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Afren Provides 2011 Full Year Results for Ivory Coast

Source: www.gulfoilandgas.com 3/27/2012, Location: Africa

The Board of Afren plc announces results for the year ended 31 December 2011. In 2011, we achieved the major milestone of first oil on the Ebok field development and progressed our Nigerian growth strategy. We also expanded our geographical footprint through the acquisition of assets in Nigeria, East Africa and the Kurdistan region of Iraq. Looking forward, we have a balanced portfolio combining production and development assets that we can leverage to internally fund our high impact exploration activities, underpinned by a capital structure that will support long term inorganic growth.

Osman Shahenshah, Chief Executive of Afren plc, commented:
“The 2011 results reflect the growing maturity of our business, with record net profit of US$125 million, up 172% on 2010 and an increase of 2P reserves by 132% to 185 mmboe. We have a made a successful start to our multi-well exploration campaign for 2012 with a significan new discovery offshore Nigeria. We have a visible production trajectory to 100,000 boepd by 2017 and a mature capital structure that will internally fund both organic and inorganic opportunities. Since the Company was listed in 2005, we have demonstrated strategic foresight and taken significant positions in Nigeria, East Africa and the Kurdistan region of Iraq, at a cost of entry highly accretive to our shareholders, coupled with a strong track record of operational delivery.”

CI-11
Production at Block CI-11
Full year 2011 gross production at Block CI-11 was approximately 3,200 boepd, comprising an oil rate of 831 bopd and natural gas rate of 14 mmcfd. Production levels were below expectation during the year due to the impact of political and social unrest. This delayed importation of equipment and resources required for routine maintenance of the compressor unit during the first quarter of 2011.

2012 outlook
We continue to evaluate our strategic and operational options.

Lion Gas Plant
Overview
Afren is the sole owner of the Lion Gas Plant, which processes gas from the CI-11 and adjacent CI-26 and CI-40 blocks operated by Canadian Natural Resources. The plant has an inlet capacity of 75 mmcfd and strips gasoline and butane from the rich gas stream it receives. The butane is sold into the local market (meeting approximately 35% of domestic butane demand) and gasoline is spiked into the CI-11 crude stream and sold on the international market. The LGP plant benefits from tax-exempt status, delivering 618 boepd average NGL production in 2011. Production levels were below expectations during the year, due to the impact of political and social unrest in the first half of the year.

2012 outlook
The Group continues to evaluate methods to extract propane at the plant, which could be sold locally to industrial customers.

Exploration
CI-01
Overview
CI-01 has a proven petroleum system in multiple reservoirs within the Cretaceous. Both oil and gas have been found and tested in the Ibex and Kudu fields, while only gas has been found in the Eland field. Most of the oil and gas encountered is in reservoirs that are younger than the Albian structural closures targeted in the past. There are 3D seismic surveys covering Ibex, Kudu and Eland, and a 2D seismic grid covers the rest of the block. CI-01 borders the maritime boundary with Ghana, and lies adjacent to the major Jubilee and Tweneboa oil and gas discoveries made in recent years.

By applying the latest understanding of Cretaceous depositional systems to the existing well and seismic dataset, to redefine the distribution of oil and gas in existing discoveries on the block, we believe that the potential exists for these accumulations to be significantly larger than originally mapped.

2012 outlook
The partners plan to acquire more 3D seismic over the block.

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