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Afren's Okoro Setu Project Development Plan Receives Government Approval

Source: www.gulfoilandgas.com 4/4/2007, Location: Africa

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Afren plc and its partner Amni International Petroleum Development Company announce approval of the Field Development Plan for the Okoro Setu Project. The Boards of Afren and AMNI are delighted to announce that the Field Development Plan ("FDP") for the development of the Okoro Setu Project has been approved by the Department of Petroleum Resources in Nigeria. The approved FDP features:

Development drilling of up to 6 deviated or horizontal gravel packed oil production wells from a single field location and supported by a minimum facilities well head platform.

Optimisation of the drilling and completion sequence, commencing in Q3 2007.

The transportation of oil by pipeline to a leased Floating Production Storage and Offloading vessel ("FPSO"), moored 1 km south of the field, for processing.

Total well fluids processing, producing stabilised crude for storage in the FPSO, with subsequent regular off-take by tanker. Associated gas production will be utilised as fuel for the vessel's power generation and as lift gas to assist well productivity.

Most major contracts and materials purchase orders are in place to support the overall target for first oil by early 2008 and the Company is in advanced stage negotiations on its preferred FPSO.

Osman Shahenshah, Chief Executive of Afren, commented:"It is a real accomplishment to have achieved Field Development Plan approval within four months of appraisal drilling. Together with the recently secured US$200 million debt facility, Field Development Plan approval marks another important milestone in achieving our target of 15,000 - 20,000 bopd by early 2008."

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