First oil at Okoro Extension

Afren plc (AFR LN)

First oil at Okoro Extension

London, 31 October 2012 - Afren plc ("Afren" or the "Company") announces that production has commenced from the Okoro Field Extension, offshore south east Nigeria, at a stabilised rate of 5,000 bopd of 38° API oil, increasing total output from the Okoro area to approximately 21,500 bopd.

The Okoro-14 (Okoro Field Extension) development well was drilled by Afren and partner Amni International Petroleum Development Company Ltd. ("Amni") from the existing Okoro main field wellhead platform ("WHP"), with the objective of establishing early production from the new field extension that was announced in January 2012. The well targeted Tertiary aged reservoir sands within a new play comprising a deeper buried horst block structure. The well has been completed and brought onstream via the existing Okoro floating production storage offloading vessel ("FPSO") at a stabilised rate of 5,000 bopd of 38° API oil, making it the most productive well drilled in the Okoro area to date. The Adriatic IX drilling rig has now been relocated to the Ebok field in order to undertake planned rig-based work, which includes the drilling of a development well to similarly establish early production from the Ebok North Fault Block discovery that was announced in May 2012.

Osman Shahenshah, Chief Executive of Afren, commented:

"I am delighted that we have commenced early production at the Okoro Field Extension, just nine months after the initial discovery. This is clear evidence that we are creating tangible value and volume growth from our ongoing exploration drilling campaign, and further testament to the Afren team's fast track development capabilities. Not only will we see an outstanding economic return from early development wells that utilise existing infrastructure, but we will also gain valuable production experience and reservoir data that will assist in optimising the full field development solution. We are looking to replicate this early production template at the Ebok North Fault Block discovery as we work towards realising the full production potential of our high quality Nigerian asset base.

Notes to Editors

Afren plc

Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and constituent of the Financial Times Stock Exchange Index of the leading 250 UK listed companies. Afren has a portfolio of 28 assets across 12 countries spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria, Côte d'Ivoire and the Kurdistan region of Iraq and holds further interests in Ghana, Nigeria, Côte d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, the Joint Development Zone of Nigeria - São Tomé & Príncipe, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.

Okoro Field Extension - background information

The Company announced on 17 January 2012 that the Okoro Field Extension (formerly Okoro East) well (Okoro-13), offshore south east Nigeria, had encountered 549 ft true vertical thickness (TVT) of net oil pay and 41 ft of net gas pay in excellent quality reservoir sands.

The well reached a total measured depth of 8,751 ft (8,016 ft true vertical depth), and successfully encountered oil in Tertiary reservoir sands equivalent to those that have been developed and are in production at the Okoro main field, in addition to deeper previously unexplored reservoirs.

Okoro Field Extension is in a similar structural setting to the Okoro main field with a fault sealed 3-way dip closure in Tertiary reservoir sands at equivalent intervals those already in production at the Okoro main field. In addition, the Okoro Field Extension (Okoro-13) well was targeting a deeper horst block structure, a play concept that had not been previously tested on the block. The prospect was mapped on good quality 3D seismic data.

In March 2012, three drill stem tests ("DSTs") were undertaken and completed. The purpose of the tests was to obtain fluid samples and pressure data in order to establish reservoir connectivity, heterogeneity and quantify permeability and porosity. The tests successfully confirmed a high quality 38° to 40° API oil, multi Darcy permeabilities and average porosity of between 30% to 35%, in the subject reservoirs. The pressure data also obtained has helped with the Company's structural understanding of the field and supports the pre drill volumetric estimates (Pmean STOIIP of 157 mmbbls).

Prior to spudding the Okoro-14 development well, Afren and Amni side-tracked the existing Okoro-5 production well on the Okoro main field. As part of the partners' ongoing reservoir management and production optimisation work, the objective of the side-track well was to access additional oil volumes in a previously un-swept area of the reservoir within the Okoro main field area. The Okoro-5 well was re-entered and side-tracked at a measured depth of 4,481 ft, and the side-track subsequently drilled to a total measured depth of 9,800 ft. The side-track successfully encountered oil pay in the target reservoir, in line with prognosis, and a 2,500 ft lateral drainage section within this pay zone was bought on stream at a stabilised rate of 2,000 bopd.

The Company is firstly utilising the available well head slots on the existing Okoro platform, which will be tied back to the Okoro FPSO. This production information will allow Afren and Amni to finalise full field development options, which could potentially involve up to a further eight production wells under a full field development scenario.