Responsibly supporting the energy transition

for the benefit of all

A trusted partner

for all our stakeholders

A respected operator

transforming legacy assets

Ensuring safe operations

for our employees

Reducing the environmental impact

for future generations

A proven strategy

for an exciting opportunity

Latest news

01 June 2021
Afentra Annual Report 2020
21 May 2021
Afentra set to seize upon ‘African energy transition’
05 May 2021
Corporate Update – Launch of Afentra

The need for a responsible energy transition

How this transition can impact African social-economic development

Drivers of change

Changing responsibly

Impactful change

Climate change

The global energy transition is being driven by political, corporate and civil society in pursuit of the goals set by the international community to decarbonise globally. The energy industry is seeing Oil & Gas majors recalibrate their strategies and business models to a lower carbon energy system.

Growing demand

With a rising demand for the services that energy provides due to a growing population – many in Africa (600-800 million people) who remain without access to modern cheap reliable energy – the developing world must be able to responsibly create long-term social and economic value by efficiently optimising the potential of their natural resources.

Oil & Gas Transition

The Africa Oil & Gas industry is in the early stages of the same operator transition that the North Sea and the Gulf of Mexico have gone through with assets being transferred from majors to independents. IOCs are looking to responsibly exit out of assets which are either late life, not material or have a high carbon footprint.

Developing Economies

Whilst the developed world is seeking to deploy capital in a manner that actively supports the energy transition and lower carbon economies, developing economies currently lack the large scale capital required to support the industrial roll out of renewable technologies and remain largely reliant on traditional energy sources.

Global energy mix

There is a growing recognition that oil and natural gas play critical roles in today’s energy and economic systems; and that affordable, reliable supplies of liquids and gas are integral to the transition to a lower carbon world.

Maintaining supply

Without a responsible Oil & Gas industry, the transformation of the energy sector will be more difficult and more expensive. If capital markets are engaged correctly, independents can help to accelerate the pace of change and reduce the impact on the environment.

Emissions reduction

There are cost-effective opportunities to bring down the emissions intensity of delivered Oil & Gas by minimising flaring of associated gas and venting of CO2, tackling methane emissions, and integrating renewables and low-carbon energy where-ever possible.

Responsible investment

The best way to protect the climate is for investors to invest in responsible Oil & Gas companies with the imperative to reduce energy-related emissions in line with international climate targets.

GDP contribution

The economic contribution from natural resources is fundamental to many developing economies. It is therefore essential that investments in these resources continue as these developing economies navigate their journey through the energy transition.

Responsible Independents

There is a requirement in the market for responsible, well managed independents to acquire, operate and optimise post-peak assets in Africa. This will ensure the continued socio-economic benefit from these resources as the majors exit.

Building on capability

Independents can leverage the local resources and skills of the industry and ensure that they play a central role in responsibly managing these assets. The continuing transfer of knowledge can play an important role in the reduction of the emissions intensity of delivered Oil & Gas.

Attracting Capital

Accessing the necessary capital to invest in the continued development of these assets responsibly will only be possible by addressing investors ESG concerns. It is necessary for responsible independents to integrate an ESG agenda into their business model and operating approach in order to effectively manage business and opportunity risk.

Effecting sustainable change

Our purpose is to support the African energy transition as a responsible, well managed independent, enabling the continued economic and social development of African economies and bridging the gap to other/renewable forms of energy.

Our enabling role in this connected energy ecosystem is to access, redevelop and unleash the full potential of existing producing fields or undeveloped discoveries that no longer fit the portfolio of major companies. We will do this in a safe, responsible and sustainable manner. By investing in the region, empowering our people and working with our partners we can positively impact local economies and deliver significant economic returns to all stakeholders.

