Afren plc 2010 Highlights 2010 Full Year Results Presentation www.afren.com
Highlights Further significant progress First full year reported net profit of US45.9 million 2010 average production of 14,330 boepd Significant increase in material reserves and contingent resources base to 135.7 net mmboe…
Afren today Well positioned for further growth First full year profit after tax US63.8 million normalised 1. Forward capex funded from internally generated cashflow Capital structure in place to pursue US500 million bond issue…
Afren plc 2010 Financial Review 2010 Full Year Results Presentation www.afren.com
Net income First full year reported profit in Afrens history Profit and loss account statutory Profit and loss account normalised US mm 2010 2009 2010 2009 Gross profit / (loss) 129.0 105.8 129.0 105.8 Administrative expenses…
Operational performance A profitable platform of producing assets Sales revenue Sales revenue USmm US319.4 mm US335.8 mm Sales revenue - US319.4 mm 400 sales volumes of 5.2 mmboe - 14,333 boepd (2009: 22,100 boepd) 350 realised…
Profit after tax US45.9 million of profit after tax - reconciliation US mm 100 106.3 -16.4 80 -42.7 60 7.4 40 45.9 24.7 -24.0 25.3 -15.7 20 -2.3 0 -16.8 -20 -40 2009 FY Price Volume Okoro cost Cost of General…
Sources and uses of funds End 2010 cash balance of US140.2 million USmm 700 103.0 368.2 600 500 209.3 400 300 321.3 111.0 200 14.5 0.2 140.2 100 0 Cash & cash Operating Borrowings Investment Repayment Interest &…
2011 capital budget Selective deployment of capital to maximise value 0 100 200 300 400 500 US415 mm capex invested in 2010 Budget (excluding acquisitions) 2011 US450 mm 2011 capex budget focused on Ebok/Okwok/OML 115 area in…
Capital structure in place to pursue additional growth The first UK listed independent E&P to successfully access the bond market Operational cashflows Diversified capital sources Financial discipline Okoro field Tap bond market…
Afren plc Production Operations Review 2010 Full Year Results Presentation www.afren.com
Production operations review Strong production operations Ebok production operations commenced on track for 35,000 bopd by end Q2 2011 Okoro infill drilling to enhance production and maximise recovery (moving to 3P recovery)…
Ebok production hub Production operations commenced Slide 16 2010 Full Year Results Presentation
Ebok production hub Production, processing and storage facilities MOPU arriving on location February 2011 MOPU installation February 2011 West Fault Block platform installed January 2011 MOPU installed February 2011 FSO in…
Ebok production hub Forward development work Central fault blocks Dedicated 12 slot wellhead platform installed in March 2010 Five horizontal production wells in D2 reservoir One water injection well Six available well…
Okoro field Optimising production and maximising recovery 2010 gross production in line with expectations at 16,100 bopd Cost recovery achieved mid 2010 Two infill wells drilled Okoro-12 - Horizontal section completed over…
Significant portfolio acquired onshore Nigeria OML 26 update Extensive due diligence undertaken prior to announcement infrastructure in good condition Transitioning of assets to First Hydrocarbon Nigeria/Afren partnership nearly…
Significant portfolio acquired onshore Nigeria Large scale production and development opportunity at OML 26 Production and development highlights 940 mmboe total gross reserves and resources Currently producing * Ogini and Isoko…
Significant portfolio acquired onshore Nigeria Rapid monetisation of exploration and appraisal upside Exploration and appraisal highlights and monetisation strategy Existing infrastructure in place and ready access to major…
Production outlook and net reserves Rapid near term growth Net working interest production boepd NSAI 2P reserves and contingent resources* 135.7 mmboe 60,000 2P Reserves: 79.8 mmboe 40,000 20,000 Contingent…
Afren plc Exploration and Appraisal 2010 Full Year Results Presentation www.afren.com
Exploration and Appraisal highlights An active campaign across the full cycle E&P value chain Appointment of Head of Exploration - Dr Niall McCormack will be responsible for leading and executing the Companys exploration strategy…
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…
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…
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; planned…
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…
Block 1101 - Madagascar Large scale prospectivity identified Top Isalo depth structure based on field mapping Ambilobe-1 Well Oil shows in the middle Jurassic Isalo sands not reached Potential Drilling Locations C Lead A Lead C…
Ebok/Okwok/OML 115 area Exploration and appraisal drilling plans low risk, amplitude supported upside potential Okwok Field 3D Seismic / Appraisal Drilling Okwok-9 appraisal well encountered 35ft of oil pay in the D2 reservoir,…
Ebok/Okwok/OML 115 area Progressive de-risking of a substantial resource base 508 mmbbls gross unrisked resource potential Ebok 2P 106.5 Large scale resource upside Only 21% of total area resource potential reflected in 2P…
2011 Summary work programme Exploration and appraisal upside potential Gross un-risked P50 Asset Country Working Interest Well Type Timing resources mmboe Ebok north fault block Nigeria 100%/50% Exploration 35 2011 OML 115…
Net prospective resources Substantial upside potential Net prospective resources 3,478 mmboe Madagascar Ethiopia 77 mmboe 289 mmboe Seychelles 347 mmboe Kenya 519 mmboe Tanzania 1,026 mmboe Cte d'Ivoire 57 mmboe…
Afren plc Acquisition Pipeline 2010 Full Year Results Presentation www.afren.com
Acquisition pipeline A hopper of low cost opportunities Licence interests Distribution of resource ownership Low entry costs (No. of blocks) (mmboe) Indigenous E&P US/2P bbl Major IOC 3% 12 35% State owned 43% 10 Major IOC 8…
Afren plc Conclusions 2010 Full Year Results Presentation www.afren.com
Conclusions Well placed for further growth Strong production outlook on track for 40,000 boepd average for 2011 Appropriate capital structure in place Forward work programme funded from internal cashflow Active E&A drilling…
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