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RNS Number : 1897L Afentra PLC 09 September 2021 09 September 2021 Overview Afentra plc ( ' Afentra ' or the ' Company ' ) , together with its subsidiary undertakings ( the ' Group ' ) , is an upstream oil and gas company quoted on the AIM market of the London Stock Exchange . The Company's strategy is to build an oil and gas business of scale through the acquisition of both operated and non - operated production assets and discovered resources in Africa , where its management team have extensive operational experience . Afentra is well positioned to take advantage of the energy transition and associated market dynamics which is creating opportunities for experienced operators with a strong track record to acquire quality producing assets . The Company currently has a position in the onshore Odewayne exploration block that is operated by Genel Energy , where its 34 % interest is fully carried . Operations summary Odewayne Licence - new Afentra team continue its technical assessment and outlook on block prospectivity in discussion with the operator Afentra plc Results for the six months ending 30 June 2021 Business Development - experienced team now in place and actively pursuing potential deals in Africa , primarily focused on operated and non - operated production assets Corporate summary 18 February 2021 : Several institutional and high net worth investors purchased shares sold by existing shareholders including Waterford Finance and Investment Limited ( equating to its entire 29.23 % share holding in the Company ) and Mistyvale Limited ( equating to its entire 15.66 % shareholding in the Company ) 16 March 2021 : Paul McDade and lan Cloke join the Board of Directors as CEO and COO respectively 30 March 2021 : Jeffrey MacDonald and Gavin Wilson join the Board of Directors as Independent non - executive Chairman and Independent non - executive Director respectively 13 April 2021 : The Company announced its intention to change its name from Sterling Energy plc to Afentra plc and adopt new articles of association . The proposed changes were approved at the General Meeting held on 30 April 2021 5 May 2021 : Afentra plc launched and Anastasia Deulina is appointed as Chief Financial Officer Financial summary Cash resources as at 30 June 2021 of $ 40.8 million ( 30 June 2020 of $ 43.8 million ) . Adjusted EBITDAX loss of $ 1.5 million ( 1H 2020 : loss $ 289k ) . Loss after tax of $ 2.4 million ( 1H 2020 : loss $ 866k ) . The Group remains debt free and fully carried for Odewayne operations ( Third and the Fourth Period ) . Paul McDade , Chief Executive Officer , Afentra plc commented : " 2021 has been an eventful period during which we have established Afentra plc and set the company on an exciting strategic path . The market drivers for the energy transition across Africa are presenting a wide range of compelling opportunities and we believe that our proven operating track record , focused ESG agenda , strong balance sheet and supportive shareholder base put us in a unique position to capitalise on these opportunities . " For further information contact : Afentra plc +44 ( 0 ) 20 7405 4133 Paul McDade , CEO Anastasia Deulina , CFO Buchanan ( Financial PR ) +44 ( 0 ) 20 7466 5000 Ben Romney Jon Krinks James Husband Peel Hunt LLP ( Nominated Advisor and Joint Broker ) +44 ( 0 ) 20 7418 8900 Richard Crichton David McKeown