#1Afentral AFRICAN ENERGY TRANSITION Afentra plc G-Force Capital Investor Evening 25 July 2023#2Disclaimer The information set out in this presentation and the accompanying verbal presentation including any question and answer session and any documents or other materials distributed with the presentation (the "Presentation") has been produced by Afentra plc (the "Company") as at the date of this presentation, and is being made available to recipients for information purposes only. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company. 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By attending the Presentation or by accepting this document in any other way you agree to be bound by the foregoing provisions Afentra plc 1#3Afentra Corporate Formation Foundation and road to success Afentral STERLING ENERGY PLC Feb-Mar 2021 O Apr-May 2021 New leadership & owners (i) P.McDade & I.Cloke appointed executive directors (ii) Replaced key shareholders (44.89% of issued shares) with new owners (iii) J.MacDonald and G.Wilson appointed Chairman and NED, replacing outgoing directors Afentra Management Re-brand & official launch Implementing a new, buy-and-build strategy to capitalise on opportunities resulting from the accelerating energy transition on the African continent Apr & July 2022 August 2022 о July 2023 Foundational transactions Re-admission to AIM Sonangol NA Signed SPAs with Sonangol and INA for assets offshore Angola, constituting a Reverse takeover (Rule 14, AIM Rules) Joined 2021 Joined 2021 TULLOW LASMO KUFPEC ERCE TULLOW பர் ExxonMobil LASMO Publication of Admission Document; resumption of trading on AIM 3rd production deal AZULE ENERGY Signed SPA to acquire Azule Energy's interests in Blocks 3/05 and 3/05A. Amended SPA with Sonangol for Block 3/05 acquisition. Joined 2021 TULLOW Un FLOWSTREAM FIRSTRESERVE Goldman Sachs Afentra's founding principles (April 2021) The Global Energy Transition will take time. Hydrocarbons are part of the transition and will continue to remain important in the overall energy mix. It is vitally important that we responsibly manage what has already been found. The socio-economic impact of the energy transition needs to be considered alongside the climate impact. Afentra was formed to deliver this balance and create significant value for shareholders. Paul McDade Chief Executive Officer ConocoPhillips 35 years in international oil & gas Afentra plc lan Cloke Chief Operating Officer >25 years in international oil & gas Anastasia Deulina ConocoPhillips Chief Financial Officer >20 years in global, tier-1 financial institutions and energy corporates Merrill Lynch 2#4Strengthened Board and Team Deep experience and expertise across Africa Appointed June 2023 Paul McDade Chief Executive Officer lan Cloke Chief Operating Officer Joined 2021 Joined 2021 TULLOW TULLOW LAGMO KUFPEC ERCE ConocoPhillips Paul's 35 years within the international Oil & Gas business has provided him with a rich and diverse set of relevant experiences. From his early international experience in challenging operational, social, security and safety environments, to his 19 years as COO and then CEO of Tullow Oil, he has essential first-hand experience of what is required to build a successful African-focused, responsible oil & gas company. His strong focus on delivering stakeholder value, shared prosperity, environmental performance and strong governance, coupled with his understanding of the role that Oil & Gas has to play in both the global and African energy transitions, makes him the ideal leader to deliver Afentra's ambitious growth strategy, a company that will have stakeholder objectives and ESG embedded at its core. LALMO ExxonMobil ConocoPhillips lan has over 25 years experience of working in international Oil & Gas with proven track record of delivering operational, technical and commercial results. His focus and background of deploying innovative technologies across global upstream has delivered significant value for all stakeholders. As EVP at Tullow Oil, he led multi-cultural and diverse teams delivering operations safely and at pace. across Africa and South America, from remote onshore to ultra deepwater, effectively managing risk and social- environmental sensitivities whilst embedding strong financial discipline. He has first-hand experience in making a difference in countries having discovered and delivered commercial oil & gas in Uganda, Kenya and Guyana. Having lived and travelled throughout Africa, he has enjoyed the full spectrum of life and business on the continent, making him an ideal founding partner and COO of Afentra. Anastasia