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Afren en résumé

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1 Afren en résumé le Mer 25 Mar - 17:29



Company Statement
A unique African proposition

Afren is an independent oil and gas exploration and production company that was founded in 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.

Since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire and Ghana. The Group is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio.

Operations and Technology
Afren plc was founded in late 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.

Afren has consistently delivered on its differentiated strategy; since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio to fifteen assets across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo Brazzaville, Côte d’Ivoire and Ghana.

Afren has also built a management and advisory team with extensive industry experience in West Africa, and today employs over 180 staff across all disciplines with offices in London, Lagos and Abidjan.

The Company reached the first oil milestone in June 2008 from its Okoro Setu development in Nigeria two years from announcing the financing and production sharing agreement with its partner Amni in 2006 to jointly develop the Okoro and Setu fields located offshore Nigeria in OML112. The Company has now achieved full production of circa 21,000 bopd.

In April 2008, Afren announced an agreement with Oriental Energy Resources Limited to jointly develop the offshore Ebok field which was awarded to Oriental by the ExxonMobil / Nigerian National Petroleum Corporation Joint Venture. The venture provides Afren with access to a material discovered undeveloped opportunity, with the potential to add significant reserves and production to Afren’s existing portfolio. The Ebok field has mean estimated oil in place of 118 million barrels of oil, and the Company believes this asset represents a high quality development asset similar to the Okoro Setu project. Afren commenced a two well appraisal drilling programme in Q4 2008 and First Oil is targeted from Ebok in 2010. In addition, the Company has a collaborative agreement with Oriental to access similar discovered undeveloped opportunities from Majors in Nigeria.

A major transformational landmark in Afren’s growth during 2008 is the strategic acquisition of Devon Energy Corporation’s assets in Côte d’Ivoire which includes the producing Block CI-11, the Lion Gas Plant and the undeveloped Block CI-01. Afren now operates, together with partner PETROCI (the National Oil Company of Côte d’Ivoire) a fully integrated gas project that has not only delivered immediate production (approximately 5,200 boepd working interest oil, gas and NGL volumes) and associated revenues but also offers significant upside potential.

The company also has its eyes on West Africa’s fledgling gas development and LNG business. In January 2008, Afren signed a co-operation agreement with E.ON Ruhrgas and African LNG Holdings Limited to investigate the availability and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South Eastern regions. This agreement envisages that the partners will jointly develop, gather and monetise Nigeria's vast untapped gas resources for domestic and export purposes in line with the Nigerian Government's 2008 Gas Master Plan. The Gulf of Guinea in West Africa is estimated to contain over 200 trillion cubic feet of gas, more than 80 per cent of which lies in Nigeria. In March 2008 the company bagged interests in two Anambra Basin licences, OPL 907 and 917, which are home to existing gas and condensate discoveries.

In September 2008 Afren signed another gas monetization MoU, this time with Electricité de France (EDF) and Gasol to examine establishing a gas aggregation joint venture to identify and develop onshore and offshore stranded gas assets in West Africa. The JV will develop gas reserves, construct collection networks to aggregate the reserves and then deliver the gas to a central gas processing hub for domestic use and/or export via LNG.

Elsewhere in Nigeria, the Company is progressing with the development of the Eremor field. Development operations are expected to commence in 2009, with first oil anticipated in 2010. Of particular note is that Netherland Sewell Associates have credited the Eremor field with 4 million barrels of gross 2P recoverable reserves.

In Ghana, the Company has a 68% working interest and operatorship of the Keta Block. The play type is very similar to that successfully proven by recent drilling at the Jubilee and Odum discoveries and this success has confirmed Ghana's emergence as a major hydrocarbon province with world class prospectivity The Company in Q4 2008 completed drilling the Cuda-1x exploration well, the first well to target the Cuda prospect which is estimated to contain 325 mmbbls of mean prospective resources, the well was however plugged and abandoned and did not penetrate the primary Cretaceous objectives which remain of high potential but untested. The Company remains highly optimistic about the exploration potential of the Keta block, where several attractive prospects, in addition to Cuda have been identified.

