For AFR you will need wideband o2 sensor. Standard o2 sensor only will give you information about lean/reach mixture. Black wire is 0-1V signal as I remember.
If you sure that it's wideband o2 sensor, then controller will be required. But controller depends on type of O2 sensor. E.g. for BOSCH LSU 4.9 I recommend Innovate LC-2, but it can be any controller with 0-5V output.
On schema is "0-5V OUTPUT" to display - the same output will work with UTCOMP AdcX input but you will need to know also scaling (how 0-5V output is scaled to AFR value in your controller)