Our strategy Designed for sustainable long term growth Target material 2P/2C Growing production additions (in line with profile underpinning historical acquisition the business…
Afren today Our strategy is delivering results Achieving reserves, production and value growth through: Focus on areas where Afren is competitively and strategically advantaged Identification, access and monetisation of…
1 Our differentiated approach is working Continuing to deliver low cost barrels Focus on areas where Afren is Strategically advantaged Low entry costs US/2P bbl Proved working hydrocarbon systems 12 10 Majors rationalisation /…
1 New growth and consolidation Active business development pipeline capable of delivering mega growth MENA region P A C West Africa Transform Margin E East Africa Nigeria E P A Area of opportunity P Production and…
1 Scaling up potential to transform the business Visibility on a substantially increased reserves base by end 2011 400 350 300 Net 2P + 2C mmboe 250 200 150 100 50 0 End 2007 End 2008 End 2009 End 2010…
2 Ebok production hub A phased development ramping up production Slide 8 Investor Presentation
2 Ebok production hub Forward development work Phase 1 - Central Fault Blocks D2 reservoir performance and production deliverability at upper end of expectations Non reservoir related facilities downtime impacted H1 average…
2 Okoro field Optimising production and maximising recovery 2010 gross production in line with expectations at 16,100 bopd Two infill wells drilled Okoro-12 - Horizontal section completed over 1,511 ft of good quality reservoir…
2 Significant portfolio acquired onshore Nigeria Large scale production and development opportunity at OML 26 45% interest through First Hydrocarbon Nigeria 940 mmboe total gross reserves and resources (Afren a 45% shareholder)…
3 Exploring high potential fairways An active campaign across the full cycle E&P value chain Extensive portfolio balanced across risk/geology/geography Portfolio management Multi well exploration and appraisal drilling…
3 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…
3 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…
3 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;…
3 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…
3 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…
3 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,…
3 Ebok/Okwok/OML 115 area Progressive de-risking of a substantial resource base 508 mmbbls gross unrisked resource potential Ebok 2P 106.2 Large scale resource upside Only 21% of total area resource potential reflected in 2P…
3 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 H2 2011 OML…
3 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…
4 Strength of capital structure The financial flexibility to support growth US333 million cash at bank end Q1 2011 Q1 2011 bond issue opens up new sources of capital Cash generative portfolio cash flow in excess of forward…
Conclusions Well placed for further growth Increasing scale Strong production outlook Appropriate capital structure in place Forward work programme funded from internal cashflow Active E&A drilling programme targeting 630…
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