Deulina Chief Financial Officer Joined 2021 TULLOW Goldman Sachs Merrill Lynch Jeffrey MacDonald Chairman Joined 2021 FIRST RESERVE ConocoPhillips FIRST RESERVE FLOWSTREAM Anastasia's multicultural upbringing and over 20 years of working in the energy. sector within global, tier-1 investment banks, private equity and corporates has given her extensive experience in strategy development, deal origination, structuring and execution, M&A and business. transformation. Her primary focus is always on driving sustainable business. growth that has a visible positive impact on the bottom-line. This, along with her significant prior board experience, both as a NED and committee member, and her strong global business development and financial network means that Anastasia provides expert leadership as Afentra's CFO. CALEDONIA OIL & GAS HIGHLAND ENERGY LTD. Jeffrey MacDonald was a former managing director with private equity firm, First Reserve, with responsibility for investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the oil & gas sector. Before joining First Reserve, he was a founder and CEO of Caledonia Oil & Gas Ltd., a U.K.-based exploration and production (E&P) firm, and a founding member and managing director. of Highland Energy Ltd. Most recently he held the position of Interim CEO and, prior to that, Non-Executive Director of Kris Energy Wider Afentra Team Highly experienced individuals across technical, commercial, legal and finance disciplines Gavin Wilson Non-Executive Director Joined 2021 RAB CAMTAL I PetroTal MERIDIAN CAPITAL cg/ Gavin Wilson has held the position of Investment Director at Meridian Capital Limited, a Hong Kong based international investment firm, for over a decade, managing an Oil & Gas portfolio focused on world-class assets in emerging markets. Mr Wilson founded and managed, for over seven years, two successful investment funds - RAB Energy and RAB Octane. Previously he was Managing Partner of Canaccord Capital London's Oil & Gas division, responsible for Sales and Corporate Brokering/Finance. bp TULLOW பா PatroẞA STERLING ENERGY Harbour Energy ConocoPhillips HESS Lundin FREEHILLS PremierOll LAMBERT ADVISORY Thierry Tanoh Non-Executive Director Joined 2023 Paésidence de de Cote d'ivoire IFC Ecobank The Pas Abian Book MAIA CAPITAL PARTNERS Thierry Tanoh is an experienced senior director with global experience, a strong track record in both public and private sectors and has held senior positions within African Government ministries. Relevant experience includes various roles within International Finance Corporation (IFC) as Vice President within the Senior Executive Team and a member of IFC's credit committee based in Washington, and Director of Sub-Saharan Africa based in Johannesburg. Following 12 years with IFC, Mr Tanoh was appointed as CEO of Ecobank Group, a pan-African banking conglomerate with banking operations in 33 African countries. Following his departure in 2014, Mr Tanoh was appointed a member of the office of the President of the Republic of Cote d'Ivoire, serving initially as Minister, Deputy Chief of Staff before being appointed as Minister for Oil, Energy and Renewable Energies. between 2017-18. Afentra plc#5Azule SPA and Sonangol Acquisition Update Combination of transactions builds a material position in both Blocks 3/05 and 3/05A Azule SPA, 19 July 2023 Attractive incremental acquisition increasing Afentra's interests in Blocks 3/05 (+12%) and 3/05A (+16%) 1 Total consideration of up to $84.5m, split $48.5m upfront and up to $36m in contingent payments² Deal funded through agreed capacity within debt facilities³ and existing cash on balance sheet Low entry cost ~$3.7/bbl and access to a further ~7 mmbbls of 2C resources in Block 3/05A4 Positive asset economics from higher associated cost pool & improved fiscal terms anticipated from 3/05 licence extension Effective date 31 October 2022 Acquisition constitutes a RTO by AIM Rules suspending trading of Afentra shares until publication of Admission Document Amended Sonangol Acquisition, 19 July 2023 Acquiring a reduced working interest in Block 3/05, from 20% to 14% Ensures Sonangol's support for Azule transaction and an appropriate balance of equity interests in Block 3/05 Firm and contingent considerations reduce to $56m and up to $35m, respectively (terms remaining unchanged)5 Effective date 20 April 2022 (unchanged) Combined acquisitions Increases Afentra interests to 30% in Block 3/05 and 21.33%¹ in Block 3/05A Increases net production to ~6 kbbl/d;6 net 2P reserves to ~32 mmbbls; net 2C resources ~20 mmbbls4 Completion of both acquisitions expected in Q4'23 