Despite the credit crunch, Afren has no plans to scale back its portfolio-building activities in Africa. In October 2008 the company entered a three-year strategic alliance with Japanese conglomerate Sojitz to jointly pursue material acquisition opportunities in Africa. To further align interests, Afren agreed to an investment of US$45 million by Sojitz in the form of loan notes. This alliance will enable Afren to take on larger projects on the continent by drawing on the financial muscle of Sojitz. The alliance will run for an initial period of (i) 3 years from the signing date or (ii) the date upon which Sojitz has invested a total of $500 million in the Joint Acquisitions. The Company also has a robust financial position with cash balances at 30 June 2008 of US$269 million and net debt of US$13 million.

The Company is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio of producing assets in Côte d’Ivoire and Nigeria, with significant future growth projected from current development projects together with a high impact exploration campaign and an active new ventures pipeline.

Geographical Spread
Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire, and Ghana

Board of Directors and Key Management
The Board
Egbert Imomoh Chairman
Osman Shahenshah Chief Executive
Shahid Ullah Chief Operating Officer
Constantine Ogunbiyi Executive Director
Guy Pas Non-Executive Director
Peter Bingham Non-Executive Director
John St. John Non-Executive Director

Senior Management
Patrick Cherlet Director of Operations
Iain Wright Technical Director
Nick Johnson Head of Exploration and New Ventures
Jeremy Whitlock Group Financial Controller
Galib Virani Head of Acquisitions and Investor Relations
Shirin Johri Group General Counsel

Company Address
Kinnaird House
1 Pall Mall East
London, United Kingdom SW1Y 5AU

Telephone: +44 (0)20 7451 9700
Facsimile: +44 (0)20 7451 9701
Email: info[at]

Additional Address/Key Contact

Afren Energy Resources
1st Floor, FABAC Centre
3b Ligali Ayorinde Street
Victoria Island
Lagos, Nigeria

T: +234 (1) 4610130-7
F: +234 (1) 4610139
Afren Côte d'Ivoire Ltd
Avenue Delafosse
RDC Residence Pelieu
04 B P 827 Abidjan 04
Côte d'Ivoire

T : +225 20 254 000
F : +225 20 226 229

Afren Energy Resources
1st Floor, The Octagon
13A, A.J. Marinho Drive
Victoria Island Annexe

T: +234 (1) 4610130-7
F: +234 (1) 4610139

Investor Relations
Galib Virani
Head of Investor Relations

446, 991,859 of Ordinary Shares outstanding

Nominated Brokers
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ

Morgan Stanley
20 Bank Street London E14 4AD
Nominated Advisors
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ

Major Shareholders
Lansdowne Partners 10.68
GLG Partners 4.87
Wellington Management 4.46
Standard Bank 4.29
JP Morgan Chase & Co 4.48
FMR Corp 3.62
Deutsche Bank 3.97
Credit Suisse Securities 6.61

Related News
29/12/08 - Afren Grows Production Base But Loses Dr Rilwanu Lukman To Nigerian Politics

Most Recent Statement
02/03/09 - Notice of Results
03/02/09 - Ebok Appraisal Drilling Programme
04/12/08 - Shareholding in the Company
01/12/08 - Total Voting Rights
24/11/08 - Price Monitoring Extension
20/11/08 - Ghana Farm-Down

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2 Estimations La Noumbi le Mer 25 Mar - 18:16



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3 Infos du 12/03/2009 le Mer 25 Mar - 18:54



Thursday, March 12, 2009
Afroil - Write-up - Afren sets out step-change
Afren sets out step-change

The AIM-listed company made its start in the marginal fields of Nigeria but is nowlooking at larger projects, as it aims to become a mid-sized playerBy Ed Reed

Hopes are high on Ebok’s prospects, with reserve figures expected in March
Financing could pose problems but Afren has done it before
The drilling on Keta was disappointing but gives an indication of Afren’s likely next moves

Afren has built up a substantial business in a short period of time, focusing on a broad portfolio of interests around West Africa. The Alternative Investment Market (AIM) listed company has, though, suffered alongside many others as a result of the current downturn. The company has strong Nigerian links and it is here that it has focused. Rilwanu Lukman established the company, but has subsequently left in order to pursue his role as Nigerian minister for petroleum.

