Afentra shares climb on Angola well success

Afentra plc (AIM:AET, OTC:STGAF, FRA:TB8A) shares climbed 10% in Tuesday’s trade, rising to 70.1p, after it announced that its Pacassa SW well offshore Angola has confirmed an oil discovery with 136 metres of net oil pay, supporting a pre-drill production estimate of 5,000 barrels per day gross and the company’s view of up to 70 million barrels of gross recoverable resources across the structure.

The well reached a measured depth of 5,381 metres and encountered 217 metres of gross hydrocarbon-bearing reservoir in the fractured Albian Pinda carbonate formation.

Initial pressure data indicated limited depletion and communication with the main Pacassa field. Afentra is now completing the well for production, with first oil expected during the third quarter of 2026.

Elsewhere, the Impala-1 well has returned to production after being shut in since 2017, flowing at up to roughly 4,700 bopd during testing and currently producing at an intentionally constrained rate of around 3,000 bopd.

Data from the intervention has reduced subsurface uncertainty ahead of the planned Impala-2 development well, which is targeting around 4,000 bopd and is expected to report results by the end of the fourth quarter.

Afentra also completed its first operated offshore campaign on Block 3/24, inspecting four subsea wellheads for around US$60,000, compared with conventional market costs of US$500,000 to US$1 million. Near-term milestones also include completion of the Etu transaction in Q3 and publication of half-year results in mid-September.