23rd Oct 2007 07:02
Afren PLC23 October 2007 Afren plc (AIM: AFR) CONFERENCE PRESENTATION London, 23 October 2007 - Afren plc ("Afren" or "the Company") announces thatOsman Shahenshah, Chief Executive, will be presenting at the Canaccord AdamsGlobal Energy Conference in Miami, USA on Wednesday 24th October 2007 atapproximately 2:00 p.m. British Summer Time / 9:00 a.m. Eastern Time. Investors are invited to listen to the live webcast via the following link: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2020260 The presentation slides will be available on Afren's website at www.afren.com. 23 October 2007 Enquiries: Pelham Public Relations +44 20 7743 6673James HendersonAlisdair Haythornthwaite Background information Afren Plc Afren (www.afren.com) was founded in December 2004 by a management teamincluding Dr Rilwanu Lukman, (Chairman), Osman Shahenshah, (Chief Executive) andBert Cooper (Advisor to the Board), with the vision to become the premier panAfrican independent Exploration and Production company. Afren's Chief OperatingOfficer is Evert Jan Mulder, who was most recently Chief Operating Officer ofAddax Petroleum, Nigeria's largest independent oil producer. Since its listing on the AIM market of the London Stock Exchange, Afren hasrapidly expanded its portfolio and the management team has delivered 11 assetsin the Joint Development Zone of Nigeria-Sao Tome and Principe, Nigeria,Gabon, Angola and Congo Brazzaville. In addition, Afren has built an executiveand non-executive management and advisory team with broad and extensiveexperience in the industry, both in West Africa and internationally; inidentifying and completing corporate expansion opportunities and in publiccompany financing. Afren also looks to leverage key relationships across theregion to gain preferential access to opportunities. Afren will continue to add to its diversified portfolio of near term developmentand high impact exploration, with the overall objective of creating substantialshareholder value. Current portfolio Nigeria Afren is partnered with indigenous companies on all four assets in Nigeria.This is consistent with the strategy and commitment of partnering withindigenous companies to target low cost development options that yield near-termproduction. • Okoro Setu development - Two appraisal wells were successfully drilledin Q4 2006 by Afren, the Technical Service Provider. A nine-month rig contractis in place for the Adriatic VI, with development drilling due to commence in Q42007. An FPSO has been secured, reserves certified by Netherland, Sewell andAssociates (2P of 32 mmbbl) and the Field Development Plan has been approved bythe Department of Petroleum Resources in Nigeria. First oil is targeted inearly 2008 and on track for 15 to 20,000 bopd of oil achieved by mid 2008. • Ofa development - Discovered by Shell in 1970. Afren and its partnerIndependent Energy Limited recently successfully completed testing operations onthe original Ofa-1 discovery well and are currently analysing the results. • Ogedeh development - Existing discovery made by Chevron in 1993 in anarea lying close to existing infrastructure. Various development options arecurrently under review. • Eremor development - Initially discovered by Shell in 1978. Phase Iof the approved Field Development Plan is to re-enter and complete Eremor-1. Angola Cabinda Block B Heads of agreement have been signed for a 5 per cent. interest in Block B, ahigh quality exploration license containing existing discoveries (32 wellspreviously drilled without Seismic (4 wells testing light oil and 7 wells withoil shows). A 2D seismic programme is planned, followed by a 5-well explorationprogramme from 2008 onwards once Force Majeure is lifted. Congo The La Noumbi field (Afren: 14% interest) lies adjacent to the M'Boundi fieldand contains a number of high impact exploration opportunities. Gabon Afren has interests in Themis and Iris Marin (12.86%) and the Ibekelia StudyArea (20%), which offer low cost exploration upside. The Admiral prospect inThemis Marin is due to be drilled in H2 2007. Nigeria - Sao Tome Joint Development Zone Afren's 4.41% interest in Block 1 of the JDZ offers exposure to a world classexploration acreage and in March 2006 Chevron made the Obo-1 discovery whichcontained 150 feet of net pay and proved a working hydrocarbon system in theJDZ. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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