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Afren Plc Provides Q1 of 2012 Results for Ivory Coast

Source: www.gulfoilandgas.com 5/15/2012, Location: Africa

Afren plc, announces its Interim Management Statement and financial results for the three months ended 31 March 2012 and an update on its operations to 15 May 2012, in accordance with the reporting requirements of the EU Transparency Directive. Information contained within this release is un-audited and is subject to further review.

Commenting on today’s IMS, Osman Shahenshah, Chief Executive of Afren plc, said:

“We have made an excellent start to our 2012 exploration campaign with significant discoveries at Okoro East, Ebok North fault Block and Ain Sifni. Group production during the first quarter was in line with our expectations, generating US$300.2 million of net operating cash flow. We look forward to continuing our exploration programme, with wells in Nigeria, the Nigeria-Sao Tome & Principe JDZ , Congo, the Kurdistan region of Iraq and East Africa, targeting in excess of 630 million barrels of oil equivalent net to Afren.”

CI-11 and Lion gas Plant
Production operations continued uninterrupted at the Company’s assets in Côte d’Ivoire during the period and remain in line with expectations.

CI-01
The partners on Block CI-01 plan to acquire additional 3D seismic to augment the existing well and seismic dataset. It is believed that the Cretaceous accumulations may be significantly larger than originally mapped.

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