Afren Snaps Up EERs License Interest in OML 115 Offshore Nigeria


Afren plc (“Afren”) announces that terms have been agreed to acquire Energy Equity Resources Oil and Gas’s (“EER”) residual license interest in OML 115, offshore south east Nigeria.

Transaction Highlights

* Located offshore south east Nigeria, adjacent and on trend with Afren and Oriental’s Ebok and Okwok fields

* Afren’s net license interest in OML 115 increases from 32.5 per cent. to 40 per cent., through acquiring EER’s outstanding interest

* Extensive technical work has been carried out on OML 115, identifying significant additional potential within the D series reservoir intervals

* Ebok Deep exploration well established a working hydrocarbon system and high quality reservoir sands with up dip potential in the Biafra and    Isongo intervals that are believed to also extend throughout OML 115

* Independently certified mid case prospective resources of 206 million barrels

* Afren’s commitment is to drill one exploration well on the block by the end of Q1 2011, with drilling expected in Q4 2010 Commercial Terms

Afren will pay EER a contribution towards its back costs, to acquire their 7.5% outstanding  interest in OML 115. This increases Afren’s interestto  40 per cent., with Oriental Energy Resources (“Oriental”) retaining a 60 per cent. interest. Afren’s commitment is to drill one exploration well on the field by the end of Q1 2011.

Background

This extension to Afren’s license interest in OML 115, located 40 km offshore in 50 m water depth, follows the initial acquisition in January 2010. Since this transaction, Afren has carried out extensive technical work on the block, identifying significant potential within the D series reservoir intervals. In addition, the Ebok Deep well encountered oil shows and established 250 ft of good quality reservoir sands in the deeper Biafra and Isongo intervals, suggesting good up dip potential on OML115. This is in line with the earlier understanding that, in addition to the Qua Iboe, the deeper reservoirs may have significant additional  hydrocarbon potential on OML 115.

The OML 115 license, in the prolific eastern Niger Delta, surrounds the Okwok field and extends to within approximately 2 km of the Ebok field that is currently under development.

Upon successful exploration and appraisal drilling, Afren expects to be able to deliver significant production and operational synergies between the three fields.

Source: Afren, July 15, 2010:

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