Afentra has reported a significant increase in reserves and contingent resources at Angola’s Block 3/05, based on an updated assessment by ERC Equipoise.
As of 31 December, the company’s total net 2P working interest reserves rose to 34.2 million barrels, while gross reserves reached 114 million barrels.
Over the past 18 months, Afentra achieved a 140% reserve replacement ratio, with newly added reserves surpassing the 11 million barrels produced during this period.
The company’s net 2C contingent resources for Block 3/05 increased to 13.8 million barrels, and the management also estimated net 2C resources for Block 3/05A at 7.1 million barrels.
Despite a total production of 19.4 million barrels since March 2022, gross 2P reserves have remained steady at 114 million barrels, signaling the long-term potential of Block 3/05, even before planned rig operations begin in 2026.
Looking ahead, Afentra anticipates that future drilling activities and the development of Block 3/05A will drive sustained production and reserve growth.
CEO Paul McDade emphasized that the updated report confirms the strong potential of Block 3/05. He also noted that achieving high reserve replacement ahead of scheduled rig operations highlights the long-term value of these assets and the opportunity for significantly boosting production.
McDade reaffirmed Afentra’s commitment to collaborating with its partners at Block 3/05 and 3/05A, aiming to maximize production, enhance recovery, and generate substantial cash flow and value.
