3rd Aug 2007 07:00
Afren PLC03 August 2007 Afren plc (AIM: AFR) Dr Rilwanu Lukman appointment London, 3 August, 2007 - Afren plc ("Afren" or "the Company") announces that DrRilwanu Lukman, KBE, Legion d'honneur, Founder and non-executive Chairman ofAfren has been appointed Honourary Advisor on Energy and Strategic Matters tothe President of Nigeria. The Board of Afren announces that President Umaru Musa Yar'Adua, the newlyelected President of Nigeria, has approved the appointment of Dr Rilwanu Lukmanas his Honourary Advisor on Energy and Strategic Matters. The role is one of anumber of advisory appointments in other sectors of Government activities madeby the President, is an honourary role, and does not include a paid office. Dr Lukman has previously served as the Nigerian Minister of Petroleum Resources,Special Adviser to the Nigerian President for Oil and Gas, Nigerian Minister ofForeign Affairs, Nigerian Minister of Mines, Secretary General of OPEC (6years), President of OPEC (9 sessions), and Founder and Chairman of the AfricanPetroleum Producers Association. As a Founder of Afren and current non-executive Chairman, Dr Lukman willcontinue to drive the Company's vision to become the premier pan-Africanindependent exploration and production company, through partnering withindigenous companies and governments and acquiring equity stakes in explorationand development assets. 3 August 2007 Enquiries: Afren plc +44 20 7182 1800Osman Shahenshah Chief ExecutiveEvert Jan Mulder Chief Operating OfficerGalib Virani Investor Relations Jefferies International Limited +44 20 7618 3500Toby HaywardOliver Griffiths Tristone Capital Limited +44 20 7399 2480Simon Ashby-RuddMajid Shafiq 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 drilled in Q4 2006 by Afren, the Technical Service Provider. A nine-month rig contract is in place for the Adriatic VI, with development drilling due to commence in Q4 2007. An FPSO has been secured, reserves certified by Netherland, Sewell and Associates (2P of 32 mmbbl) and the Field Development Plan has been approved by the Department of Petroleum Resources in Nigeria. First oil is targeted in Q1 2008 and circa 15,000 -20,000 bopd of oil achieved by mid 2008. • Ofa development - Discovered by Shell in 1970. Upon a successful well test, production should be achieved within eight to nine months at up to 4,000 bopd. • Ogedeh development - Existing discovery made by Chevron in 1993 in an area lying close to existing infrastructure. Various development options are currently under review. • Eremor development - Initially discovered by Shell in 1978. Phase I of 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. A well will bedrilled on the Doungou prospect in August 2007. 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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