Afentra PLC on Thursday reported strong performance after a transformative period of acquisitions.
In 2023, the Africa-focused upstream oil and gas company narrowed its pretax loss to $906,000 from $9.1 million the previous year.
The company reported £26.4 million in revenue, after generating none in 2022.
At years end, cash resources stood at $19.6 million, down 36% from $30.6 million.
Combined gross production at Angolan assets in which the company holds a minority interest, stood at 20,180 barrels of oil per day, up 7.9% from 18,700 bopd in 2022.
During the period Afentra completed the acquisition of minority interests in two offshore Angolan assets for a net $48.1 million payment followed by contingent payments of $26.5 million.
Chief Executive Officer Paul McDade said: ‘Last year was another transformative period for the company as we completed our first two transactions in Angola. The subsequent completion of the Azule transaction represented another key milestone for Afentra
‘The market dynamics in Africa continue to support our inorganic growth strategy and we are actively screening compelling opportunities that meet with our commercial criteria.’
Afentra shares were down 0.4% to 57.60 pence each in London on Thursday afternoon.
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