following shareholder approval Block 3/05 Post completion interests INA deal Sonangol deal Azule deal Sonangol (op.) Afentra 50% 36% 36% 4% 18% +30% Maurel & Prom 20% 20% 20% etu energias 10% 10% 10% NIS Naftagas Azule Energy 4% 4% 4% 12% 12% 0% Block 3/05A1 Post completion interests Sonangol (op.) INA deal Sonangol deal 33.33% Azule deal 33.33% 33.33% Maurel & Prom Afentra 26.67% 26.67% 26.67% 5.33% 5.33% 21.33% etu energias NIS Naftagas 13.33% 13.33% 13.33% 5.33% 5.33% Azule Energy 16.00% 16.00% 5.33% 0% 1 Assumes that the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% (post-INA) and from 16% to 21.33% (post-Azule) 2 Up to $21m in contingent payments payable on a sliding scale above Brent price of $75/bbl with an annual cap of $7m over the years 2023, 2024 & 2025; and up to $15m in contingent consideration linked to the successful future development of the Caco- Gazela and Punja discoveries (split $7.5m equally), payable 1 year after first oil subject to a Brent price of $75/bbl and production hurdles 3 The RBL facility between Trafigura and Mauritius Commercial Bank has a limit of $110m of which up to $75m is available for the Sonangol and INA transactions and up to $35m available for the Azule transaction 4 Based on the Competent Persons Report on Block 3/05 effective 1 January 2023, estimating 2P reserves of 108 mmbbls (gross) and 2C resources of 43 mmbbls (gross). Block 3/05A 2C resources are based on an Afentra resource estimate effective 1 January 2022 of 33 mmbbls (gross). 5 Firm and contingent considerations reducing from $80m to $56m and from up to $50m to up to $35m (capped at $3.5m p.a. for an unchanged 10-year period commencing 1 January 2023 and oil price hurdle of $65/bbl) 6 Including gross production currently being tested at the Gazela field on Block 3/05A of an additional 1,200 bbl/d Afentra plc#6Building a material position across both Blocks 3/05 and 3/05A Acquisition structures for Block 3/05 and 3/05A transactions INA Detailed acquisition structure (at SPA) Sonangol² Azule Aggregate BI. 3/05 BI. 3/05A BI. 3/05 BI. 3/05A BI. 3/05 BI. 3/05A BI. 3/05 BI. 3/05A Working interest acquired 4% 5.33%¹ 14% 0% 12% 16%1 30% 21.33%¹ Effective date 30-Sep-21 20-Apr-22 31-Oct-22 Completion date (expected) 05-May-23 (Q4 2023) (Q4 2023) (Q4 2023) Initial consideration $m 9 3 56 47.5 1 112.5 4 Licence extension payment $m 103 10 Brent price linked contingent payment $m Up to 64 Up to 355 Up to 216 Up to 62 Future developments linked contingent payment $m 57 Up to 158 Up to 20 Total Consideration $m Up to 25 Up to 8 Up to 91 Up to 68.5 Up to 16 Up to 184.5 Up to 24 1 Assumes that the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% (post-INA) and from 16% to 21.33% (post-Azule) 2 The Sonangol Acquisition also includes the acquisition of a 40% WI in exploration Block 23 for a consideration of $0.5m 3 Block 3/05 licence term was extended to 2040 on 17 May 2023 satisfying a condition precedent for the Sonangol Acquisition and triggering the contingent payment of $10m to INA 4 Payable as $2m per annum, over 3 years, and paid as a 30% share of revenue upside above Brent price of $65/bbl 5 Payable as $3.5m per annum over 10 years commencing 1 January 2023, subject to minimum Brent price of $65/bbl and minimum annual production of 15,000 bbl/d 6 Payable on a sliding scale above a Brent price of $75/bbl with an annual cap of $7m over the years 2023, 2024 & 2025 7 Subject to successful development of existing discoveries and a minimum Brent price of $65/bbl 8 Payable 1 year from first oil date and split equally between Caco-Gazela and Punja ($7.5m each), subject to annual average Brent price of US$75/bbl and minimum average annual production of 5 kbbl/d from both fields Afentra plc#7Net WI 4% Attraction in acquiring Azule barrels Comparison of Block 3/05 transactions Block 3/05 acquisition metrics (at SPA) Working interest acquired Effective date INA Sonangol Azule Comments Per % WI 1% Net WI 14% Per % WI 1% Net WI 12% Per % WI 1% 30% combined interest 30-Sep-21 20-April-2022 31-Oct-22 Completion date 05-May-23 Q4 2023 Q4 2023 Firm consideration US$m 19 4.75 56 4.00 47.5 3.96 Max. contingent consideration US$m 61 1.5 352 2.5 213 1.75 Similar price per % WI across 3 deals Azule lower on max contingent payment vs Sonangol Period of payment years 3 years 10 years 3 years Shorter payment period for Azule interests $75/bbl at incremental units Trigger price for contingents US$/bbl $65/bbl $65/bbl of Brent price increase Threshold price triggering max contingent payment US$/bbl 30% revenue share $65/bbl Cost pool Total Consideration US$m ~1.6x Sonangol US$m