Highlights Strong financial performance Normalised profit after tax of US54.5 million Cash at bank of US194.0 million (net debt US12.2 million) Production in line with expectations 17,841 bopd at Okoro (gross) 6,481 boepd in Cte…
Profit after tax 1H 2010 reconciliation 60 0.3 50 25.0 50.7 15.7 -23.5 84.6 -25.1 40 16.9 -4.7 30 20 10 US mm 0 -38.5 -10 -20 -30 -40 -50 1H 2009 Price Volume Cost of G&A Finance Taxes Hedging Other 1H 2010…
Sources and uses of funds Cash sources USmm - net cash from operating activities 500 US91.4 mm - net proceeds from borrowings 450 19.0 US19.0 mm 400 Cash uses 350 91.4 145.7 - Investing activities US145.7 mm 300 - debt…
Operational performance Sales revenue Sales revenue Sales revenue - US214.8 mm USmm US214.8 mm US155.2 mm 250 sales volumes of 3.6 mmboe realised oil price US77.8/bbl realised gas price US5.2/mcf 200 Gross profit - US97.0 mm field…
2010 capital expenditure Budget 2010 US430 mm 2010 capex budget focused on Ebok development in Nigeria 2009 US198 mm US146.0 mm capex YTD Work programme extended to include Ebok 8 well and four additional pilot holes on WFB…
Financial strategy and outlook Strong and growing cashflow from operations RBL facility on Ebok/Okwok/OML 115 Capital structure in place Continued debt amortisation to fund long term growth Headroom to grow (organic and…
Operations update 13 www.afren.com
A Pan African Portfolio Nigeria Asset Working Interest Local Partner Okoro Setu 50.0%3 Amni Black Marlin Asset Base Ofa 32.5% IEL OPL 310 70.0% Optimum Ethiopia OPL 907 41.0%4 GEC Asset Working Interest Partner OPL 917 42.0%4…
A balanced portfolio approach 9 high impact prospects in current firm drilling plan to end 2012 across multiple basins, play EXPLORATION types and geographies Keta Block (Ghana) OPL 310 (Nigeria) Further prospect maturation in all…
H1 2010 production 17,841 bopd gross production at Okoro Outlook boepd (average net WI production) 70,000 Okoro cost recovery achieved and have Okoro reverted to 50% share of existing CI-11 & NGLs production 60,000 Ebok 6,481…
Production operations update Production of 17,841 bopd - moving towards upper end of recovery estimates Okoro Exports via Ima terminal - average parcel size increased to 812,000 bbls in 2010 (from 169,000 bbls) - excellent…
Ebok drilling update Adriatic lX and GSF High island Vll under contract All Phase 1 production wells have been batch drilled to an intermediate depth - 6 x production wells and 1 x water injection well Currently batch drilling…
Ebok FSO update Conversion from tanker Prem Prachi to FSO Virini Prem - 267 metres in length - 174,917 tonnes - 1.2 million barrels storage capacity - sections of steel replaced in hull - heli-deck installed and accommodation for…
Ebok MOPU update Ongoing upgrade in the Gulf Copper Yard (Galveston, Texas) - steel work on legs, hull and mat to ABS class requirements - accommodation module refurbishment completed - process module fabrication completed…
Ebok extension of 2010 work programme Drilled as a water injection well with both an appraisal and exploration element Ebok-8 well Encountered 100 ft of additional gross oil pay in the LD-1E sand, full to base (not predicted…
Exploration and Appraisal operations update Okwok (Nigeria, appraisal) Spudded on 25 August with GSF High Island Vll jack up drilling rig Objective to define field size and development requirements D2 reservoir target Expected drill…
Acquisition of Black Marlin portfolio set in the East African rift systems Block 2,6,7,8 Block 10A Block 1 Gondwanaland Block A Block B Block C Block 1101 From Finding Hydrocarbons in East and West Indian Ocean by…
East Africa is relatively under-explored Low relative drilling coverage West Africa 14,600 wells Central and North Africa 19,000 wells East Africa 480 wells Working petroleum systems Despite the low levels of drilling and lack of…
Structural elements plate tectonic framework Ethiopia Blocks 2,6,7,8 Kenya Block 10a Kenya Block 1 Seychelles Blocks A,B & C Madagascar Block 1101 2010 Half-yearly results 25 www.afren.com
Activity summary new drilling using better data is beginning to deliver results East Africa : The key finds thus far SOMALIA Wingayongo: Oil seep Jurassic MOZAMBIQUE Mandura Basin oil seeps/shows Wingayongo 1 & 2 30m & 40m of tar sand…
Black Marlin portfolio highlights Kenya - Blocks 1 (50%), 10A (20%), L17/L18 (65%) Abundance of regional oil indicators (oil shows in previous wells and surface seeps) Under-explored acreage positions with large scale potential…
High impact exploration drilling programme Mean prospect size Country Block Interest Expected Spud date mmbbls OML 115 40%(**) 60 Q4 2010 Nigeria OPL 310 70% (*) 250 H1 2011 Ghana Keta 70% 325 H1 2011 L17/L18 65% 60 H2 2011…
Conclusions 29 www.afren.com
Conclusions Strategically Strong strategic position in Nigeria, Sub Saharan Africas largest reserves base positioned in sub- Saharan Africa Leverage on high profile exploration fairways (West African Transform Margin and East…
Appendix 31 www.afren.com
Strategy update delivery against a clear and consistent strategy Strategy Tactics and execution An established pan African independent E&P Production growth Optimise existing production Ebok/Okwok/OML 115 production hub NIGERIA &…
Access to unique growth opportunities Low entry costs Fastest reserve growth & significant upside potential US/2P bbl Proved oil reserve growth 1989 to 2009 12 Billion barrels 1989 2009 Growth (%) 10 Total North America 97.9 73.3…
Reserves Nigeria Cte d'Ivoire Nigeria So Tom & Prncipe Total Oil Gas Oil Gas Oil Gas Oil Gas mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboe COMMERCIAL 2P RESERVES At 31 December 2009 81.6 - 0.9 20.2 - - 82.5 20.2 86.0 Revisions…
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