H1 2009 results summary H1 2009 H1 2008 Production (net W.I.) boepd 22,964 Nil Sales revenue USmm 155.2 Nil Gross profit /(loss) USmm 20.5 (3.5) Operating loss USmm (15.2) (25.7) Net loss USmm (38.5) (26.8) Basic loss per…
2009 Highlights continued delivery in a challenging environment o Exceeding prior production guidance in Nigeria and Cte dIvoire - 19,327 bopd at Okoro (gross) vs 15,000 bopd guidance - 8,359 boepd in Cte dIvoire (gross) o…
Reported P&L Sales revenue US155.2mm USmm - Sales volumes of 3.7 mmboe 180 - Realised oil price US50.3/bbl - Realised gas price US4.6/mmbtu 160 1.6 Gross profit US20.5mm 20.5 140 Field operating costs of US49.5 mm Okoro…
Sources and uses of funds Cash sources USm 250.0 - Operating Cash inflow U98.0mm (H1 08 Cash outflow US17.5mm) in line with guidance 0.2 - Net Equity Proceeds US 118.2mm 118.2 200.0 - Investment Revenue US0.2mm (H1 08 US2.4mm)…
2009E Capital expenditure 2009E Cash Capex of US148mm US45mm Cash Capex in period Okoro: US2mm Ebok appraisal: US28mm Cte dIvoire completion: US6mm Keta: US6mm US103mm Cash Capex H2 2009 - Ebok appraisal and development:…
Hedging CTE D'IVOIRE OIL HEDGE Hedging levels determined by and 120 embedded in reserve based lending facilities 80 Oil price recovery in H1 2009 has lead to reduced value US/bbl of future hedged positions Swap price…
Production and development
Strong operational delivery Stable production maintained at Okoro and CI11 - 19,327 bopd at Okoro - 8,359 boepd in Cte dIvoire Successful appraisal of the Ebok field in Nigeria - confirmed 53 mmbbls 2P reserves with upside to…
Ebok Okwok complex delivering material reserves and production growth Ebok Okwok Source: Sovereign Oil & Gas Production and development 15 www.afren.com
Ebok Okwok development area Background Partnered with indigenous company Oriental Energy Resources Located in OML 67, 50km offshore South East Nigeria Covered by good quality 3D Seismic Ebok contains an estimated mid case…
Ebok development post appraisal update Time structure map Ebok4 appraisal well successfully completed in February 2009 Gross oil column of 284ft encountered (274ft net) in high quality reservoir sands Ebok-4 Management case…
Composite map of field potential upside to 152 mmbbls North Fault Block 30 mmbbls STOIIP 9 mmbbls recoverable* West Fault block 92 mmbbls STOIIP 25 mmbbls recoverable* D1 base case 77 mmbbls STOIIP 26 mmbbls recoverable*…
Ebok development Phase 1a Drilling 2 x appraisal wells D2 Southern Lobe Ebok West Fault Block Ebok FBW appraisal 5 x D2 development wells 1 x D1 development well 1 x water injector D1 development well Detailed well planning…
Okwok work programme & upside Wells OML 115 Exploration Appraisal 0 2km Ebok Okwok Block 2 Block 1 Block 3 n Nigeria Cameroo Source: Addax Petroleum Afren to fund 100% costs of one well anticipated Q3 2010…
3D seismic reservoir continuity through to Okwok Ebok1 Ebok2 Mfon1 Okwok1 Okwok2 500 1000 1500 2000 Production and development 21 www.afren.com
Ebok & Okwok strong synergies to exploit Work undertaken at Ebok has provided an insight into the broader area and its hydrocarbon potential Successful appraisal drilling at Ebok confirmed a 53 mmbbls project and upside to 152…
Ebok Okwok area resource potential summary Gross mmbbls 400 350 300 52 274 250 99 200 150 50 123 100 20 50 53 0 Ebok 2P Okwok 2P* Okwok AFR tech Total area 2P Ebok Upside Okwok Upside** Total Unrisked…
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…
Okoro Setu fast track development Complete Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Agreement signed with partner AMNI Rig secured for development drilling Appraisal drilling RBL facility /…
Cte dIvoire: production, development and exploration upside Block CI11 WI: 48% (Joint Operator with Petroci) 13km offshore: 246 ft water depth Lion & Panthre producing fields 33 mmcfd and 1,470 bopd current gross production…
Cte dIvoire: Block CI01 upside potential Three significant discoveries made in 1978 1985, close to existing infrastructure Oil columns in Kudu and Ibex attest to oil prospectivity in Upper Cretaceous postrift intervals…
Exploration
Material high impact reserve growth potential Balanced exploration portfolio Country License Gross Mean Afren Unrisked Net Resources Interest % Mean Resources 15 40 mmbbl* 40 mmbbl* 10 10 Ghana Keta 500 68.00% 340 Congo B La…
Ghana: Keta block Licence details Partners: % Area km2: 4,400 Afren (Op.) 68 Expiry: 31st December 2010 Mitsui 20 Licence type: Tax / royalty GNPC 10 Main plays: Cretaceous deepwater clastics in Gulf Atlantic Energy 2 combined…
Ghana: Keta block Primary target: Upper Cretaceous sandstone reservoirs, in structural and stratigraphic traps Play type similar to recent Jubilee and Odum (Tullow) discoveries - Odum discovery reported to have been made in…
Congo: La Noumbi Licence details Partners: % Area km2: 2,828 Maurel & Prom (Op.) 48.5 Expiry: 18/06/2010 ENI 37.5 Licence type: PSC Afren 14.0 Main plays: Presalt Toca & Djeno in faulted structural traps 2009 work 2D…
Congo: La Noumbi high impact exploration High impact exploration adjacent to and on trend with world class MBoundi field 940 km of recently acquired 2D seismic Doungou well completed in October 2007 Working hydrocarbon…
Conclusions
Exploration and Appraisal programme Gross Likely Country Target W.I. % * Tech. Operator (3) Well Type 2P resources Spud Date NIGERIA Ebok West Fault Block 50% Afren 25 Appraisal Q3 2009 NIGERIA Ebok D2 Southern Lobe 50% Afren 8…
Conclusions What next Strategy Tactics and Execution Targeting production growth to 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…
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