Afentra Reports Pacassa SW Oil Discovery and Restarts Impala-1 Production in Angola

Afentra (LSE:AET) has reported a series of operational advances in Angola, led by an oil discovery at Pacassa SW and the restart of production from the Impala-1 well, strengthening the company’s near-term production and development pipeline.

The Pacassa SW well encountered 136 metres of net oil pay within the Albian Pinda carbonate reservoir. The result supports previous estimates that the Pacassa SW area could contain up to 70 million barrels of gross recoverable resources.

Following the discovery, the well is being completed for production, with first oil targeted for the third quarter of 2026. Bringing Pacassa SW into production would provide Afentra with another source of output as it continues to develop its Angolan portfolio.

The company has also successfully returned Impala-1 to production after the well had remained shut in since 2017. A low-cost slickline intervention removed an obstruction from the wellbore, allowing production to resume at approximately 3,000 barrels of oil per day.

In addition to restoring production, the intervention generated reservoir information that has reduced subsurface uncertainty ahead of the planned Impala-2 development well.

Drilling at Impala-2 is expected to begin after completion of operations at Pacassa SW. The well has a production target of around 4,000 barrels per day and could represent the next stage of redevelopment at the Impala field if drilling delivers the anticipated results.

Afentra has also completed its first offshore operational campaign as operator of Block 3/24. The company deployed a compact remotely operated vehicle from a local vessel to inspect subsea wellheads and collect integrity and video information.

The campaign was completed without safety or environmental incidents and cost approximately $60,000. Afentra said this was around 90% below typical market rates for comparable survey work.

Information gathered during the programme will contribute to technical evaluation of Block 3/24 ahead of a potential future Final Investment Decision on the GPQ development.

Together, the Pacassa SW discovery, Impala-1 restart and Block 3/24 work provide several avenues for organic growth within Afentra’s Angolan portfolio. Pacassa offers a potential near-term production addition, while Impala-2 and GPQ represent further development opportunities.

The company’s broader financial position remains more mixed. A decline in revenue during 2025, a return to net losses and significantly negative free cash flow continue to weigh on the outlook, although the balance sheet remains comparatively sound.

Technical indicators are broadly neutral, with the negative MACD pointing to slightly weaker momentum. Valuation measures offer limited support while earnings remain negative, reflected in a negative P/E ratio, and no dividend yield is available.

More about Afentra

Afentra plc is an upstream oil and gas company focused on production, redevelopment and exploration opportunities in Africa, with its portfolio concentrated primarily in Angola.

The company’s Angolan interests include offshore Blocks 3/05, 3/05A, 3/24 and 23, together with onshore Kwanza Basin blocks KON4, KON15 and KON19.

Its portfolio combines producing mature fields with redevelopment and exploration opportunities, allowing Afentra to pursue near-term cash generation alongside longer-term resource and production growth.

The company focuses on disciplined capital allocation, cost-efficient interventions and pragmatic project execution as it seeks to extract additional value from established assets and build a larger Angolan upstream business.

Afentra shares trade on the London Stock Exchange under the symbol AET.