13 January 2014 Afren plc A material exploration opportunity set Macquarie Oil & Gas Explorers Conference
Afrens unique approach African founding team, significant regional expertise Identify the opportunity early Gain access via unparalleled relationships Manage the above ground risks Accretive acquisitions exploration uplift…
Afrens value drivers A repeatable strategy Today Market Cap 2.8 bn Asset Early access in hot value industry postcodes East upside Africa, Kurdistan, Nigeria Significant resource Growing potential in hydrocarbon…
From Pioneer to African Champion 2005 2014 Market Value US 50mm Market Value US 2,855mm 2P reserves 0 2P reserves 269 mmboe 2C resources 0 2C resources 932 mmboe Prospective resources 64 mmboe Prospective resources 7,487…
One of the first to recognise the Nigerian opportunity... Licence interests Nigerian proved undeveloped fields (No. of blocks) original reserve size distribution Major IOC 35% 60 Oil Gas International NOC 5% Over 100 fields in…
the East African opportunity Acquired in 2010 ETHIOPIA 10 Assets, 5 Countries 6,058 mmboe prospective resources KENYA All licences lie in basins with evidence of a working TANZANIA petroleum system SEYCHELLES Aggressive…
...and early entrant into Kurdistan Leveraging the Nigerian development track record Acquisition in 2011 early mover advantage Development Kurdistan Assets under developed/overlooked/ track record region of Iraq misunderstood/out…
Proven technical credentials as a fast track operator Development lead times offshore Two of the quickest independent developments Nigeria with an FPSO/FSO to date in Nigeria 8 Okoro Ebok 7 Development lead time 2.5 years 3…
Accretive acquisitions in hydrocarbon prone regions 30.0 Focus on financial Total entry and appraisal cost per bbl Consensus PV per bbl(1) discipline 25.4 25.0 Highly efficient use of 22.0 capital 20.0 Demonstrable value…
An established and growing production base Strong and growing production base Group net working interest production 50,000 Barda Rash Production start up Ongoing development 40,000 OML 26 (FHN) 12 producing wells Drilling of…
funding a material exploration portfolio Gross prospective Net prospective Low risk, quick to monetise Country resources resources (Pmean mmboe) Proven play concepts, significant upside (Pmean mmboe) Frontier area, major play…
Establishing our exploration credentials Three significant new discoveries prior to Ogo STOIIP 157329 mmbbls* R/f 3040%* Okoro East discovery Tested 38o API First Oil achieved nine months from discovery Discovery of 52 mmbbls…
Ogo one of the largest global discoveries in 2013 Dahomey Basin, eastern edge of West African transform margin, western Nigeria 2008 acquired 70% interest with local Partner Optimum Petroleum Development Company 2011 data…
Ogo play types Synrift: Organicrich lacustrine shales Postrift traps: Structural, formed by the drape of Cretaceous reservoirs over uplifted basement fault blocks Predrill evaluation identified several prospects in…
Ogo drilling objectives First prospect Fourway dipclosed structure in the Turonian to Albian sandstone reservoirs Target was 78 mmboe of gross P50 prospective resources Sidetrack New stratigraphically trapped sediment…
Ogo drilling results significantly above expectations Gross recoverable resources P50 at 774mmboe P10 at 1,180 mmboe Additional upside potential expected in the synrift play Latest PVT analysis confirms excellent reservoir fluid…
Significant remaining exploration potential on our doorstep Onshore Offshore 962 mmboe total gross reserves and resources 517 mmbls gross unrisked resource potential 1%* 20%* 116.1 15% 205.5 117.7 64% 26.3…
Afren today: a track record of significant growth Net 2P reserves Net working interest production 48,574 270 mmboe 300 250 270 48,574 boepd 50,000 44,549 43,0 210 40,000 59 200 185 30,000 mmboe boepd 150 19,442…
with a portfolio of significant scale KURDISTAN REGION OF IRAQ NIGERIA Working Working Operated Asset Partner Operated By Asset Partner By Afren Interest Afren Interest Okoro Setu 50%1 Amni TSP6 Barda Rash 60% KRG, Komet Ebok…
and yet only 19% of total discovered 2P/2C barrels are in production or under development Reserves life of 58 years 12% FDP Pending/Undeveloped 2C 81% 1,200 19% 81% Under Development 2P mmboe Development 7% Macquarie…
with leadership across three strong business units* 1 RANKING Net independent Nigerian kboepd* IRAQ 1 RANKING Net Kurdistan 2P/2C mmboe* ETHIOPIA 3 RANKING GHANA COTE NIGERIA DIVOIRE KENYA Gross East African…
and selffunded organic growth to drive the shift from MidCap to SuperIndependent NAV USmm 16,000 NEAR TERM 14,000 EXPLORATION 12,000 CAMPAIGN Ogo 10,000 Discovery 8,000 6,000 4,000 2,000 0 Nigeria…
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