Settlement of claims against former CEO and COO

Settlement of claims against former CEO and COO

London, 31 December 2014

Afren plc ("Afren" or the "Company") announces that it has successfully secured, from its former CEO, Osman Shahenshah, and former COO, Shahid Ullah, a cash payment of US$17.1mn in relation to payments made to them that were not authorised by the Board, and as first announced by the Company on 31 July 2014. In addition, the Company has secured a further US$3mn in respect of the costs to the Company relating to independent reviews conducted by Willkie, Farr & Gallagher, KPMG and certain legal costs. Mr Shahenshah and Mr Ullah have also granted a non-competition covenant in favour of Afren.

Afren has entered in to settlement agreements with Mr Shahenshah and Mr Ullah which release them of claims relating to the unauthorised payments. As a result of such settlement, the Company has agreed not to pursue legal proceedings against Mr Shahenshah and Mr Ullah in connection with the claims relating to the unauthorised payments.

Notes to Editors

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