Paul McDade
Chief Executive Officer
Afentra's purpose – effecting sustainable change

Delivering value in the energy transition

Matching our business to the varied needs of our stakeholders

Our mission

Our integrated model

Our stakeholders

Our mission is to be the trusted partner of both IOCs and host governments in the divestment of “legacy” assets. By managing these assets responsibly we turn these fields or discoveries into profitable assets by applying focus, innovation, efficient operating practices and smart commercial arrangements. We use our approach to unleash the full asset potential whilst also reducing carbon emissions, promoting growth through employment and facilitating socio-economic development.

Africa’s strong economic growth alongside its growing population underpins our belief in the continent’s long-term Oil & Gas demand despite the structural evolution of the global energy system. We see a significant opportunity to drive responsible growth and prosperity for all stakeholders. Our strategy is simple, we only focus on proven hydrocarbon basins where fields have been discovered or are currently producing. The latent potential is therefore clear and Afentra just need’s to unleash it, quickly and economically. We pursue operatorship with a large working interest so we have control over the safety, development and investment profile of our assets.

Afentra was created to take advantage of this opportunity in the African market, emulating the successful precedents set in the Gulf of Mexico and North Sea.

See our four-stage model to discover how we implement our strategy.

Defining legacy assets
Producing fields or undeveloped discoveries that:
  • May no longer fit with a company’s strategy in Africa
  • May need investment, regeneration or upgrading
  • May be sub-economic for larger companies

Stakeholder returns

Our business model is designed to mitigate geological, political and financial risks to enable Afentra to deliver sustainable returns to its shareholders in the form of capital appreciation and dividends when appropriate. We do this by focusing on discovered resources in established operating jurisdictions, alongside credible partners, and by maintaining a stable balance sheet, underpinned by low-risk cash flow.

1.

Assess & acquire

Legacy production assets and proven discovered resources with material upside
Our focus
  • Opportunities that:
  • Are value accretive
  • Generate robust cash flow
  • Have embedded growth opportunities
  • Are strategically complementary
2.

Optimise & produce

Applying proven & innovative technologies to safely optimise production, reduce emissions and lower cost
Our focus
  • Emissions reduction
  • Optimisation of subsurface facilities
  • Returns enhancement
  • Performance transparency
3.

Reinvest & extend

Reinvest in incremental activities and near field developments to extend production and field life
Our focus
  • Infield, outpost and undeveloped resource investment opportunities
  • Funding further value accretive acquisitions
  • Workforce and community development
  • Acceleration of the de-carbonisation initiatives
4.

Retire & convert

Responsible stewardship of asset retirement whilst seeking low carbon conversion opportunities
Our focus
  • Responsible stewardship
  • Restoration of the natural environment
  • Safe decommissioning
As a responsible international corporate citizen, we understand that we operate within a multi-faceted and multi-layered economic, legislative and social environment. It is therefore crucial that we engage with all our stakeholders to understand and respond to their concerns, needs and opinions, in order to ensure the ongoing sustainability of our business.
A diagram to display Afentra's four stakeholder audiences
“Our team’s technical expertise and proven operating track record makes Afentra the ideal partner to realise the full potential of these legacy assets. We intend to leverage our deep industry knowledge and network to identify and acquire assets adopting an effective operating approach that seeks to optimise and extend productivity whilst reducing harmful emissions. This will enhance returns and deliver a positive socio-economic legacy that reflects Afentra’s core beliefs.”
Ian Cloke
Chief Operating Officer
Afentra's technical expertise

Experienced leadership

Afentra has established a strong executive team with a proven track record for creating value and positive stakeholder outcomes through delivery of material development and production projects across Africa. The team has an established network across the relevant stakeholder audiences, and direct experience of the energy transition in previous geographies. The Board bring significant industry and capital market experience as well as an unwavering commitment to all aspects of Governance. Their experience and expertise will ensure the responsible pursuit of strategic priorities intended to create value for all stakeholders.

Executive team

Non-Executive team

Paul McDade corporate head shot
Chief Executive Officer
Paul McDade
Paul’s 35 years within the international Oil & Gas business has provided him with a rich and diverse set of relevant experiences. From his early international experience in challenging operational, social, security and safety environments, to his 19 years as COO and then CEO of Tullow Oil, he has essential first hand experience of what is required to build a successful African-focused, responsible oil & gas company.