The Okoru Setu project, in shallow water offshore Nigeria, provides the majority of Afren’s production but the company is continuing its development work in the country, with its Ebok field. Afren’s CEO, Osman Shahenshah, told Afroil that the company’s Ebok work would play an important role. Results from drilling on the field are “still being evaluated but it is significant – it could increase the size of the company by a factor of two, so it’s very interesting,” Shahenshah said. The company announced the completion of drilling on the field in early February but revealed little in the way of results, leading to some concern. “We tested two zones and it went very
well,” Shahenshah said. “At a minimum, we met our expectations [of 25-35 million barrels] but it could be substantially larger and we should know [by mid-March].” The development plan for the Ebok field, in which Afren has a 40% stake, would involve “somewhere between 14 and 17 wells over the next couple of years,” Shahenshah said. In order to develop the Ebok field, Afren intends to secure a new banking facility – in addition to its outstanding debts. Shahenshah said the company was in negotiations on a loan for Ebok, “which will be much larger than anything we’ve done.” Richmond Energy Partners’ partner, Keith Myers, told Afroil: “Ebok is clearlythe next big project, though Afren has released few details, and debt financing a development of this size in Nigeria will be a challenge.” Despite the current banking woes, the Afren CEO was upbeat, saying that banks that lend to African oil and gas projects “tend to be somewhat insulated from the global financial crisis.” While talks on the financing and the appraisal programme are still underway on Ebok, the expected size of a loan could be around US$200-300 million, he said. Afren has debt of around US$400 million already, but the company’s CEO appeared confident with these loans for properties in Cote d’Ivoire and Nigeria amortising. “We’ve already started paying them down. [This will continue] over the next two years.”Further drilling on Okoru Setu is unlikely, he said, as it is “producing above expectations.” Afren financed the project and claims the majority of costs – which will go primarily to the banks. When costs have been recovered, the production split will change, leaving the company with 50%. This is dependent on oil prices so the timing is unclear, but is expected to occur in late 2010, at current levels.

The company intends to drill “one or two wells” in Cote d’Ivoire over the next year or two, to develop the assets it acquired from Devon Energy. Production from this asset – oil, gas and natural gas liquids (NGLs) is around 5,500 barrels of oil equivalent per day. Operational costs are unclear on the asset, although Shahenshah pegged revenue as likely to reach US$30-40 million this year. A well is to be drilled on the La Noumbi block, in the Republic of Congo (Brazzaville), “around the middle of the year” at an expected gross cost of around US$10 million. Afren only has a 14% stake in this area, which is operated by Maurel et Prom. A well is also to be drilled in Gabon, “towards the end of the year.” Afren has stakes in two blocks here, both operated by other companies. Cost-cutting clearly plays an important role in every company’s plans in these tough times. Consequently, Afren is working to reduce costs by about 25% in Nigeria, which is driven by both internal measures – using less equipment, for instance – as well as capitalising on falling service costs. Shahenshah also highlighted the importance of hedging production, saying the company had two such instruments in place, one at US$55 per barrel and the other at US$89 per barrel.

