Delivery against strategy Osman Shahenshah SHAREHOLDER VALUE 2012 Full Year Results Presentation Slide 5
Afren today - Leadership across three strong business units* Ranking by net Nigerian kboed (000) Ranking by net 2P/2C mmboe Ranking Company Ranking Company 1 Afren 1 Afren 2 SAPetro 2 Genel 3 ConOil 3 Crescent 4 Seven Energy 4…
A track record of significant growth 2P reserves Net interest working production 250 50,000 200 40,000 43,059 210 185 150 30,000 boepd mmboe 100 20,000 19,284 50 80 10,000 14,333 0 0 2010 2011 2012 2010 2011…
Ahead of the curve a strategy that creates value Materially accretive acquisitions Exploration Appraisal and Development Production Access early stage Early mover advantage High return projects Add value Proving up resources for…
2012 Finance review Darra Comyn SHAREHOLDER VALUE 2012 Full Year Results Presentation Slide 9
2012 full year results summary Record financial results USm 2012 2011 Change Revenue 1,498.8 596.7 +151% Operating profit 675.6 268.2 +156% Net profit1 203.4 125.4 +62% Normalised profit after tax 244.3 125.1 +94% Basic earnings…
Profit after tax US203.4 million profit after tax reconciliation 1,200 1,000 448.3 800 USm 600 955.0 7.6 15.7 18.7 294.8 400 80.7 200 203.4 125.4 11.2 0 End 2011 Price Volume Cost of sales G&A Finance…
Sources and uses of funds End 2012 cash balance of US524.8 million 1,800 1,600 405.6 190.3 1,400 1,093.7 156.6 1,200 1,000 545.1 USm 800 264.3 600 110.8 0.9 400 524.8 200 291.7 0 Cash and cash Operating…
Capital expenditure 2012 capex in line with guidance at US523 million; 2013 capex approximately US620 million FY 2012 capex spend* FY 2013E capex spend* US523 million US620 million 12% 20% 61% 25% 63% 17%…
Financial flexibility A robust and flexible capital structure End 2012 Afren net debt USm Coupon Significantly cash generative portfolio 2016 senior secured notes 500 11.5% 2019 senior secured notes 300 10.25% Ebok RBL 186…
Financing the business Balancing our capital allocation Portfolio optimisation Monetisation options High Impact Exploration (net prospective resources 7,127 mmboe) Active Portfolio Management Value Acquisitions Appraisal…
Organic reserves growth Iain Wright SHAREHOLDER SHAREHOLDER VALUE VALUE 2012 Full Year Results Presentation Slide 17
Material exploration portfolio An attractive portfolio located in highly prospective basins Gross prospective Net prospective Low risk, quick to monetise Country resources resources Proven play concepts, significant upside (Pmean…
Excellent exploration success in 2012 E&A success ratio of 88% achieved Low risk, quick to monetise Okoro Field Extension Ebok North Fault Simrit-2 discovery Block discovery discovery Gross 2P reserves Gross 2P reserves…
Ebok/Okwok/OML 115 area Significant remaining upside potential Low risk, quick to monetise 517 mmbbls gross unrisked Okwok 2C 51.8* resource potential Large scale resource upside Ebok 2P 116.1 Only 22% of total area resource…
OML 115 Several prospects and leads have already been identified at the upper levels Low risk, quick to monetise Recent high quality oil discoveries near Ufon complex Etisong N-1 (2011) Three reservoirs found. Tested…
Ain Sifni Simrit discovery World class acreage located within a prolific and proven oil trend Low risk, quick to monetise Shaikan-1 Shaikan-2 Shaikan-3 Simrit-2 exploration well Simrit-2 Simrit-3 Simrit-1 AIN SIFNI PSC Drilled…
Afren East Africa Exploration Significant upgrade to prospectivity and high equity positions Kenya Blocks L17 & L18 1,207 km 2D Blocks 10A (20%) 794 km 2D Block 1 (80% & Vintage 2D (100% & operator) marine seismic seismic operator)…
Kenya Block 10A Oil shows throughout the Cretaceous provide evidence of a working petroleum system Frontier area, play opening potential Paipai Paipai-1 well drilled to 13,959 ft with light hydrocarbon shows encountered Well…
