LONDON (ShareCast) - (Sharecast News) - Afentra reported an increase in reserves and contingent resources at Block 3/05 in Angola on Wednesday, following an updated competent person's report by ERC Equipoise.
The AIM-traded firm said that as of 31 December, total net 2P working interest reserves stood at 34.2 million barrels, with gross reserves rising to 114 million barrels.

It said the increase reflected a reserve replacement ratio of 140% over the last 18 months, as additional reserves more than offset production of 11 million barrels during the period.

Net 2C contingent resources on Block 3/05 also increased to 13.8 million barrels, while management estimated Block 3/05A net 2C resources at 7.1 million barrels.

Since Afentra's first competent person's report in March 2022, gross 2P reserves had remained stable at 114 million barrels, despite cumulative production of 19.4 million barrels.

Afentra said it saw the reserve performance as an indicator of the long-term potential of Block 3/05, even before planned rig activity starts in 2026.

The company said it expected the development of Block 3/05A and future drilling to support sustained production and reserves growth in the years ahead.

"The latest CPR reaffirms the significant potential of Block 3/05," said chief executive officer Paul McDade.

"Delivering such high reserves replacement prior to any rig activities or the development of the significant discoveries in Block 3/05A underscores the long-term value of these assets and our belief that the production on these assets can be materially increased.

"Our focus remains on working with and supporting the Block 3/05 and 3/05A partnership to maximize production and recovery while driving cashflow generation and value creation."

At 1448 GMT, shares in Afentra were up 0.66% at 45.6p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE