European Mid Mid-Cap Cap Oil Conference 26 March 2009
Agenda Established track record A resilient and differentiated business model Established reserves and production base Becoming a super African independent Beyond First Oil 3 www.afren.com
Established track record 4 www.afren.com
Afren today: An established African independent Circa 27,000 boepd net WI production 86 mmboe b - Material reserves base Robust financial p platform GHANA - fully funded through work schedule NIGERIA Diversified portfolio…
Established track record First Oil May 2008 Multi-country platform So Tom and Prncipe Q1 2005 Nigeria Q3 2005 Gabon Q3 2005 Congo Q2 2006 Ghana Q4 2007 Cte d d'Ivoire Ivoire Q1 2008 Diversified Portfolio 27,000 boed…
Established asset base Country Acquired W.I.(%) Operator/Partner Work Prog. Cte dIvoire Block CI-11 Q308 47.96% Afren Production (1) Block CI-01 Q308 80.00% Afren Development Lion Gas Plant Q308 100.00% Afren Production…
Robust financial position Strongly cash generative production base Attractive operating netbacks Oil production d ti in i Cte Ct dIvoire dI i hedged h d d att average floor fl price i off circa i 83/bbl Approximately 17% of…
A resilient and differentiated business model 10 www.afren.com
A clear and differentiated business model MANAGEMENT/ PARTNERSHIPS OPERATIONS WITH NOCs Current production of Petroci in Cte dIvoire Strong 22,000 bopd at Okoro and 5,200 WI boepd in African Cte dIvoire GNPC in Ghana Identity…
The opportunity set Highest growth in proven reserves with significant reserves in West Africa Proved Oil Reserves Proved Gas Reserves Africa Total: 50 billion barrels Total: 219 Tcf Europe & FSU 77% 81% Middle East South…
Growth through access / partnerships Indigenous Indigenous Indigenous Indigenous Partnership Partnership Partnership Partnership Okoro field Ebok field Ofa field (OML 112) (OML 67) (OML 30) OPL 907 & 917 Indigenous…
Extensive African / industry experience Egbert Imomoh - Chairman BOARD Guy Pas Shahid Osman Constantine Peter John St. John Non exec Ullah Shahenshah Ogunbiyi Bingham Non exec COO Chief Executive Director Non exec BRASS…
Extensive African / industry experience Senior Management - London Iain Wright Patrick Cherlet Galib Virani Shirin Johri Jeremy Whitlock Director of Technical Commercial Director Acquisitions / IR Group General Financial Controller…
Technical and operational resources Shahid Ullah COO BRASS E l ti Unlimited Exploration U li it d Iain Wright Nick Johnson Patrick Cherlet Director of Technical Exp. & New Ventures Commercial Director BRASS Exploration…
Response to the current environment Operational Realise benefits of operational momentum (Okoro, Cte dIvoire) momentum t O Operator t ((and d in i control) t l) off all ll producing d i assets t Continue to drive cost…
2009 Capex and revenue distribution 2009 Budgeted Project 2009E Revenue Distribution at p Capital Expenditure p USmm 40/bbl 1 3 20% 10 43% 1 37% 23 Okoro Other Royalties CI-11 Exploration Opex Ebok…
Established reserves and production base 19 www.afren.com
Ebok development: background Background Partnered with indigenous company Oriental Energy Resources Reclassified under indigenous field fiscal terms Located in OML 6767, 50km offshore South East Nigeria in 135 ft of water…
Ebok development: post appraisal update Time structure map Ebok4 appraisal well successfully completed p Februaryy 2009 Gross oil column of 284ft encountered (274ft net) in high quality reservoir sands NSAI recoverable reserves…
Ebok field development plan Early production system (EPS) to deliver 15,000 to 25,000 25 000 bopd,early bopd early 2010 Ramp up tto ffull R ll field fi ld development of 35,000 to 50,000 bopd by end 2010
Okoro Setu development 12km offshore Estimated STOIIP range of 80 102 - 130 mmbbl (P90 P50 P10)* First Oil achieved in June 2008 from first two wells at rates in excess of 7,000 bopd Development phase successfully…
Okoro Setu development: well locations Reservoir Target Well Upper Sand A Okoro-6 Okoro-8 Okoro-9 Upper Sand B Okoro-7 Okoro-8 Lower Sand B Okoro-4 Okoro-9 Okoro-5 Okoro-7 Okoro-6 Lower Sand C Okoro-10 Field Reservoir…
Okoro Setu fast track development 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 / certified…
Cte dIvoire: location map Block CI-11 WI: 48% (Joint Operator with Petroci) 13km offshore: 246 ft water depth Lion & Panthre producing fields 38 mmcfd and 11,670 670 bopd current gross production (8,222 boepd) Net 2P reserves:…
