(Alliance News) - Afentra PLC said revenue for 2024 is set to be sharply higher than in 2023 as oil production ramped up.

The upstream operator in Africa with carried interest in Odewayne block onshore southwestern Somaliland said pre-tax revenue stood at USD75.9 million for the first half of 2024.

This compares to revenue of USD26.4 million for all of 2023.

Afentra highlighted it was confirmed as preferred bidder for a 45% non-operated interest in blocks KON 15 and KON 19 onshore Angola.

The average sale price per barrel fell to USD83.6 in the second quarter of 2024 from USD85.0 in the first quarter and from USD88.0 in 2023.

Net working interest production has ramped up to 6,677 barrels of oil per day in the second quarter of 2024, from 3,926 in the first quarter and from 3,509 in 2023.

Chief Executive Officer Paul McDade said: "The mid-year revenue demonstrates the strong cash flow profile of the assets that we have acquired in Angola. We are very pleased with the latest lifting as it strengthens our financial position and provides a platform for further growth. Our liquidity position will be further strengthened by the next scheduled lifting which we expect to occur in August, and we have taken measures to mitigate downside risk through our hedging policy."

The company said it had cash resources of USD13.8 million as at June 30, down 12% from USD15.7 million a year prior.

Afentra shares rose 1.2% to 58.30 pence each on Wednesday midday in London.

By Tom Budszus, Alliance News slot editor

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