Our strategy Designed for sustainable long term growth Target material 2P/2C Growing production additions (in line with profile underpinning historical acquisition the business…
Post Acquisition - a leading London listed upstream independent E&P Afren now ranked 3rd in UK main board peer group by last reported net 2P + 2C reserves 1,600 1,026 mmboe net 2P & 2C recoverable reserves 1,400 Acquisition Afren…
Acquisition strategic rationale Afren is now well positioned in two of the worlds most prolific and productive oil plays Proved reserves by region end 2010 (billion bbls) 300 250 200 150 100 50 0 2010 oil…
Barda Rash and Ain Sifni Prime acreage; two contiguous PSCs with discovered but undeveloped fields Barda Rash PSC 60% operated working interest Independently certified gross 2C STOIIP 14,174 mmbbls (8,504 mmbbls net) Gross 2C…
Transaction highlights Continuing to deliver low cost barrels; line of sight on 75,000 bopd from Barda Rash alone Low acquisition cost Acquisition cost US588.25 million US/bbl 10.0 9.0 - Including back costs of US81.0 million and…
Greater Afren A balanced and diversified portfolio in place to deliver long term growth West African Transform Margin Kurdistan Well positioned on Upper Multi billion barrel opportunity set Cretaceous fairway Development upside; net…
Afren plc The Kurdistan region of Iraq www.afren.com Discussion materials
A compelling proposition One of the few remaining prolific yet immature hydrocarbon regions Prolific, but relatively simple, geology - Large scale anticlinal structures identifiable at surface - Exploration success rate 70% - 5…
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 13 Discussion materials
Upstream overview Drilling results are confirming potential; oil reserves and production are increasing Kurdistan region of Iraq awarded its first PSCs in 2003 - 36 awards made in total so far World class exploration success rate…
Upstream overview Existing oil export infrastructure and sales arrangements Tawke field export Established oil export routes to Ceyhan, Turkey pipeline entry point - Existing pipeline capacity of 1.6 mmbbl/day Khurmala export -…
Upstream overview Prevailing production sharing contract terms Typical revenue distribution per Companies operate under PSCs produced barrel* Royalty: 10% of gross revenues Cost oil: typically 40% of post royalty revenues Profit…
Regionally experienced team We have the right people to ensure project delivery Shahid Ullah, Chief Operating Officer Iain Wright, Group Technical Director Held senior management positions at Randall & Dewey Extensive international…
Barda Rash An early production opportunity to deliver transformational long term value 55 km north west of Erbil Shaikan-1 Shaikan-2 Shaikan-3 Surface area 265 km2 JS-1 AIN SIFNI PSC JEBEL SIMRIT Barda Rash field discovered in…
Drilling results so far Three out of three wells have successfully found oil BR-1 well S N Successful drilling results BR-1 discovery well Spudded in April 2009 Drilled to 3,300 m depth Oil encountered from Cretaceous to Jurassic…
Barda Rash Extended well test facilities Wellhead BR-1 Test separator Slide 21 Discussion materials
A clear forward plan to develop Barda Rash Progressive delivery of volume growth; aim to push recovery factor higher and higher Expected work programme a phased development strategy 1,470 mmboe total gross recoverable resources* 1% 3%…
Afren plc Ain Sifni www.afren.com Discussion materials
Ain Sifni Overview and exploration history 70 km north west of Erbil Shaikan-1 Shaikan-3 Shaikan-2 Surface area 607 km2 JS-1 AIN SIFNI PSC Jebel Simrit structure tested in 2010 with JS-1 well JEBEL SIMRIT FIELD - Drilled on…
Forward work programme to test upside and progress development Low risk opportunity to efficiently deliver large volume growth Exploration and appraisal highlights Well planned in 2011 to appraise and production test the Jebel…
Ain-Sifni Block, Kurdistan Ain Sifni Shaikhan - Jebel Simrit Betnaar Structures Located within a prolific and proven oil trend B Jebel Simrit-1 well Betnaar Data from Hunt Oil Middle East; interpretation from PetroTel Slide…
Ain Sifni Low risk and large scale appraisal and exploration upside B N Jebel Simrit East Simrit NE A B 0 5 Km Data from Hunt Oil Middle East; interpretation from PetroTel Slide 27 Discussion materials
Debt and liquidity (including Kurdistan region of Iraq) Financial flexibility for further acquisitions / growth End End USmm 2011 2012 Comments Facility amounts outstanding Bond 500 500 Due 2016, coupon 11.5% Ebok RBL 272 188…
Conclusions Afren a leading London listed independent upstream E&P Continuing to deliver low cost barrels Five year line of sight on net production of 75,000 bopd from Barda Rash alone Long term value growth opportunity (reserves…
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