1. Afentra was founded in 2021 with sustainability and value-driven growth at its core, and has since built a strong position in Angola through a series of highly accretive transactions. Drawing on your 35 years of international experience, what were the key strategic decisions that shaped Afentra’s creation and its current positioning in Angola?

Afentra was established in 2021, at a time when Europe was experiencing what could be described as the peak of ESG-driven sentiment. The prevailing narrative was strongly focused on energy transition, climate priorities, and the accelerated removal of hydrocarbons from the global energy mix.

In that context, many questioned why we would launch an oil and gas company at all. However, our conviction was clear: the energy transition looks fundamentally different in Africa than it does in Europe.

Having spent the previous 15 years working almost exclusively across Africa operating in more than 15 countries, it was evident that developing economies face different energy realities. The transition must be approached through an African lens, one that recognises the continent’s growth needs, infrastructure challenges, and demand for reliable energy supply.

A second critical element came from my earlier experience in the UK North Sea. That basin underwent an industrial transition where major international companies divested mature assets to smaller independents, who then drove a new wave of investment and value creation.

Afentra was built around the idea that a similar evolution would occur in Angola. The country has historically been dominated by major international oil companies, with limited presence from smaller independents. We saw a clear opportunity to acquire and responsibly develop mature and mid-life assets, applying both our understanding of energy transition dynamics and our operational experience in mature basins.

Angola’s scale, resource base, and basin diversity made it a natural focus. While we assessed opportunities across West Africa, Angola stood out as the most compelling long-term investment destination.

2. Afentra defines its purpose as supporting a responsible and just energy transition through disciplined investment in mature and mid-life assets. How does this purpose guide capital allocation decisions, including asset life extension, near-field development, and selective value-accretive M&A?
At the heart of our strategy is the opportunity to acquire mature assets from major operators and take them into the next stage of their productive life.

From an ESG perspective, Angola presents a unique opportunity. These older assets often contain significant remaining potential, not only in terms of production and reserves, but also in terms of emissions reduction.

Our approach is to create value for all stakeholders—government, communities, and shareholders—while also improving environmental performance. By investing in operational optimisation, asset life extension, and targeted near-field development, we can increase recovery and reduce emissions intensity.

This combination of value creation and responsible stewardship is central to Afentra’s purpose in Angola.

3. Angola remains heavily dependent on hydrocarbons, with oil and gas accounting for nearly 30% of GDP and approximately 95% of exports. As the government pursues economic diversification, how does Afentra align its long-term strategy with Angola’s broader development goals?
This question returns to the core difference between a European and an Angolan perspective on energy transition.

In Europe, the narrative at the time was largely about reducing oil and gas production rapidly, despite the fact that European economies themselves were built on hydrocarbon resources.

In Angola, the perspective is different. The country must responsibly maximise the value of its resources, while developing them with the lowest possible emissions footprint. These revenues are essential to support social development, economic progress, and ultimately the country’s ability to transition into a future renewable energy economy.

Afentra’s name itself reflects this philosophy: African Energy Transition. We are focused on the oil and gas component of that transition—ensuring these resources are developed responsibly, efficiently, and with long-term national benefit.

Importantly, mature assets offer additional advantages. Much of the infrastructure already exists. By extracting more from existing facilities rather than building entirely new developments, the carbon footprint is often significantly lower.

This is how we see our alignment with Angola’s economic needs: maximising value from existing resources while supporting a pragmatic and responsible transition over time.

4. Strategic cooperation has been central to Afentra’s growth in Angola, including partnerships with Sonangol, ANPG, and local operators. Which partnerships does Afentra prioritise to drive operational performance, innovation, and long-term value in Angola?
Long-term partnerships are fundamental to success in Africa, and that experience has shaped our approach in Angola.

We prioritise partnerships across three key areas.

First, our relationship with the regulator, ANPG, has been exceptionally constructive. Although relatively new, ANPG has demonstrated a strong commitment to reform and investor engagement. We view our relationship as dynamic and collaborative: we listen to Angola’s objectives, and ANPG is equally open to learning from our international experience.

Second, Sonangol is of critical importance. While Afentra is a relatively small company, we have become Sonangol’s second-largest partner in its main operated producing asset, Block 3/05. We believe we have brought additional perspectives from mature basins globally, supporting production growth and long-term redevelopment ambition.

Gross production in the Block 3/05 area has already increased from approximately 17,500 barrels per day to above 20,000 barrels per day. Our shared ambition is to take production from this asset area back beyond 50,000 barrels per day—something few would have considered achievable several years ago.

Third, onshore, our strategy is to work closely with local Angolan upstream companies. In Block KCON-19, for example, we partner with Acrep, combining their local expertise with our extensive experience in onshore exploration from East Africa. This model strengthens national capacity while accelerating exploration progress.

These partnerships—regulatory, national, and local—are central to Afentra’s long-term value creation in Angola.

5. Following Afentra’s recent operational achievements and portfolio expansion, how does the company prioritise growth across its Angolan assets, and what milestones will guide progress in the near term?
We approach capital allocation across three core areas.

