Notification by Company

1

Name of the issuer

AFREN PLC

2

State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure (ii) a disclosure made in accordance with section 793 of the Companies Act (2006); or (iii) a disclosure made in accordance with paragraph 26 of the Model Code:

A TRANSACTION NOTIFIED IN ACCORDANCE WITH DTR 3.1.2 R

3

Name of person discharging managerial responsibilities/director:

MR. ENNIO SGANZERLA

4

State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person:

IN RESPECT OF PERSON CONNECTED WITH THE DIRECTOR NAMED IN 3 ABOVE/ MS SVETLANA SHVECHIKHINA (PARTNER)

5

Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

IN RESPECT OF HOLDING OF THE PERSON REFERRED TO IN 4 ABOVE

6

Description of shares (including class), debentures or derivatives or financial instruments relating to shares:

7

Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

8

State the nature of the transaction.

9

Number of shares, debentures or financial instruments relating to shares acquired

10

Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

11

Number of shares, debentures or financial instruments relating to shares disposed.

12

Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

13

Price per share or value of transaction

14

Date and place of transaction:

15

Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 

16

Date issuer informed of transaction: 

17

Date of grant:

7 DECEMBER 2012

18

Period during which or date on which exercisable

SUBJECT TO THE PERFORMANCE REQUIREMENT THAT THE COMPANY'S SHARES MUST TRADE AT 140% (182 PENCE) OF THE EXERCISE PRICE FOR THREE MONTHS IN ORDER FOR THE OPTIONS TO VEST

20% AFTER ONE (1) YEAR OF GRANT;

20% AFTER TWO (2) YEARS OF GRANT; AND

60% AFTER THREE (3) YEARS OF GRANT

19

Total amount paid (if any) for grant of the option:

NIL

20

Description of shares or debentures involved (class and number)

60,000 ORDINARY SHARES OF ONE PENNY EACH

21

Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise:

130 PENCE PER SHARE

22

Total number of shares or debentures over which options held following notification

60,000 ORDINARY SHARES OF ONE PENNY EACH

23

Any additional information

SHARE OPTION AWARD OVER ORDINARY SHARES OF 1P EACH ("ORDINARY SHARES") IN THE COMPANY UNDER THE AFREN PLC SHARE OPTION SCHEME TO MS SVETLANA SHVECHIKHINA IN ACCORDANCE WITH THE TERMS OF HER EMPLOYMENT CONTRACT

24

Name of contact and telephone number for queries: 

ELEKWACHI UKWU

 + 44 (0) 20 7864 3755

25

Name of duly authorised officer of issuer responsible for making notification:

ELEKWACHI UKWU

26

Date of notification

10 DECEMBER 2012