His strong focus on delivering stakeholder value, shared prosperity, environmental performance and strong governance, coupled with his understanding of the role that Oil & Gas has to play in both the global and African energy transitions, makes him the ideal leader to deliver Afentra’s ambitious growth strategy, a company that will have stakeholder objectives and ESG embedded at its core.
Ian Cloke corporate head shot
Chief Operating Officer
Ian Cloke
Ian has over 25 years of international Oil & Gas experience with a proven track record of deploying innovative technologies across global upstream projects that positively impact operational, technical and commercial results for the benefit of all stakeholders. As EVP at Tullow Oil, he led multi-cultural and diverse teams focused on safely improving production and operations at pace across Africa and South America, effectively managing risk and social-environmental sensitivities whilst embedding strong financial discipline.

He has first-hand experience in making a difference in countries having discovered and successfully delivered commercial Oil & Gas in Uganda, Kenya and Guyana amongst others. Having lived and travelled throughout Africa, he has enjoyed the full spectrum of life and business on the continent, making him an ideal founding partner and COO of Afentra.
Anastasia Deulina corporate head shot
Chief Financial Officer
Anastasia Deulina
Anastasia’s multicultural upbringing and over 20 years of working in the energy sector within global, multinational investment banks, private equity and corporates has given her extensive experience in strategy development, deal origination, structuring and execution, M&A and business transformation.

Her primary focus is always on driving sustainable business growth that has a visible positive impact on the bottom-line. This, along with her significant prior board experience, both as a NED and committee member, and her strong global business development and financial network means that Anastasia provides expert leadership as Afentra’s CFO.
Independent Non-Executive Chairman
Jeffrey MacDonald
Jeffrey MacDonald is a former Managing Director with the global energy private equity firm, First Reserve, with responsibility for investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the oil and gas sector. Before joining First Reserve, he was a founder and CEO of Caledonia Oil & Gas Ltd., a U.K.- based exploration and production (E&P) firm, and a founding member and managing director of Highland Energy Ltd. Most recently he held the position of Interim CEO and, prior to that, Non-Executive Director, of Kris Energy.
Independent Non-Executive Director
Gavin Wilson
Gavin Wilson has held the position of Investment Director at Meridian Capital Limited, a Hong Kong based international investment firm, for over a decade, managing an Oil & Gas portfolio focused on worldclass assets in emerging markets. Mr Wilson founded and managed, for over seven years, two successful investment funds – RAB Energy and RAB Octane. Previously he was Managing Partner of Canaccord Capital London’s Oil & Gas division, responsible for Sales and Corporate Brokering/Finance.
“Afentra’s focus on value accretive M&A, targeting robust cash flow and proven resources, is intended to support sustainable shareholder returns. By targeting quality assets that provide earnings visibility, implementing best in class fit-for-purpose margin enhancing operating techniques and with the ESG agenda embedded in our mindset, we have a business model tailored to generate significant long-term value for all stakeholders.”
Anastasia Deulina
Chief Financial Officer

Latest information

Investment case
  • Energy transition creating compelling M&A pipeline of producing assets and proven resources
  • Gap in market for credible operators to facilitate responsible transition
  • Proven team with significant experience and industry track record in Africa
  • Effective ESG agenda embedded in business model
  • Strong balance sheet with no debt
  • Uniquely placed to capitalise on market dynamic
News
  • Investor presentation
  • Annual report

About

Afentra: African energy transition. What better way to signal our company’s ambition than to bind it into the name? Our name is our purpose compressed into seven letters. Our emblem is a contemporary representation of the Sankofa story and also of transition in forward motion – with a nod to where we’ve come from. It’s our visual statement of intent: re-evaluate what we’ve learnt in the past to advance positive, sustainable change everywhere we operate.