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Directorate Change

18th Dec 2008 10:00

RNS Number : 3780K

Afren PLC

18 December 2008

Afren plc (AFR LN)

Afren announces that Dr Rilwanu Lukman has been appointed as Nigeria's Minister of Petroleum Resources

London, 18 December 2008 - Afren plc ("Afren" or the “Company”) announces that Dr Rilwanu Lukman, has been appointed as Nigeria’s Minister of Petroleum Resources.

Following Dr Lukman’s appointment as Nigeria’s Minister of Petroleum Resources, he has stepped down from the Afren Board of Directors. Egbert Imomoh, a co-founder and Director of Afren, has been appointed as Chairman of Afren. Mr Imomoh moves from his role as Managing Director and Executive Chairman Afren Nigeria, which he has held since it was established in May 2005. During this time he has successfully led the growth of the Company’s Nigerian asset base, which now includes eight assets, has established six partnerships with indigenous companies and realized the First Oil milestone at the Company’s Okoro Setu Project.

Prior to establishing Afren’s Nigerian subsidiary, Mr Imomoh served as Deputy Managing Director of Shell Petroleum Development Company (Nigeria), one of the Shell Group's largest operating companies, which is responsible for operating the joint venture that produced approximately 1 million barrels of oil per day. He is also a member of the Society of Petroleum Engineers (“SPE”) and has served on the SPE board as regional Director for Africa.

Dr Lukman’s share options have lapsed and he has relinquished all rights under the Founders Investment and Warrants scheme. Dr Lukman has been awarded a bonus of 650,000 shares, which together with his existing shareholding in the Company, will be held in blind trust.

Dr Rilwanu Lukman, KBE, Legion d'honneur, commented:

"Afren has achieved tremendous growth since 2005 and I am delighted that Afren is well on its way to achieving its vision as Africa's premier independent oil and gas company. Afren today has an established team of over 180 professionals supporting a portfolio of 15 assets in Nigeria, Côte d'Ivoire, Ghana, The Republic of Congo, Gabon and the Nigeria - São Tóme & Príncipe Joint Development Zone, with current production of circa 23,000 barrels of oil equivalent per day.

Afren is therefore currently in excellent shape and through its unique positioning with indigenous oil and gas companies and National Oil Companies, together with its strong financial position, is very well placed to continue this superlative growth demonstrated to date."

Egbert Imomoh, MD and Executive Chairman of Afren Energy Resources and newly appointed Chairman of Afren commented:

"Dr Lukman has led Afren with dedication and distinction since its inception. I am committed to building on this solid foundation and leverage Afren's track record, relationships in the region and established technical and operating base to continue the company's forward growth."

Osman Shahenshah, Chief Executive of Afren, commented:

"It has been an honour to work so closely with Dr Lukman over the past few years. Dr Lukman set the foundation for realising the Company's vision and Afren will continue the rapid growth of its organic and inorganic reserves and production base throughout Africa.

We wish Dr Lukman well as he implements the new Nigerian oil and gas policy."

Enquiries:

Afren plc +44 20 7451 9700

Osman Shahenshah Chief Executive

Galib Virani Investor Relations

Jefferies +44 20 7029 8000

Jack Pryde

Merrill Lynch +44 20 7996 1000

Andrew Osborne

Morgan Stanley +44 20 7425 8000

Jon Bathard-Smith

Pelham Public Relations +44 20 7743 6676

James Henderson

Background information

Afren plc

Afren plc (www.afren.com) was founded in 2004 with the vision to become the premier pan-African independent exploration and production Company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas reserves in the Gulf of Guinea. Since the Company's listing on the AIM market in 2005, Afren has rapidly expanded its portfolio to 15 assets across 6 African countries.

This information is provided by RNS

The company news service from the London Stock Exchange

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