The 2011 Enercom e 0 e co OOil & Gas Conference & Gas Co e e ce 14th 18th August 2011 www.afren.com
Our strategy Designed for sustainable long term growth Target material 2P/2C Growing production additions (in line with profile underpinning historical acquisition th b i the business…
Afren today A balanced portfolio spanning some of the worlds most prospective basins Net 2P & 2C recoverable reserves: 1,026 mmboe Net 2P 80 mmboe Net 2C 946 mmboe Net prospective resources: 3,760 mmboe East Africa…
1 Pursue materially accretive acquisitions Continuing to deliver low cost barrels Focus on areas where Afren is Strategically advantaged Low entry costs US/bbl Proved working hydrocarbon systems 10.0 9.0 8.0 7.0 Majors…
2 Significant production growth A significant 2P and 2C reserves base Ebok Net 2P & 2C recoverable reserves: 1,026 mmboe* Onstream under phased development Phase 1 production 15,000 bopd to 17,000 bopd 8 3 11 2 Phase 2…
2 Significant production growth Ebok field near term production ramp up Ebok Overview Business Overview Ebok is located 55 km offshore in 135 ft of water in Nigeria'ss south eastern producing area in Nigeria south eastern…
2 Significant production growth Okoro field optimising production and maximising recovery Okoro Overview Business Overview Afrens first greenfield development project First oil achieved within two years of entry (2008)…
2 Significant production growth Barda Rash a large scale discovered, but undeveloped resource base Barda Rash PSC 60% operated working interest Independently certified gross 2C STOIIP 14,174 mmbbls (8,504 mmbbls net) Gross 2C…
2 Significant production growth A clear forward plan to develop Barda Rash Expected work programme a phased development strategy 1,470 mmboe total gross recoverable resources* LIGHT OIL 1% 3% Phase 1 Phase 1 light oil Phase 1…
2 Significant production growth OML 26 large scale production and development opportunity 45% interest through First Hydrocarbon Nigeria 940 mmboe total gross reserves and resources (Afren a 45% shareholder) Currently producing *…
3 Organic reserves growth An active campaign across the full cycle E&P value chain Extensive portfolio balanced across risk/geology/geography Portfolio management Multi well exploration and app a sa d g ca pa g appraisal…
3 Keta block Ghana Successful farm down to ENI, an established deepwater operator ENI farmed in for a 35% working interest; Afren retains a 35% working interest Carry through exploration drilling Back costs and carry through…
3 Ain Sifni Low risk, high potential exploration acreage 70 km north west of Erbil Shaikan1 Shaikan3 Shaikan2 Surface area 607 km2 JS1 AIN SIFNI PSC Jebel Simrit structure tested in 2010 with JS1 well JEBEL SIMRIT FIELD…
3 Afren East Africa exploration Exploring east Africas rift systems activity summary Ethiopia Assets Blocks 2,6,7,8 30% Seismic acquisition recently completed; partners required to drill one exploration well in current period;…
3 Ebok/Okwok/OML 115 area Exploration and appraisal drilling plans low risk, amplitude supported upside potential Okwok Field 3D Seismic / Appraisal Drilling Okwok9 appraisal well encountered 35ft of oil pay in the D2 reservoir,…
4 Conservative capital structure The financial flexibility to support growth US320.4 million cash at bank end H1 2011 Q1 2011 b d i Q1 2011 bond issue opens up new sources of capital f it l US185 million equity placement and…
2011 Summary work programme Exploration and appraisal upside potential Gross unrisked P50 Asset Countryy Working Interest g Well Type yp Timingg resources mmboe b Ebok north fault block Nigeria 100%/50% Exploration 35 H2…
Afren plc Appendix www.afren.com The 2011 Enercom Oil & Gas Conference
Kurdistan region of Iraq upstream activity map A renewed search for oil Regionally active operators include: Source: Shamaran Petroleum, Kurdistan Oil and Gas Activity, September 2010 Source: Shamaran Petroleum, Kurdistan Oil and…
Transaction highlights Continuing to deliver low cost barrels; financial flexibility for further acquisitions/growth Acquisition cost US588.25 million Including back costs of US81.0 million and US14 million of 2011 capex Including…
Drilling results so far at Barda Rash Three out of three wells have successfully found oil BR1 well S N Successful drilling results BR1 discovery well Spudded in April 2009 Drilled to 3,300 m depth Oil encountered from…
Ain Sifni forward work programme to test upside and progress development Low risk opportunity to efficiently deliver large volume growth Exploration and appraisal highlights Well planned in 2011 to appraise and production test the…
OPL 310 Nigeria Farm down process underway, high grade prospectivity identified Farm out process commenced Q4 2010 (current interest 70%) strong interest Processing of electromagnetic survey acquired in 2010 complete, and integrated…
Blocks L17/L18 Kenya Prime acreage in an emerging play quick to monetisation Near Top Cretaceous TWT Structure Map SW Mombasa lead NE L17 Kenya W E Mombasa Onshore 2D seismic to be acquired in 2011 Proven…
Tanga block Tanzania Farm in to attractive acreage contiguous with Kenyan blocks L17/L18 Miocene 10.5 Ma TWT Structure Map L18 Afren 74% (Operator) Block Petrodel 26% 10 km 7,063 km2 licence covering onshore and offshore areas…
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