BEYOND FIRST OIL Strategic acquisition of Devon Energys interests in Cte dIvoire Osman Shahenshah - Chief Executive 6 March 2008
Agenda Strategic rationale highlights A ready platform with significant upside Conclusions and outlook www.afren.com 3
Strategic rationale - Divider Slide highlights
Strategic rationale - highlights Acquisition of Devon Energys subsidiaries in Cte dIvoire - Devon Cte dIvoire Ltd, Devon Cte dIvoire One Corporation and Lion Gas Plant Ltd US205 mm consideration fully funded on attractive per 67%…
A ready platform with Divider Slide significant upside
Overview of assets Block CI-11 Devon WI: 47.9592% (Operator) 13km offshore in 45m 280m water depth Two producing fields: Lion (oil and gas) and Panthere (gas) - 3,000 boepd (entitlement) 2P reserves of 11.6 mmboe Block CI-01…
Block CI-11 History Block originally awarded to United Meridian Corporation (UMC) in 1992 Acquisition of UMC by Ocean Energy in 1998 and later merged with Devon in 2003 Discovery of the Lion and Panthere fields by Phillips in the…
Block CI11 - upside 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 on Lion Field Two closures in Foxtrot sand yet…
Block CI-01 History Awarded to UMC in December 1994 14 wells (exploration and appraisal) drilled to date by Esso and Agip 3 significant discoveries: Kudu (1964), Eland (1978) and Ibex (1985) Net 2P reserves of 16.7 mmboe Lion…
Lion gas plant Constructed by Ocean Energy in 1998 to extract high value NGLs from CI-11 gas Devon: 100% WI (Operated) Located in Vridi Maximum inlet volume of 75 mmcf/d Third party throughput added to process stream from Blocks…
Conclusion and outlook Divider Slide
Impact on Afren Strategic entry into Cte dIvoire Significant increase in oil and gas production and reserves Balanced deal structure - Oil and gas producing facility - Development opportunity - Operatorship of a fully…
Consistent and differentiated strategy Board and Management - strong African experience Partnerships With indigenous Solution companies & for gas governments African ownership www.afren.com 15
Thank Divideryou Slide
Appendix CI-11 PSC contract No royalty Cost recovery: costs recovered as incurred from 63% of total production Production bonus (paid) Production oil sharing Production range (bopd) Contracter share 0-10,000 40% 10,001 20,000…
Loading...
