Agenda o Afren on the main board 4 o Ebok-5 drilling update 13 o Acquisition of OPL 310 19 o Competent Persons Report 25 o Asset review and update 32 Okoro 33 CI -11 37 CI-01 51 Ebok 60 Keta Block 71 o Conclusions…
A significant African - UK listed - independent Country Acquired WI (%) Operator Local Partner Work Prog. CTE DIVOIRE Cte dIvoire Ghana 1. Block CI-11 Q3 08 47.9592% Afren PETROCI (1) A 2. Block CI-01 Q3 08 65.00% Afren PETROCI 3…
2009 - strong operational delivery Stable production maintained at Okoro and CI-11 - 19,327 bopd at Okoro reported H1 2009 - 8,359 boepd in Cte dIvoire reported H1 2009 Successful appraisal of the Ebok field in Nigeria - 53 mmbbls…
Near term acquisition opportunities 4000 The Petroleum Industry 3500 Bill Shell has the most to lose under the proposals Nigeria shut-in production 000( b/d) 3000 on so-called marginal fields. Militant attacks have Liquids…
Afren reserves and resources update mmboe Last Interims Current Developed 2P Okoro 19 19 CI-11 9 9 28 28 Undeveloped 2P CI-01 17 17 Ebok FB1 & FB2 0 34 Ebok West 0 13 Okwok Core 0 10 17 73 Contingent Ebok FB1 & FB2 34 0…
Exploration and Appraisal programme Gross Likely Country Target W.I. % * Tech. Operator (3) Well Type Spud Date 2P resources / Result Ebok West Fault Block NIGERIA 50% Afren 25 Appraisal Oil Ebok D2 Southern Lobe NIGERIA 50%…
Sources and uses H2 2009 2010 1,000 900 800 700 600 USmm 500 400 300 200 100 0 Sources Uses Sources: Cash at bank Hedging gain* Cash from ops* Uses: Ebok Okwok Okoro CI-11 CI-01 Exploration G&A Debt…
Equity story - update Production out-performance at Okoro and CI-11; infill targets identified Development Ebok-5increased 2P reserves to 78 mmbbls; with upside to 152 and appraisal mmbbls Okwok field estimated to hold 70 mmbbls…
Ebok-5 drilling update 13 www.afren.com
Ebok-5 drilling update Ebok-5 has encountered 182 ft of gross oil pay in the D1 reservoir and 84 ft of gross oil pay in the LD-1E reservoir Results already confirm pre-drill estimates of Ebok West Fault Block volumetrics - 92…
Ebok-5 well results (to date) Eb o k-5 L WD_RT 0.01 0.1 2200 1 RPCHX.ohm.m 10 GR1AX.API 100 Tops 1000 Formation Tops Depth, ft TVDSS 13 3/8 csg BaseBenin Base Benin Formation 2259 TVDSS, ft 2300 shoe at 2263…
East West seismic line through Ebok-5 Ebok- Ebok-1 Ebok-4 W 5 projected projected E Top D1 Top D- Top L D1 1E Top LD- Top LD- 1A 1B Top D2 Ebok-5 drilling update 17 www.afren.com
Arbitrary seismic section through Ebok-5 and existing wells Top LD-1E Pick Top D1 Top L D-1A Top L D-1B Top D2 Ebok-5 drilling update 18 www.afren.com
Acquisition of OPL 310 19 www.afren.com
Nigeria: OPL 310 Licence details Partners: % Area km2: 1,850 Afren (Op.) 40 Expiry: February 2019 Optimum 60 Licence type: PSC Cretaceous shelfal to deep water clastics in structural and stratigraphic traps Main plays:…
Nigeria: OPL 310 OPL 310 is adjacent to OML 113 which contains the Aje oil and gas field (recently declared commercial), P50 reserves 284 Area of mmboe with considerable upside Interest OPL 310 contains several identified…
Exploration Upside Potential Consistent with Afrens exploration strategy focused on under-explored basins with proven working hydrocarbon systems and remaining potential for large discoveries Acquisition of OPL 310 22…
Arbitrary NE-SW Line Across Aptian High Block Time Section 0.50 0 1.00 0 South of Aje Field 1.50 0 2.00 0 2.50 0 3.00 0 3.50 0 4.00 Aptian unconformity 0 4.50 0 5.00 0 5.50 0 Line 3 Acquisition…
Nigeria: OPL 310 - Key Prospects OPL 310 contains several identified prospects in the same Cenomian, Turonian and Albian sandstone reservoirs and similar trapping configurations in four-way-dip closed structures over basement highs…
Competent Persons Report 25 www.afren.com
Background to Competent Persons Report (CPR) NSAI were commissioned by Afren to undertake an independent assessment of Afrens assets as at 30 June 2009 The CPR process included a review of work completed by Afren and data available…