New model
One of the most high-profile plays of the last year has been the discovery of the Jubilee field, offshore Ghana. Afren has also had a shot at tapping Ghanaian acreage but encountered a disappointing result. Results from drilling on its Keta block were announced in late December 2008. The company said the well had encountered high pressure and was forced to stop short of the reservoir. Shahenshah acknowledged this was a blow but said that the prospectivity was still there. The well cost around US$50 million, down from the US$65 million originally budgeted because it stopped short, but still an expensive effort. Mitsui farmed in to the Keta block, taking a 20% stake, in exchange for half the costs associated with the Cuda well. The Afren CEO said the company would drill another commitment well in this area, with an obligation to execute this before the end of 2010. Work is likely to take place next year, rather than in 2009. The cost is likely to be around US$50 million. The Keta model, though, is still appealing to Afren. “We would like more things like Keta – large working interests in high-impact areas” indicating the company’s interest in future projects. This new angle is in contrast to the company’s roots – in Nigeria’s marginal fields. Shahenshah described the marginal fields as a “great starter kit” but said that Afren’s size now made such deals less attractive. “A marginal field that offers the possibility of 3,000-4,000 bpd is not that appealing when there are other opportunities like Ebok … we are going for more mature opportunities rather than marginal fields.” Such opportunities could well occur in Nigeria, but not necessarily. Shahenshah ran through a number of possibilities for expansion beyond West Africa, noting that East Africa was of interest or, in North Africa, Tunisia. He ran through the prospects of Algeria, Libya and Egypt, noting that each of these presented their own difficulties.

Strategic alliance
One of the most interesting facets of Afren is its ability to sign deals with large companies. In October, Afren signed a deal with Sojitz to co-operate on joint acquisitions in Africa. “Sojitz has very particular requirements, so we’ve shown them a few things that they haven’t liked but now we’re actively working on something – two deals actually. I’m pretty confident that we will announce a [West Africa oil and gas] deal with them by the middle of the year,” Shahenshah said. One way in which such a deal might play out could involve Gasol, a minnow with liquefied natural gas (LNG) aims and with which Afren has links. (See: Afroil Issue 276) Afren began its story with an interest in the Nigeria-Sao Tome & Principe Joint Development Zone’s Block 1. Progress here is likely to be slow and Afren is unlikely to follow this work through. “Drilling in the JDZ has gone slowly because it’s a high-cost operation. I do think Addax and the other partners in the other blocks will be drilling this year, which will then give some definition as to what happens with us in the JDZ. Our plan has always been: get us to the point where it’s commercial and then look to swap it with something else,” Shahenshah said. Afren has come this far by capitalizing on its Nigerian roots – building its exploration and production portfolio up through good political ties and local partners. As the company looks to expand beyond that country, though, progress will become harder and the deals will need to be bigger.As has been seen with the Cuda well, disappointment at these larger projects does not come cheap. In the near term, much is resting on the Ebok development, while in the longer term Ghana’s Keta area is still of interest and provides an interesting analogue of how
Afren sees its future.

Afren’s vital statistics
Total production: 27-28,000 bpd
Okoru Setu: 22,000 bpd
Cote d’Ivoire (gas and oil): 5,500 boepd
Nigeria: seven projects, including Okoru-Setu (Afren 50%) and Ebok (Afren 40%)
Ghana: Keta block (Afren 68%, Mitsui 20%, GNPC 10%, Gulf Atlantic Energy 2%)
Cote d’Ivoire: Block CI-11 (Afren 47.959%), Block CI-01 (Afren 80%), Lion gas plant (Afren 100%)
Congo (Brazzaville): La Noumbi (Afren 14%)
Gabon: Ibekelia (Afren 20%) and Iris Marin (16.67%)
Nigeria-Sao Tome & Principe JDZ: Block 1 (Afren 4.41% via Dangote Equity Energy Resources (DEER))
Gasol: Afren has a 21.3% stake
Financials (for the first half of 2008): Afren posted a post-tax loss of US$26.79 million. Administrative
expenses reached US$

Posted by Robwoodt at 8:41 PM

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Afren shores up Ebok cache

By Upstream staff

Following an independent assessment UK-based Afren announced that its Ebok field off Nigeria has confirmed proved plus probable reserves of 148 million barrels of oil for the FB1 and FB2 areas of the field.

The outfit said that recoverable reserves have been calculated at 41.2 million barrels.

An additional 21 million barrels of oil of contingent reserves and 33 million barrels of prospective resources have been assigned to other areas of the field including Ebok West and Ebok North fault blocks.

“The exceptional results from the Ebok appraisal drilling, well ahead of pre-drill expectations, confirm a material 52 million barrels recoverable oil development with upside potential of up to 106 million barrels,” Afren chief executive Osman Shahenshah said today.

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