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Afren Plc Provides Q3 of 2012 IMS for Ivory Coast

Source: www.gulfoilandgas.com 11/13/2012, Location: Africa

Afren plc, announces its Interim Management Statement and financial results for the nine months ended 30 September 2012 and an update on its operations year-to-date 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 this IMS, Osman Shahenshah, Chief Executive of Afren plc, said:

“Afren has delivered another period of record financial results following the year-on-year increase in net production offshore Nigeria. The Company is on course to realise over a billion dollars of net operating cash flow in 2012, all from Afren’s greenfield developments. I am also particularly pleased to see our ongoing exploration campaign delivering commercial success; with multiple E&A wells planned over the coming months in Nigeria, East Africa and the Kurdistan region of Iraq, Afren is well placed to continue to add to the growing reserves base.”

CI-11 and Lion Gas Plant

Average gross production to 11 November 2012 at CI-11 was 4,923 boepd, with 807 boepd of Natural Gas Liquids (NGL) production at the Lion Gas Plant. Production operations continue uninterrupted at the Company’s assets in Cote d’Ivoire and remain in line with expectations.

CI-01

Progress is being made to advance the field development plan and associated work programme with Petroci and the Government on this block. 3D seismic to augment the existing well and seismic dataset is expected to be part of this programme. It is believed that the acquisition of new data will significantly enhance the prospectivity of this block.

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