Investor Presentaiton

INA 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

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