Up to 25 Up to 91 $122/bbl Up to 68.5 ~1.8x Sonangol4 Significantly higher oil price threshold for Azule interests vs Sonangol Much more price headroom for Azule to pay max contingent vs Sonangol bullet payment Significant cost pool advantage for Azule 1 Payable as US$2m per annum, over 3 years, paid as a 30% share of revenue upside above Brent price of $65/bbl 2 Payable as US$3.5m per annum over 10 years, subject to minimum Brent price of $65/bbl and minimum annual production of 15,000 bbl/d 3 Payable as US$150k for each unit of Brent price increment above US$75/bbl with an annual cap of US$7m over the years 2023, 2024 & 2025, and requiring a minimum 1 lifting per year 4 Ratio relative to Sonangol cost pool per % working interest Afentra plc#8INA deal, completed May 2023 Significant offset to completion costs with earned cash flow & stock at completion INA Transaction Block 3/05 (4%), Block 3/05A (5.33%)¹ - effective date 30 September 2021 Transaction status & funding Completion Date - 5 May 2023 $ million Upfront consideration 12.0 Working capital & interests² 4.8 Contingent consideration due 2.0 . Asset cashflow contribution³ (1.8) Net completion payment to INA Licence extension payment4 Stock entitlement at completion 207,868 bbls 17.0 Transaction completion • Government approval received in January 2023 Completion documentation finalised on 5 May 2023 Funding of $27.0m net upfront consideration and escrow deposit • $18.9m debt facilities $8.1m cash Further contingent payments 10.0 • ~16.65 • Up to $4m over 2 years subject to oil price hurdles6 Up to $5m subject to Block 3/05A future developments? 1 Subject to final approval of the distribution of the China Sonangol International interest to remaining joint venture partners, Afentra's working interest in Block 3/05A (post-INA completion only) would increase from 4% to 5.33% 2 Working capital adjustments and interest on consideration from effective date to completion date 3 Asset cashflow generation from effective date to completion, comprising crude oil sales less cash calls paid, excluding significant stock-in-tank inherited at completion Afentra plc 4 Paid to INA on 17 May 2023 following Block 3/05 license extension approval 5 Afentra share of stock-in-tank at 30 April 2023, valued at $80/bbl on a pre-tax basis 6 Calculated as 30% share of revenue upside above Brent price of $65/bbl with an annual cap of $2m 7 Subject to development of existing discoveries and a minimum Brent price of $65/bbl 7#9Operational Update: Blocks 3/05 and 3/05A Republic of the Congo Block 3/05 (Congo basin) - 30%¹ D.R.C. Export Pipeline Palanca Punja Impala • June 2023 production averaged ~19,100 bbl/d о H1 2023 production averaged 18,000 bbl/d compared to Q1'23 of 17,206 bbl/d, demonstrating the benefit of planned restoration works over Q1'23 in addition to the well intervention works underway, focusing on acid wash and stimulation across the Oombo, Pacassa, Palanca and Bufalo fields Production uptime improved from 77% in Q1'23 to 87% in Q2'23 о Block 3/05 Area Angola о Bufalo Nord Impala SE 2P reserves of 108 mmbbls (gross) and 2C resources of 43 mmbbls (gross)³ Key 2023/2024 activities: Atlantic Ocean Luanda 100 Km Afentra Licences ⚫ Oil Fields Gas Fields Export Pipelines Pacassa Block 23 Pacassa SW 5 Km Block 3/05 Block 3/05A ⚫ Oil Fields Future Developments Bufalo Gazela Cobo Caco Pambi Oombo • Atlantic Ocean о Water injection rates have increased, averaging ~38,000 bw/d in H1'23 о Additional well perforations and installation of artificial lift о Light well interventions ongoing with a further 30 interventions in next 18 months о Ongoing investment in infrastructure to enhance reliability and uptime о A gas management workstream has commenced to examine a holistic solution for gas which could enable a material reduction of emissions in medium-to-long term Block 3/05A (Congo basin) - 21.33% 2,3 Long-term testing continues at the Gazela field of an additional 1,200 bbl/d, enabling framing of potential development options • Punja development concept meetings ongoing to frame opportunity 2C resources of 33 mmbbls (gross)³ 1 Upon completion of the Azule and Sonangol transactions (adjusted working interest, July 2023), Afentra's working interest in Block 3/05 increases from 4% to 30% 2 Assumes the default China Sonangol interests have been redistributed pro-rata amongst existing Partners, increasing Afentra's interest in Block 3/05A from 4% to 5.33% (post-INA) and from 16% to 21.33% (post-Azule) 3 2023 CPR estimated 1P/2P/3P of 72/108/145 mmbbls (gross) at 1.1.23 effective date. Caco-Gazela & Punja resources not included in 