29th Jun 2006 11:38
Afren PLC29 June 2006 AFREN PLC Annual General Meeting At Afren's Annual General Meeting held earlier today, Chairman Charles Jamiesonmade the following comments: "In its first full year as a listed company, Afren has made excellent progressin building a diversified and balanced portfolio of African assets. "Having listed with one asset, the Company today has a portfolio of ten assetsacross the Joint Development Zone of Nigeria Sao Tome and Principe, Nigeria,Gabon and Congo. "The recently announced strategic entry into Congo provides Afren with immediateproduction, high impact exploration potential on the La Noumbi licence with2,830 sq km of under-explored acreage and a share of the Mengo field with 2billion barrels in place. "The agreement announced on 1 June to develop the Okoro and Setu fields offshoreNigeria, with estimated recoverable reserves of 35 to 60 million barrels of oil,significantly upgrades our near term development portfolio. Together with thedevelopment of the Ogedeh field, the Company expects production of 15,000 to20,000 barrels of oil per day by 2008. Near term development drilling of theOgedeh and Okoro Fields in Nigeria is expected to begin later this year with arig contract already secured. "The discovery on the Obo-1 Well in Block 1 of the Nigeria Sao Tome andPrincipe Joint Development Zone is encouraging and we look forward to furtherappraisal drilling in this prolific exploration province. "Afren will continue to pursue its pan-African diversification strategy and usethis established base to develop the business into the premier Africanindependent." All the resolutions proposed at the Annual General Meeting were duly passed. 29 June 2006 Enquiries: Afren +44 20 7182 1800Brian O'Cathain boc@afren.comOsman Shahenshah os@afren.com Pelham Public Relations +44 20 7743 6673James Henderson james.henderson@pelhampr.comAlisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com Background information Afren Afren (www.afren.com) was founded in December 2004 by a management teamincluding Dr Rilwanu Lukman with the vision to become the leading pan Africanindependent Exploration and Production company. Since its listing on the AIMmarket of the London Stock Exchange, Afren has rapidly expanded its portfolioand the management team has delivered ten assets in the Joint Development Zoneof Nigeria Sao Tome and Principe, Nigeria, Gabon and Congo. Afren will continue to add to its diversified portfolio of production, near termdevelopment and high impact exploration with the overall objective of creatingsubstantial shareholder value. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AFR.L