Afentra lays out next growth phase after strategic review

(Sharecast News) - Afentra said on Tuesday that it had ended a strategic review with a decision to pursue its next phase of growth as an independent E&P company, while reporting first-half net average production of 5,777 barrels of oil per day. The AIM-traded company generated revenue of $91.0m from two crude liftings totalling about 1.0 million barrels at an average $91.3 per barrel, and ended June with cash of $97.4m and net cash of $28.4m.

It said drilling at the Pacassa SW well on Block 3/05 was underway, with initial results expected in late July, while completion of the Etu acquisition was expected in the third quarter.

Chief executive Paul McDade said the first half had been "a period of significant progress across every dimension of our business," citing the strategic review, oversubscribed equity raise, refinancing and start of the first Block 3/05 drilling campaign in more than a decade.

At 0936 BST, shares in Afentra were down 0.21% at 58.88p.

Reporting by Josh White for Sharecast.com.

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