Background reserves classification Reserves - Those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date under defined conditions…
NSAI vs Afren management 2P & 2C excluding Ebok Category/Ass Gross NSAI Afren Comment et Volumes 2P Afren plan two infill wells not included in NSAI estimates; Afren has mmbbls 18.9 24.4 history matched production data and…
NSAI vs Afren management - Ebok Gross Category/Asset NSAI Afren Comment Volumes Ebok FB1 & FB2 2P mmbbls 19.1 53.0 NSAI 2P reserves based on Phase 1a FDP only (5xD2,1 x water injector and 1 x D1 wells); Afren 2C mmbbls 23.1 0.0…
NSAI vs Afren management Prospective Resources Gross Category/Asset NSAI Afren Comment Volumes Prospective Resources mmbbls 604.2 500.0 Afren defining and working up further prospectivity. Keta NSAI has not benefitted from…
Asset review and update 32 www.afren.com
Okoro 33 www.afren.com
Okoro Setu development FPSO moored 800m south east of platform for crude processing and storage Okoro Wellhead platform 3 Phase Production Flowline 3 Phase Test Flowline Export Tanker Gas Lift Flowline 12km offshore,…
Okoro - production history match undertaken by Afren Management of an oil Wells at 5295ft or gas field depends upon accurate reservoir characterisation and prediction Better decisions can be made when seismic data, geological…
Two infill well targets identified in Okoro Lower Sand Oil Rate (Lower Sand Only) 26.9MMBO 20.8MMBO Cumulative (Lower Sand Only) Two infill wells targeting the Okoro Lower Sand to deliver an incremental 6.1 mmbbls…
CI-11 37 www.afren.com
CI-11 background Afren 47.96% equity - operator Panthre gas field discovered 1982 Lion oil field discovered 1983 ABIDJAN Cretaceous Albian Senonian sandstone reservoirs Production started 1995 4 offshore production platforms in…
CI-11 workover opportunities identified Lion A1 (Leaks on the Control Line) Control-Line repair or, installation of a through tubing retrievable safety valve (storm choke) Through tubing re-perforation from 10,017 to 10,054 ft MD and…
Very low oil recovery achieved to date infill potential Expected Ultimate Recovery from existing wells gives low RF. Infill drilling opportunities to increase RF Undrilled Western high, Foxtrot and possibly Lion potential. Circa 25MMBO…
Potential targets identified for reserves addition CI-11 infill drilling: Infill of Lion Central area (current RF is only 16.8% from B-1 and B-2) Infill of Lion Northern area (RF = 13% from A1, A2 and B6) Based on 25% RF (as…
Afren preliminary volumetrics for Lion North and Central GRV m3 N:G Porosity Sw FVF STOIIP MMBO 1.82 x108 0.55 0.17 0.25 1.488 55.85 9.73 x107 0.66 0.17 0.28 1.488 33.22 Western High potential Area above Average STOIIP…
New Eastern Senonian channel Several major Senonian channel targets have been penetrated to date Further work is ongoing to identify missed channels (new Eastern Channel already identified) CI-11 44 www.afren.com
B6 Lion B-6 Senonian sand with shows in mapped channel Ca. 10m net CI-11 45 www.afren.com
Turonian on-lap in west trough strike line Example of Turonian on-lap targets identified to deliver incremental reserves and production W Strike line E CI-11 46 www.afren.com
Turonian on-lap in west trough volumetrics Variance cube extraction Fault compartments Polygons defined N S W Trough Turonian Area m2 Net sand m phi So Bo RF STOIIP MMbbls Resources 1260000 10 0.21 0.65 0.67 0.3 7.3…
Senonian E Scour potential Prop Loc Panthere E2 Senonian scour fill sands produce in several wells. This particular scour is the largest and is oil- bearing in D-1A. But the well is very low structurally. The trap is mostly…
Senonian E Scour dip seismic Line 2000 m Senonian Sand 96.5 MA 3000 m Base of Scour CI-11 49 www.afren.com
Summary table Development well infill potential Reservoir Additional reserve potential Lion 8MMBO (based on achieving 25% RF with infill drilling) Foxtrot 3.6MMBO (based on 2 foxtrot completions) Appraisal potential Target…
CI-01 51 www.afren.com
