ANGOLA: Serinus Energy & Afentra Selected as a Preferred Bidders in 2023 Onshore Bid Round

Serinus Energy notes that it has been selected as a preferred bidder on the KON-13 block in the onshore Kwanza basin in the Republic of Angola. Formal notification of this preferred bidder status is expected to be received from the Agência Nacional De Petróleo, Gás E Biocombustíveis (ANPG) in the coming days.

In November 2023, the Company submitted proposals to participate as operator on two blocks in the Kwanza basin onshore Angola. The Kwanza basin is a large proven hydrocarbon basin extending over 25,000 km2. The basin has existing oil discoveries dating back over seventy years. The Company was
awarded preferred bidder status on one concession area, KON-13. The KON-13 block has an aerial
extent of 1,011 km2 with one exploration well drilled in 1969 and 136 km of legacy 2D seismic.

The Kwanza basin is located both on and offshore in Angola. It extends from Luanda, located in the north, to Cape Santa Maria farther south. The Company sees this basin as an under-explored and under exploited basin. Activity in the basin was halted for the duration of the Angolan Civil War and the
Company sees this basin as attractive for further exploration and development activities.

Serinus has been selected as the preferred operator of the KON-13 block with an allocated working interest of 55%. The selected non-operator partners for the Company are Effimax Energy (30% working
interest), and Sonangol (Angola’s national oil company with 15% working interest). The Company and
its partners will engage with ANPG to negotiate the licence terms on the Block. These negotiations are
expected to be carried out over the next several months.

Meanwhile, Afentra have been chosen as a non-operated preferred bidder for these two blocks and will now engage with the respective Operators of Kon 15, Sonangol P&P, and Kon19, ACREP, to discuss the engagement with the relevant authorities to negotiate the license terms.

Afentra plc submitted an application for two blocks in Angola’s 2023 onshore bid round and has today been informed that it has been selected as preferred bidder for both blocks.

As part of the 2023 Public Tender process launched by ANPG, Afentra submitted bids for Blocks KON15 (1,000 Sqkm) and KON19 (900 Sqkm) located in the Kwanza onshore Basin as a non-operating partner.

Both KON15 and KON19 blocks were high-graded by Afentra as they have good signs of a working petroleum system and contain wells that were drilled on salt structures with light oil recovered to surface in one and oil shows in others from post and pre-salt reservoirs. There is limited 2D Seismic data. The blocks are adjacent to both legacy oil fields that are currently being appraised for potential re-development and existing infrastructure allowing rapid commercialisation.

The onshore Kwanza basin, covering 25,000 Sqkm is an under-exploited, over-looked proven hydrocarbon basin and has numerous oil fields and discoveries dating back to 1955. The basin produced over 15,000 bopd in the 1960’s and 1970’s from post-salt traps. Onshore activity declined and ceased during the instability of the Angolan civil war after which the focus moved to offshore oil field development.