Afren Announces Guinea Gas Monetization Strategy

Afren announced a Gulf of Guinea Gas Monetization Strategy. This follows the announcement yesterday that African Gas Development Corporation ("Afgas") and Sociedad Nacional de Gas, GE. ("Sonagas") have signed an exclusive joint venture agreement ("JV") to monetize gas supplies from Nigeria, Cameroon and Equatorial Guinea through infrastructure and facilities in Equatorial Guinea.

Afren has the right of first refusal to supply gas to the Afgas/Sonagas JV, thereby securing an additional market for Gulf of Guinea gas reserves.

Brian O'Cathain, Chief Executive of Afren, commented: "Our strategic relationship with Afgas-Gasol, as the preferred upstream gas supplier, presents an additional growth leg to Afren. Gas exports to Equatorial Guinea represent a new route to monetise stranded and associated gas reserves in the Gulf of Guinea, and also assist with the reduction of gas flaring in the region. This relationship allows Afren to capitalise on the anticipated growth in global and regional LNG demand, without diluting our upstream focused strategy."