Material high impact reserve growth potential Balanced exploration portfolio 4% 4% Country License Gross Mean Afren Net Mean Resources Interest % Resources mmbbl* mmbbl* 14% Congo La Noumbi 440 14.00% 62 Ghana Keta 500…
Ghana: Keta block 68% participating interest Operator Partnered with GNPC, Mitsui & Gulf Atlantic Primary y target: g Upper pp Cretaceous sandstone reservoirs Play type similar to recent Jubilee and Odum (Tullow)…
Ghana: Keta block Exposure to the prolific and emerging West African Upper Cretaceous sandstone play Proven in Ghana with recent Jubilee and Odum discoveries World Class prospect (Cuda) with clearly mapped structural closure;…
Congo: La Noumbi - high impact exploration High impact exploration adjacent to and on trend with world class MBoundi field Afren 14% interest Operator O t MMaurell ett P Prom (48.5%) (48 5%) and d partner ENI (37.5%) 940 km…
Activity schedule: existing portfolio HI 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 PRODUCTION Infill Okoro Approaching peak production Infill CI-11 Wireline workover + infill drilling Lion Gas Plant NGL…
Becoming a super African independent 32 www.afren.com
The premier pan-African oil and gas company Differentiated strategy Established Consistent track record delivery Material development Established upside production base in 2 countries 2009 firm budget b d t ffully…
Appendix 34 www.afren.com
Appendix o Exploration portfolio 36 o Gas monetisation 37 o Nigeria 38 o Ct dIvoire Cte dI i 44 o Gabon 48 Appendix 35 www.afren.com
West Africa: gas monetisation Jointly collect, develop and monetise gas for domestic and export purposes E.ON Ruhrgas a strong partner with significant technical and financial synergies Significant gas opportunity set - Stranded /…
Nigeria: Okoro Setu field development plan Water depth of 46 ft FPSO moored 800m south east of platform for crude p processing g and storage g 7 high angle and horizontal development wells Armada Perkassa 360,000 barrels…
Nigeria: Okoro Setu community development Afrens Community Development Vision To contribute towards making a significant and lasting impact on wealth creation and sustainable livelihood in the area of our operations Okoro…
Nigeria: OPL 907 / 917 41%* and 42%* operated interests in OPL 907 and OPL 917 respectively Partnered with Global Energy Company Highly prospective Anambra basin - est. 5 Tcf of gas (only 30 wells drilled to date) Li Licences…
Nigeria: Eremor development D3 Sand Depth structure map Covered by 3D seismic O Operator t R Result lt EREMOR-4 Five hydrocarbon bearing zones Estimated Recovery Factor: 20 40% EREMOR-3 Good oil samples of low GOR, 200…
Nigeria: Ogedeh development Exploration / appraisal history Date Well Type Operator Result 1993 Ogedeh-1 Exploration Chevron Oil Two oil bearing g A and D sands Covered by 3D seismic Certified contingent resources up to…
Nigeria So Tom JDZ block 1: high impact exploration Obo -1 discovery in 2006 proved JDZ as a significant oil and gas province Block 1 technical studies ongoing prior to further drilling On trend with Nigerian deep water…
Cte dIvoire: Block CI-11 History Discovered in the 1980s;; brought g to production by UMC in 1995 UMC acquired by Ocean Energy in 1998 and later merged with Devon in 2003 Partners: Afren (47.9592%, operator); Petroci…
Cte dIvoire: Block CI-01 14 wells (exploration and appraisal) drilled by Esso and Agip 3 signficant g discoveries: Kudu ((1964), ), Eland ((1978)) and Ibex (1985) 105 bcf of gas and 8 mmbbls of oil (2P)* Potential development…
Cte dIvoire: upside CI-11 High GOR zones yet to be completed (no gas market when first developed by UMC) Increase production through low risk wireline and rig based workover programme/infill drilling on Lion Field Two closures l…
Cte dIvoire: Lion gas plant Afren: 100% (Operated) Capacity to process 75 mmcf/d Third party gas recieved from Blocks CI-26 and CI-40 (Espoir and Baobab) Butane and Gasoline produced - Gasoline spiked into Lion crude stream and…
Gabon: low cost exploration 16.67% interest in Iris Marin 20% interest in Ibekelia Study Area Operated p by y Sterling g Energy gy with partner Addax A number of additional prospects / leads identified Source: IHS…
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