Afentra PLC, an upstream oil and gas company focused on Africa, announced its FY2025 annual results and corporate updates. Key highlights include
**Strategic Review Conclusion**The Board decided to remain independent, pursuing growth as an E&P company, after a comprehensive review of strategic options. This decision was influenced by a successful debt refinancing, a favorable macro environment, and the commencement of infill drilling.
**Debt Refinancing**Secured a $125 million Gunvor Pre-Payment Facility, replacing existing facilities, with a 4-year tenor, reducing the cost of debt, and providing long-term funding for investment programs.
**Operational Updates**Initiated high-impact Pacassa SW drilling in April, with results expected in June 2026. Reported 2025 net average production of 6,324 bopd and crude oil sales of 1.63 mmbbls at an average price of $70.2/bbl.
**Financial Performance**Revenue of $114.4 million, adjusted EBITDAX of $51.7 million, and a loss after tax of $3.2 million. Year-end cash position at $10.2 million and net debt at $21.8 million.
**Portfolio Expansion**Awarded Block 3/24 operatorship with a 40% working interest, expanded Kwanza Onshore with KON4 license, and revised the Etu Energias transaction with Sonangols participation.
**Reserves and Resources**2P WI reserves of 31.9 mmbo and a fourfold increase in 2C WI contingent resources to 87.3 mmboe.
**Subsequent Events**Announced a material upgrade to contingent resources, completed a competent persons report, made a contingent consideration payment, refinanced debt, and accelerated the Block 3/05 drilling program.
Afentra remains focused on its Angolan portfolio, aiming to double net production and achieve significant reserves growth, while maintaining financial discipline and pursuing value-accretive opportunities.
Here is the comparison of financials and debt year on year for Afentra PLC, presented as an HTML table:
**Key Observations:** - **Revenue Decline:** Revenue decreased by 36.8% from $180.9 million in 2024 to $114.4 million in 2025, primarily due to lower oil prices and reduced sales volumes.
- **Net Debt Position:** The company moved from a net cash position of $12.6 million in 2024 to a net debt position of $21.8 million in 2025, indicating increased borrowing or reduced cash reserves.
- **Borrowings Reduction:** Borrowings decreased by 24.9% from $41.4 million in 2024 to $31.1 million in 2025, possibly due to debt repayments or refinancing.
- **Adjusted EBITDAX Decline:** Adjusted EBITDAX decreased by 42.7% from $90.2 million in 2024 to $51.7 million in 2025, reflecting lower operational efficiency or profitability.
- **Debt to EBITDAX Increase:** The Debt to EBITDAX ratio increased from 0.5x to 0.6x, indicating a slight increase in financial leverage.
- **Cash and Cash Equivalents Decline:** Cash and cash equivalents decreased significantly by 89.1% from $46.9 million in 2024 to $5.1 million in 2025, possibly due to increased capital expenditures or debt repayments.
- **Restricted Funds Decline:** Restricted funds decreased by 36.7% from $7.9 million in 2024 to $5.0 million in 2025, which may be related to the use of these funds for specific purposes. This table provides a concise comparison of key financial metrics, highlighting the year-on-year changes and trends in Afentra PLC's financial performance and debt position.