Investor Presentaiton

Net 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

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