Ethiopia Blocks 7 and 8 (Ogaden Basin) Frontier area, play opening potential N-S seismic line through El Kuran area El Kuran-1 well with gas shows in Adigrat and oil shows in Hamanlei Expected exploration drilling 1H 2013 South…
Tanga block, Tanzania A unique opportunity to explore a high potential oil prone basin Frontier area, play opening potential Southerly extension of same coastal and deeper water plays as at Kenya Blocks L17 & L18 Unique…
Madagascar Block 1101 Frontier area, play opening Block 1101 (90%) potential Sterling EXXON Antsiranana Deep Water Port EXXON Ambilobe EXXON Afren EAX Block 1101 AGIP 1970/71 Possible Deep Bemolanga oil sands 1-3 tcf gas…
Madagascar and the Seychelles Rift Play: Karoo 3D seismic successfully completed over Bonit Lead Bonit Lead Frontier area, play opening potential 3.0 TWT (Seconds) Calub 4.0 Tarbaj Hill Seychelles la 5km cu…
2013 E&A work programme West Africa and the Kurdistan region of Iraq 2013 ASSET W.I. COUNTRY ACTIVITY Q1 Q2 Q3 Q4 Ain Sifni 20% Kurdistan region of Iraq Exploration drilling OPL 310 70% Nigeria Exploration drilling OML 115 100% /…
Production growth Iain Wright & Adebayo Ayorinde SHAREHOLDER VALUE 2012 Full Year Results Presentation Slide 30
265% reserves replacement ratio in 2012 250 Net to Afren (mmboe) 2011 2012 2P Nigeria 69 94 200 Cote dIvoire 2 2 Net 2P reserves mmboe Kurdistan 114 114 150 Total 2P 185 210 Total 2C 810 810 100 TOTAL 2P&2C 995 1,020…
Production Record production in 2012 Map of 2012 production and development activities Group net working interest production 50,000 Barda Rash 40,000 CI-11 & LGP Production initiated at BR-1 well boepd Ongoing management…
Okoro highlighting repeatability of the strategy Optimising production, maximising recovery and adding significant reserves Discovery of 52 mmbbls (2P) is 206% of the original Okoro discovery Original discovery of 25 mmbbls (2P),…
Ebok field development a growth engine Initial development phases complete Well performance and rates in line with prognosis Production processing systems and crude offtake operations running smoothly Current production c.…
Ebok North Fault Block discovery Low risk, amplitude supported exploration success SW NE Gross 2P reserves addition of 25 mmbbls RRR of 114% Appraisal cost/bbl of US1.3 Incrementally high return project Early production…
Okwok field development Successful appraisal of all reservoirs across three separate fault blocks FDP submission to follow OKW-10 OKW-11ST Cored Interval FB2 FB1 95 Net Oil Pay 72 Net Oil Pay FB3 OKW-10ST Management…
A major production hub offshore south east Nigeria Planned new infrastructure at Ebok CFB and Okwok 2012 Full Year Results Presentation Slide 37
Onshore Nigeria - OML 26 Large scale production and development opportunity Gross production restricted to 6,010 bopd in 2012 due to 962 mmboe total gross reserves and resources maintenance and repair work on the Forcados…
Afrens presence in the Kurdistan region of Iraq Surface expression of large scale anticline structures Ain Sifni and Barda Rash lie in a prolific and proven oil trend Shaikan field ExxonMobil and Chevron have acquired adjacent…
Barda Rash field development Production operations commenced Flow testing commenced at the BR-1 well on 7 July 2012 Romfor 23 rig on location Rates in excess of 6,000 bopd of 28 to 32 API oil - Mus and Upper Adaiyah reservoirs in…
Commercialising production at Barda Rash Export infrastructure development is starting to happen Export pipeline plans have been clarified Botas refurbishing second leg of ITC pipeline in anticipation of ramp up in Kurdistan region…
Delivery against strategy Osman Shahenshah SHAREHOLDER VALUE 2012 Full Year Results Presentation Slide 42
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