2023 CPR. Block 3/05A 2C resources of 33 mmbbls (gross) based on Afentra resource estimate effective 1 January 2022. Afentra plc#10Capital is available for the right opportunities Block 3/05 Production Profile¹ 30 Oil Rate, kbbl/d (gross) 20 20 10 10 2P 2C 3C 0 2022 2024 2026 2028 2030 2032 1 Production profile is based on ERCE CPR gross 2P, 2C & 3C estimates as at 01/04/2022 21.35 bnbbls production to YE 22 Afentra plc Debt financing appetite from banks, traders, bond market $110m RBL RBL and ($30m) Working Capital facilities agreed with Trafigura and Mauritius Commercial Bank Institutional equity appetite for accretive deals and high-calibre team with African track record Equity appetite Institutional equity (private/public), HNWIS, family offices across UK, Europe, US Short payback on 2P production <3 years at $75/bbl on 2P production alone Stable, mature production with gettable upside >3 billion barrels OIIP, 43% RF2 long life, low decline asset; extensive infrastructure, 8 fields Low-cost entry <$4/2P bbl gross 2P reserves of 108 mmbbls at 1/1/23 (per 2023 CPR) and $122.5m combined upfront consideration Attractive asset breakeven economics ~$35/bbl#11Business Development Afentra is leveraging extensive regional experience and network to deliver significant value African Pipeline of Opportunities • • . • Foothold established in Angola with initial acquisitions in Blocks 3/05 & 3/05A; long life production asset with low decline rate, material upside and future short-cycle developments Provides foundation for future growth and consolidation in Angola Similar scale & larger operated and non-operated opportunities onshore and offshore West Africa being evaluated Opportunity for new credible & responsible operators like Afentra to: • • benefit from the more pragmatic narrative for a just and responsible transition; and manage the oil & gas transition for the benefit of all stakeholders MATERIAL OIL & GAS RESOURCES (boe) ~100Bn LIFE OF DISCOVERED / DEVELOPED RESOURCES >20 years Wood Mackenzie 2020 Afentra plc An ability to create significant value from an industry transition that has just commenced 10#12Delivering against a clear and focused strategy Building a material African independent ESTABLISHED brand and team о Strategy built around helping Africa о о produce oil and gas responsibly, achieving scale through acquisition of production assets and discovered resources from the accelerating regional energy transition Robust governance structure and strengthened board of directors Strengthened organisation with recruitment of high calibre talent with history of identifying, assessing and acquiring high-quality assets Afentral RELATIONSHIPS across West Africa, industry & capital markets о о о Strengthened profile in industry as a credible counterparty of choice across West Africa focus region Regional network and experience enables efficient high- grading of M&A Supportive equity and debt capital markets through continuous engagement, providing access to capital to execute and guide on M&A strategy NEXT STEPS • Azule SPA signed placement of 10% transaction deposit • Amended Sonangol SPA • Shares suspended 19 July 2023 Publication of Admission Document anticipated early Q4'23 SMART DEAL-MAKING structured attractively о о о Three non-dilutive deals from a starting cash balance of $40.8m at 30 June 2021 Low entry cost with implied acquisition cost of <$4/bbl¹ and short payback (~2-3 years at $75/bbl) Quality production assets and discovered resources with low-cost upside, delivering material cashflow }| ROBUST FINANCIAL POSITION to grow both organically and inorganically о о ° Secured debt facilities with Mauritius Commercial Bank and Trafigura to fund transactions and working capital Low completion settlements through deal structuring (protecting downside) and strong cash flow foundation enabling organic and inorganic growth Cash at 1 January 2023 of $30.6m² Shareholder vote post-publication of Admission Document Governmental approvals and completion of transactions Q4 2023 1 Based on CPR 2P reserves of 108 mmbbls, effective 1/1/2023 2 Including restricted funds of $10.2m Afentra plc 11#13Afentral Sustainable change Uniquely positioned to capitalise on the African Energy Transition 1. Significant hydrocarbon resource base In Africa with material M&A pipeline 2. Gap In market for credible operators to facilitate safe and responsible transition 3. Proven team with significant experience of working In Africa 4. Committed to responsible stewardship and positive stakeholder outcomes 5. African Energy Transition provides compelling Investment opportunity Afentra plc 12