief Executive Officer Paul McDade said the decision to move directly to Impala-2 provides operational flexibility, optimises the Block 3/05 drilling programme and enables the company to maintain operational momentum.

He noted that with preparations for the Impala-2 well complete, the revised sequencing allows drilling to progress immediately while final planning and equipment mobilisation for the Pacassa SW sidetrack are completed.

McDade added that the joint venture partners' decision to fund Impala-2 directly enables Afentra to participate in production revenues from first oil, currently expected in January 2027, while benefiting from the full capital expenditure uplift available under the Block 3/05 PSC.

He emphasised that the retained well cost cap mechanism continues to provide Afentra with protection against cost overruns.

Pacassa SW Discovery Awaiting Sidetrack

As previously announced, the Pacassa SW well delivered a successful oil discovery, encountering 136 metres of net oil pay. The well will require to be sidetracked due to operational problems restricting access to the wellbore.

Given the ongoing planning and procurement for the sidetrack, the rig schedule has been revised. Following completion of the Impala-2 well, the rig will return to Pacassa SW to sidetrack and complete the well.

First oil from Pacassa SW is now expected in the first quarter of 2027 following connection to the existing Pacassa production infrastructure.

Remapping of the Pacassa SW discovery is ongoing, incorporating the discovery well results. This work is expected to confirm significant incremental oil resources of up to around 70 million barrels of oil as predicted prior to drilling the well.

Afentra stated that the updated oil in place and resource ranges will be released when this work is completed.

McDade described Pacassa SW as a high-priority discovered resource that has already delivered an excellent subsurface result, confirming the material potential the company sees in the area.

He said that following Impala-2, the rig will return to Pacassa SW to sidetrack and complete the well, preserving a clear, efficient pathway to bringing both wells into production in the first quarter of 2027.

Near-Term Catalysts Outlined

Afentra outlined a series of near-term catalysts alongside the drilling update. These include the commencement of Impala-2 drilling, expected in mid-October 2026, with first oil expected in January 2027, and a trading update in November 2026.

The company also listed the completion of the Etu transaction, the completion of the Pacassa SW sidetrack with first oil expected in the first quarter of 2027, and an operational update on the redevelopment of the KON4 Quenguela Norte field.

Further catalysts identified in the announcement are an update on the assessment of the exploration potential across the Kwanza Onshore portfolio and the commencement of the Block 3/05 hydraulic workover programme, planned for early 2027.

Disciplined Approach to Block 3/05 Redevelopment

In his closing remarks, McDade said that together with its partners, Afentra continues to take a disciplined, pragmatic approach to the redevelopment of Block 3/05.

He stated that the company now has two important production wells progressing through the programme, providing the potential for meaningful near-term production and cash flow growth as it continues to unlock the significant value within the asset.

Afentra plc, listed on AIM under the ticker AET, is an upstream oil and gas company focused on production and development assets in Africa.

The company's stated purpose is to support a responsible energy transition in Africa by establishing itself as a credible partner for divesting international oil companies and host governments.

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