Afentra plc (AIM: AET) has announced a significant oil discovery at Pacassa SW offshore Angola, alongside the successful restart of the Impala-1 well and further progress across its Angolan portfolio.
The Pacassa SW well encountered 136 metres of net oil pay within a 217-metre hydrocarbon-bearing interval, with reservoir quality supporting the pre-drill production estimate of around 5,000 barrels of oil per day gross.
Initial results also support Afentra’s estimate that the wider Pacassa SW structure could contain up to 70 million barrels of gross recoverable resources, equivalent to around 23 million barrels net to Afentra, subject to further evaluation.
The well is now being completed for production and connected to existing Pacassa infrastructure, with first oil expected during Q3 2026.
Highlights
Pacassa SW – Successful oil discovery, net pay 136 metres, reservoir quality supports pre-drill estimate of 5000 bopd (gross)
Impala-1 – Production re-established around ~ 3000 bopd (gross) following light well intervention
Impala- 2 – Rig expected to move to Impala-2 post Pacassa SW, results expected end Q4
Block 3/24 – Innovative operating approach reduces survey cost by around 90%
Elsewhere, Impala-1 has successfully returned to production after being shut since 2017. The well tested at up to 4,700 bopd and is currently producing around 3,000 bopd gross.
The next Impala development well, Impala-2, is expected to target initial production of approximately 4,000 bopd, with results anticipated by the end of Q4.
Afentra also completed its first operated offshore campaign on Block 3/24 for approximately $60,000, compared with conventional industry costs of $500,000-$1 million.
Chief Executive Paul McDade described Pacassa SW as a major milestone and said the discovery provided “clear proof of concept” for Afentra’s organic growth strategy in Angola.
