Afren says 2010 is a year of unprecedented activity

Afren says 2010 is a year of unprecedented activity

Afren says 2010 has, so far, been a year of unprecedented activity. The firm says highlights include: * Stable net production of 16,101 boepd to the end of September. * Acquisition of a 45% interest in OML 26 from Shell Production Development Co of Nigeria, Total E&P Nigeria, and Nigeria Agip Oil Co, by First Hydrocarbon Nigeria. * Ebok development progressing, with first oil expected by year end. * Okwok appraisal ongoing with 35ft of good quality pay encountered in the D2 reservoir.

CEO Osman Shahenshah said: “”2010 has, so far, been a year of unprecedented activity for Afren with portfolio growth across the full cycle E&P value chain. “In Nigeria, Afren’s support of First Hydrocarbon Nigeria’s acquisition of a 45% stake in OML 26 from the operating subsidiaries of Shell, Total and ENI marks an important milestone in our long term commitment to the indigenous oil and gas sector. “This acquisition is materially accretive to Afren’s NAV, and is a strong endorsement to Afren’s long term strategy. “The Ebok field development is progressing well with first oil expected by year end. “Having also now completed the acquisition of Black Marlin, opening up a new core area for us in East Africa, we are preparing to enter an active exploration phase, with multiple wells scheduled in 2011.”

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