The first is the Greater Block 3/05 area, including Block 3/05, Block 3/05A, and now Block 3/24. This is a major focus for investment. Our current net production is approximately 6,300 barrels per day, and we believe this can grow significantly—potentially toward 20,000 barrels per day—through infill drilling, work programmes, and infrastructure optimisation.

Block 3/05A also contains major discoveries, and we are working on a gas solution to ensure development proceeds with low emissions.

Block 3/24, which Afentra will operate, is adjacent to existing infrastructure, and we are planning a fast track development that will contribute to our 20,000 barrels per day target for the Greater Block 3/05 area and could add a further 10,000 barrels per day by 2027.

The second priority is the onshore Kwanza Basin, where we are applying exploration techniques and experience gained from when the team were involved in the major discoveries in Uganda and Kenya. Our focus over the next year is seismic acquisition and identifying both new prospectivity and opportunities to redevelop historical fields that may have been abandoned prematurely.

The third pillar is disciplined M&A. We expect continued divestment of mature assets by major companies, and Afentra intends to remain an active participant in that transition within Angola.

6. Afentra recently divested its interest in Somaliland to focus on its core Angola portfolio. How does the company decide which higher-risk assets to exit while maintaining growth ambitions?
The Somaliland asset was inherited when Afentra was established through the acquisition of an existing company. From the outset, we were clear with shareholders that our focus would be Sub-Saharan Africa, primarily West Africa, and centred on producing and development assets rather than high-risk frontier exploration.

Somaliland was always considered a legacy asset that did not align with our long-term strategy. We were able to divest it and generate value for shareholders.

Maintaining a clear geographic and strategic focus has been fundamental to Afentra’s credibility with investors, and we have remained consistent in executing the investment thesis we presented at the company’s inception.

7. Afentra is applying operational innovation across its portfolio, including water injection, well interventions, infrastructure upgrades, and high-resolution seismic surveys. How does the company leverage technology and data to optimise performance?
The key is applying appropriate technology in the right environment.

In the Greater Block 3/05 area, we are deploying proven techniques such as enhanced water injection, modern wireline tools, and re-entries to identify bypassed oil—resources that were always present but not previously recognised.

As we progress into drilling and workover campaigns, we will continue to apply best-available technologies that are suited to the asset’s characteristics.

Onshore, we are implementing more advanced approaches such as full tensor gradiometry seismic surveys, which allow us to rapidly evaluate large areas and focus exploration on the most prospective structures.

Much of the technology resides within the contractor community, and our role is to understand what tools exist globally, assess our operational opportunities, and apply the right solutions in the right context.

8. Afentra has partnered with organisations such as The HALO Trust and has emphasised inclusive workforce development. How does the company evaluate its social and economic impact in Angola?
In our experience, the greatest social impact comes not only from dedicated social funds, but from directing the broader scale of business expenditure in ways that strengthen local economies.

Oil and gas companies often allocate funds for schools, health clinics, and community projects, and these initiatives are important. However, the day-to-day business spend—sometimes hundreds of millions of dollars—can have even greater impact if directed locally.

By prioritising local suppliers, creating employment, and supporting Angolan companies within our supply chain, we help build sustainable wealth within communities.

The HALO Trust is a good example. While we support HALO socially, we also anticipate working with them operationally to ensure safe seismic activity in onshore areas. This creates a deeper, more sustainable partnership that integrates social contribution with core business activity.

Ultimately, sustainable development is achieved through employment, capacity-building, and long-term economic participation.

9. Your academic journey and career have included senior leadership roles across major international energy companies. How have these experiences shaped your values and leadership philosophy?
My values were shaped primarily by my upbringing. I grew up in a humble background in inner-city Glasgow, and I was fortunate to have the opportunity to attend university.

My education—first in civil engineering, then petroleum engineering—opened doors I never imagined. Over time, that journey led to experiences across Africa, working with governments and helping develop oil and gas industries in countries such as Ghana and Uganda.

The core values remain simple: respect people, value relationships, and care deeply about doing things properly.

When operating in Angola—or any country—we are visitors. These resources belong to the nation. Our role is to develop them responsibly, create value for shareholders, stakeholders, and ensure alignment with the priorities of the country and its citizens.

Leadership, ultimately, is about service, humility, and long-term responsibility.

10. Finally, what message would you like to leave for Fortune readers regarding Afentra’s role as a trusted partner in Angola and its contribution to Africa’s energy transition?
Angola has transformed significantly as an investment environment over the last decade. In particular, ANPG has done an outstanding job in shaping reforms that both maximise national value and create a sustainable, investor-friendly energy sector.

Angola has immense resources—most importantly human resources—and represents an exceptional investment destination.

Afentra did not initially set out to be exclusively Angola-focused, but Angola has become central to our growth because of the opportunities to invest responsibly, generate returns for shareholders, and make a meaningful impact.

We believe Afentra has a long future in Angola, supporting the responsible development of mature hydrocarbon assets as part of the broader African energy transition.