Afren plc Introduction Osman Shahenshah www.afren.com 2011 Half-yearly Results
Our strategy Delivery of sustainable long term growth Growing production Target material 2P/2C additions profile underpinning the (in line with historical acquisition business…
Operational, strategic and financial progress In position to deliver the next phase of growth Company well positioned with major asset base in high potential basins Reservoir performance on Ebok and Okoro at upper end of…
Operational performance 1H 2011 reconciliation Sales revenue - US161 mm sales volumes of 1.8 mmboe Sales revenue realised oil price US110.4/bbl US214.8 mm realised gas price US8.0/mcf Sales revenue US161 mm Gross profit -…
Capital expenditure 1H and full year 2011 0 200 400 600 2011 capex budget focused on core assets Budget 2011 US550 mm in Nigeria Prioritised additional development of D1 reservoir at Ebok; acquiring ocean bottom cable 3D seismic…
Debt and liquidity Financial flexibility for further acquisitions / growth Facility amounts End 2011 Comments outstanding USmm Majority of debt due in 2016 Bond 500 Due 2016, coupon 11.5% Ebok RBL 272 Repayments commence 2012;…
Finance strategy and objectives A sustainable financial platform for long term growth Operational cashflows Diversified capital sources Financial discipline Okoro field Bond market Operating controls Ebok field ramp up Ebok RBL…
H1 2011 production 13,000 boepd net working interest production during the period Full year average net production 25,000 boepd 2011 exit rate 50,000 boepd net H1 2012 net production of 50,000 boepd to 60,000 boepd H1 2011…
An attractive pipeline of production and development opportunities Major production and development projects set to drive reserves and production growth Net 2P & 2C recoverable reserves: 1,026 mmboe* Okwok: 29 Okoro: 11 Accelerate 2P…
Near term 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 submission 300 250…
Building the team recent technical hires We have the right people to ensure project delivery Ron Parenti Ravi Sharma Corporate Drilling Manager Director of Production and Development Wealth of international drilling management Over…
Ebok field development a growth engine A phased development approach; ramping up production Outstanding reservoir characteristics - well deliverability at upper end of expectations Phase 1 water injection commissioned and…
Ebok field building a Nigerian production hub Innovative development solution central production and storage infrastructure in place NIGERIA Ebok Field FSO, MOPU and Phase 1 WHP West Fault Block development drilling (MOPU in…
Okoro field a stable platform of production Optimising production and maximising recovery Two infill wells bought onstream Q1 2011 De-bottlenecking work on FPSO Gross production of 18,000 to 19,000 bopd Near field exploration…
Barda Rash Progressive delivery of volume growth; aim to push recovery factor higher and higher Shaikan-3 Shaikan-1 Shaikan-2 Discovered in 2009; three wells drilled, all found oil JS-1 - Oil proved in Jurassic and Cretaceous AIN…
Barda Rash a large scale early production opportunity Progressive delivery of volume growth; five year line of sight on 75,000 bopd net Tawke field export 1,470 mmbbls total gross recoverable resources* pipeline entry point Phase 1…
OML 26 a substantial portfolio onshore Nigeria Building up a new production base; low risk appraisal and exploration upside Large scale re-development opportunity (Ogini and Isoko) Existing infrastructure in place and in good…
Exploring high potential fairways A balanced portfolio Ghana: 494 Nigeria: 530 Low risk, quick to monetise opportunities Proven play concepts, significant upside Kurdistan: 183 JDZ: 15 Frontier area, major play opening potential…
Ain Sifni Low risk / high volume exploration opportunity Shaikan-1 Shaikan-3 Shaikan-2 Block lies on proven and prolific oil trend - 959 mmbbls gross resources AIN SIFNI PSC JS-1 - Resource estimate constrained by…
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 further…
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…
OPL 310 - Nigeria Farm down process underway, high grade prospectivity identified Farm out process at advanced stage New electromagnetic data integrated with seismic Good definition on prospects and leads Aim to commence…
Afren East Africa exploration Exploring east Africas rift systems activity summary Ethiopia Assets Blocks 2,6,7,8 30% Exploration now focused on Blocks 7 & 8; application made to relinquish Blocks 2 & 6. Ethiopia Kenya 2 6 Assets…
Exploring the Kenya Tanzania coastal high Play opening opportunities at L17/L18 and Tanga Block Coastal Subsiding Fault Blocks Play Fairway Play Summary Trap: Regional NNW -SSE trending faults affect the entire sedimentary…
Exploring the Kenya Tanzania coastal high Play opening opportunities at L17/L18 and Tanga Block Exploration drilling planned for 2012 testing the costal area play offshore Exploration well on each of L17/L18 and Tanga Target…
2011 Summary work programme Exploration and appraisal upside potential Working Gross un-risked P50 Asset Country Well Type Timing Interest resources mmboe Ebok North Fault Block Nigeria 100%/50%* Exploration 35 H2 2011 Ain Sifni…
Operational, strategic and financial progress In position to deliver the next phase of growth Company well positioned with major asset base in high potential basins Reservoir performance on Ebok and Okoro at upper end of…
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