E&P AND OILS SERVICES CONFERENCE 30th November 2011 www.afren.com
31 assets in 12 countries Fast growth via acquisition and development NIGERIA Working Operated Asset Interest Partner by Afren KURDISTAN REGION OF IRAQ Okoro Setu 50.0%2 Amni Asset Equity Interest Partner Operated by Afren Ofa…
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: 3,515 mmboe East Africa Kurdistan…
Our strategy Designed for sustainable long term growth 1 Growing production Target material 2P/2C additions 2 profile underpinning the (in line with historical acquisition business…
1 Pursue materially accretive acquisitions Continuing to deliver low cost barrels Focus on areas where Afren is strategically advantaged Low entry costs US/bbl 10.0 Proved working hydrocarbon systems 9.0 8.0 7.0 6.0 Majors…
2 Significant production growth A significant 2P and 2C reserves base Okoro Net 2P & 2C recoverable reserves: 1,026 mmboe* First Oil achieved in 2008 Current production 18,000 bopd Okwok: 29 Okoro: 11 Ain Sifni: 8 Ebok Ebok: 67…
2 Significant production growth The Okoro field - a successful technical and commercial precedent Located in OML 112 Partnered with Amni, an established indigenous oil and gas company Afrens maiden Green field development…
2 Significant production growth Okoro field a 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 Current Agreement signed with partner AMNI Rig secured for development drilling Appraisal…
2 Significant production growth Okoro field optimising production and maximising recovery; moving towards the 3P recovery case Actual field performance vs 2009 reservoir model 40 2.0 36 1.8 32 1.6 Field Oil Rate, STB/D…
2 Significant production growth Ebok - Afrens second greenfield development offshore south east Nigeria The Ebok/Okwok/OML 115 area is located in a prolific oil producing part of the Niger Delta, offshore south east Nigeria…
2 Significant production growth Ebok field near term production ramp up Local Partner: Oriental Energy Resources Nigeria Appraisal campaign more than quadrupled gross 2P reserves to 100 mmbbls (NSAI) Successful partnership…
2 Significant production growth Phase 1 production and D1 development drilling Slide 13 E&P and Oils Services Conference
2 Significant production growth Phase 2 development drilling Slide 14 E&P and Oils Services Conference
2 Significant production growth Simultaneous operations at the Ebok field Slide 15 E&P and Oils Services Conference
2 Significant production growth Ebok/Okwok/OML 115 area a new production hub 508 mmbbls gross unrisked Ebok 2P resource potential 106.5 Large scale resource upside Okwok Contingent Only 21% of total area resource 51.8…
2 Significant production growth OML 26 large scale production and development opportunity Isoko Field 56km Ogini Field 63km East of Warri East of Warri Onshore Nigeria, Delta State 2 developed fields (Ogini and Isoko) OZORO…
2 Significant production growth OML 26 large scale production and development opportunity Acquisition of 45% interest through First Hydrocarbon 940 mmboe total gross reserves and resources Nigeria (Afren a 45% shareholder) Currently…
2 Significant production growth Transferring a core production and development skill set developed in Nigeria Leverage strong development track record Early mover advantage Kurdistan region of Iraq Fast track, early production…
2 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 Slide 20 E&P and Oils Services…
2 Significant production growth Strategic entry into Kurdistan region of Iraq - a large scale discovered, but undeveloped resource base Barda Rash PSC 60% operated working interest Independently certified gross 2C STOIIP 14,174…
2 Significant production growth A clear forward plan to develop Barda Rash Tawke field export pipeline entry point 1,470 mmbbls total gross recoverable resources* Phase 1 Phase 2 Light Oil: 3% Khurmala export Light Oil: 1%…
3 Organic reserves growth conversion of 2C to 2P Portfolio could deliver in excess of 350 mmbbl net 2P reserves over the near term Net mmbbls 400 Contingency: FDP submission Contingency: 350 Completion Contingency: FDP…
3 Organic reserves growth through exploration An active campaign across several high prospective basins Ghana: 494 Nigeria: 530 Low risk, quick to monetise opportunities Proven play concepts, significant upside Kurdistan: 183 JDZ:…
3 Okoro East prospect Pursuing low risk / high reward near field exploration upside NNW SSE NNW Defined on good quality 3D Similar structural setting Appraisal drilling Q1 2012 Qua-iboe Similar resource potential to Basal…
3 Ebok/Okwok/OML 115 area Exploration and appraisal drilling plans low risk, amplitude supported upside potential Seismic survey Ocean bottom cable, four component 3D seismic survey across whole area Advanced technology to…
3 Keta block - Ghana Focused exploration in a high potential basin ENI farmed in for a 35% working interest; Afren retains a 35% working interest - Full carry through exploration well Large scale prospectivity identified - 1,412…
3 OPL 310 - Nigeria Farm down process underway, high grade prospectivity identified o Farm out process at advanced stage o New electromagnetic data integrated with seismic o Good definition on prospects and leads o Aim to…
3 Afren East Africa exploration Exploring east Africas rift systems activity summary Ethiopia Assets Blocks 2,6,7,8 30% Forward exploration focused on Blocks 7 & 8 Ethiopia Kenya 2 6 Assets Blocks 1, 10A, L17/L18 50%, 20%,…
3 Exploring the Kenya Tanzania coastal high Play opening opportunities at L17/L18 and Tanga Block o Exploration drilling planned for 2012 testing the costal area play offshore Exploration well on each of L17/L18 and Tanga o Target…
4 Conservative capital structure The financial flexibility to support growth US223 million cash at bank end Q3 2011 Q1 2011 bond issue opens up new sources of capital US185 million equity placement and up to US200 million credit…
Afren plc Conclusions www.afren.com E&P and Oils Services Conference www.afren.com
Group production update WFB Commission +2d +3d The majority of events +3d out of Afrens control +4d +10d +17d +7d +92d +7d +3d +80d +1d +14d +21d 30/08/2011 Tiger Shark in Hydrodive Bourbon…
Group production update 2011 Afren net exit rate 60.0 Nov 15 3.5 50.0 3.0 kboepd Afren Net Entitlement 7.0 17.5 40.0 4.0 7.0 30.0 50.5 21.5 20.0 14.5 2.5 2.5 26.0 10.0 9.0 9.0 0.0 Slide 34 E&P and Oils…
2011 Summary work programme Exploration and appraisal upside potential Gross un-risked Working Asset Country Well Type P50 resources Timing Interest mmboe Ain Sifni (up to 3 wells) Kurdistan region of Iraq 20% Exploration 917…
Conclusions Well positioned for further growth In just over six years the Afren management team has acquired a portfolio of 31 assets in 12 countries. Strategically: - One of the first successful independents in Nigeria working in…
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