Cte dIvoire CI-01 - Introduction Afren 80% equity - operator Cretaceous Cenomanian Maastrichtian sandstone reservoirs Eland gas field discovered 1978 Kudu gas field discovered 1984 Ibex oil and gas field discovered 1985 Impala,…
Block CI-01 - geological model Kitchens which could be sourcing reservoirs in Block CI-01 KITCHENS: Defined as an abundance of rocks buried deep enough to be generating hydrocarbons in the area. Albian and Aptian age rocks are…
Block CI-01 - regional setting Pale oS helf Edg e Block CI 01 approx location. Ibex Discovery Jubilee Discovery Twenenboa Discovery Schematic Upper Cretaceous Depositional System diagram showing slope fan facies…
Channel complex depositional model Beaubouef et al., 2000 Recent work has focused on application of current understanding and Cretaceous depositional model. This work has not yet been shared with NSAI. CI-01 55 www.afren.com
Block CI-01 Seismic tie-in to wells Ivco-26 Well tie to Campanian Mkrs 1 & 2 & LM Sands H & I CI-01 57 www.afren.com
Ibex seismic volume CI-01 58 www.afren.com
Eland seismic volume CI-01 59 www.afren.com
Ebok 60 www.afren.com
Ebok D2 Model Property Distributions: Direction of Deposition parallel to Western Fault Porosity shown. Blue 20%; Red 35% Control points for reservoir properties are Up-scaled logs for Wells Ebok-1, 4, and 2. Ebok-2 porosity…
Ebok D2 Permeability Model Average Ebok D2 permeability ranges between 500 and 5000 mD. This allows effective connectivity between the injector and producers and results in a very efficient sweep. 10 Darcy 0 Permeability…
Excellent Sweep Efficiency A water injection well will be drilled pre-production and so water will be injected from day 1 Due to the good quality/high permeability sands, sweep is efficient and ultimate recovery is high 1 1 Ebok…
Reservoir Modeling Plan View Of Base case D2 Model Layer 1 Layer 20 Proposed well trajectories Gas or water Oil 1.8Bscf free gas North North Grid cell size is x and y =50m and z =5ft. STOOIP 55MMBO base case volumes…
Ebok D1 Simulation Model Construction Information EB-4 Control points for reservoir properties are EB-2 Upscaled logs for Wells Ebok-1 and EB-1 ine Ebok-4. Ebok-2 was excluded because re l of the absence of any porosity…
D1 Preliminary Well Locations and Aquifer Modeling 1 Gas Cap 2 3 8 6 7 4 5 500 m N Development Well Locations Average spacing 250 m EBOK, D1 RESERVOIR, AQUIFER ASSUMPTIONS (Fetkovitch model) Direction Relative to…
Western Flank upside potential in field structure Additional potential identified through continuing work process Could be significant. LOS Still working the numbers Ebok West Flank Qua Iboe not Included in NSAI report:…
Presence of oil proven by logs from the Ebok-1 well 69 www.afren.com Evidence that Qua Iboe West Flank is oil bearing (1968) LL3 100 GR.GAPI 230 10 180 1 3500 3700 3900 4100 4300 4500 4700 4900 5100 5300 130 0 .1 80 0…
Ebok Qua Iboe East Channel NSAI have identified 41.8 mmbbls gross (mid case) Prospective Resources associated with the Eastern Qua Iboe Channel Afren work to date has focused primarily on the central field area, West Fault…
Keta Block Well and Seismic Database Covered by high quality, modern vintage seismic data set. JV agreed to enter next exploration phase. Two year period with 2001 3D seismic grid one firm commitment well to be drilled. Keta…
Prospect Location Map Mulptiple play concepts at five intervals identified not a binary outcome hinged on results of one well Stingray Marina Turonian Keta Block 74 www.afren.com
Arbitrary line over Cobia and up-dip pinchout of Campanian section Stratigraphic trapping demonstrated to be working by West Cape Three Points and Deepwater Tano discoveries provides giant field potential at keta Fig. 5-11 Keta…
Afren on the main board Strategy Tactics and Execution Production growth Ebok drilling to commence, due onstream H1 2010 at 15,000 bopd 100,000 bopd by end 2012 Ebok production rising to 35,000 bopd end 2010 Okwok appraisal Q3…
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