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Afren signs an agreement for participation in the development of the Eremor Field

Source: www.gulfoilandgas.com 7/18/2007, Location: Africa

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Afren plc has entered into a Financing and Technical Services Agreement with Excel Exploration & Production Limited for the development of the Eremor Field in Nigeria. Afren has entered into an agreement with Excel to jointly develop the Eremor Field (“Eremor”), an undeveloped oil field in OML 46, located in shallow water off-shore Nigeria.

The field is covered by 3D seismic data and is estimated to contain in place volumes of up to 30 million barrels in the D3.0 reservoir, with a similar potential upside in the shallower D1.0 reservoir. Recoverable reserves are estimated at up to 10 million barrels from the D3.0 reservoir.

Eremor is located close to existing infrastructure and within 12 kilometres of a number of Shell producing fields.The field was initially discovered by Shell in 1978 (Eremor-1), and encountered five hydrocarbon bearing zones:

Three additional wells were drilled to appraise the areal extent of the accumulation between 1984 and 1990. The Eremor-1 well was re-entered in 2005 and a short production well test performed on the D3.0 interval.

Good oil samples were recovered of a low Gas to Oil Ratio, 22 degree API crude. Analysis of the test data indicates that flow rates of up to 2,000 bopd are achievable from the vertical well.

Eremor-1 is currently suspended and suitable for re-completion.Phase-1 of the Field Development Plan includes completion of the existing well and construction of a 7-kilometre oil evacuation line to the nearest flow station. The Field Development Plan and Environmental Impact Assessment have been approved and development work will commence in the near term.The agreement signed between Afren and Excel defines the commercial terms under which Afren will participate with Excel in the development of Eremor. Under the agreement, Afren will be responsible for financing Phase-1 of the Field Development Plan, and will initially recover the investment from 90 per cent. of net field revenues. Following cost recovery, Afren and Excel will equally share production revenue and costs.

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