TIDMAFR 
 
RNS Number : 5049P 
Afren PLC 
26 March 2009 
 

Afren plc (AFR LN) 
 
 
Afren plc announces successful outcome of the Ebok field appraisal 
 
 
Field production of 15,000 to 25,000 bopd in early 2010, rising to 35,000 to 
50,000 bopd 
by end 2010. 
 
 
London, Thursday 26th March 2009.  Further to the announcement on 3rd February, 
2009 relating to the completion of appraisal drilling on the Ebok Field, 
offshore Nigeria, Afren plc and its partner Oriental Energy Resources 
("Oriental") are pleased to announce the independent analysis of the appraisal 
programme data. 
 
 
An independent assessment of the in place oil and recoverable oil reserves from 
the Ebok field by Netherland, Sewell & Associates, Inc. ("NSAI"), post drilling 
of the Ebok-4 appraisal well has preliminarily confirmed a P50 STOIIP of 148 
mmbbls oil for the FB1 and FB-2 areas of the field. Recoverable reserves have 
been calculated at 41.2 mmbbls.  NSAI has further assigned 14 mmbbls oil of 
resources to the FB-1 and FB-2 field area. 
 
 
An additional 21 mmbbls oil of contingent reserves and 33 mmbbls prospective 
resources have been assigned to other areas of the field including the Ebok West 
and Ebok North Fault Blocks. 
 
 
Afren's Management Case comprises a STOIIP of 178 mmbbls with recoverable 
reserves of 52 mmbbls for the FB-1 and FB-2 on Ebok, recognising amplitude 
conformance indicating oil in the D2 reservoir extending further south as a most 
likely scenario. 
 
 
Successful appraisal of the Ebok West fault block and Northern area closures 
plus down flank potential in the FB1/FB-2 areas, during the initial development 
phase of the field is expected to lead to increased field production and a 
potential reserves upgrade in line with the resource assessment outlined by 
NSAI. 
 
 
This represents a significant success for the Ebok field partners with the 
results considerably exceeding pre-drill expectations. 
 
 
Background 
 
 
Ebok-4, drilled by the Transocean Trident IV jack up drilling unit, was spudded 
on 24th November 2008.  The well reached a Total Depth of 3,838ft measured depth 
("md") on 17th December 2008. 
 
 
The well encountered a total gross oil column of 284ft in high quality reservoir 
sands ranging in depth from 2,560ft to 3,718ft.  Of these gross pay intervals, 
274ft is calculated as net oil pay.  After an extensive logging and sampling 
programme, drill stem testing delivered a rate of 1,450 bopd of 20  to 25  API 
crude oil.  Well test analysis indicates that high skin conditions, which 
restricts oil flow into the well bore were prevailing over the test interval and 
as such constrained the surface flow rates.  Well test analysis and dynamic 
reservoir simulation modelling confirms that flow-rates of circa 3,500 bopd per 
well in a production scenario will be achieved which is also consistent with 
offset production data from analogous fields in the area. 
 
 
Based on these substantially better than expected results and the upgrade to the 
resource base established with the Ebok-4 well, it was decided that the Ebok-5 
well (designated to test the Ebok West Fault Block) would be deferred and 
drilled as part of the phased development. 
 
 
 
 
Field development 
 
 
Afren and its partner Oriental are currently defining the field development 
scenario which includes the potential to install an Early Production System 
("EPS") at the field (subject to all necessary approvals in country) that could 
deliver production of 15,000 - 25,000 bopd from the field in early 2010 from 5 
or more horizontal production wells and 1 water injection well drilled in the 
FB-1 and FB-2 areas of the field and tied back to a Floating Production Storage 
Offloading ("FPSO") vessel moored at the field. A second development phase on 
the FB1 and FB-2 area of the field would entail the drilling of a further 8 or 
more development wells and increase full field production from between 35,000 to 
50,000 bopd by end 2010. 
 
 
 
 
Osman Shahenshah, Chief Executive of Afren, commented: 
 
 
"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. The Field 
Development Plan which will be submitted shortly by the partners for approval, 
encompasses a fast track Early Production System that will deliver up to 25,000 
bopd in early 2010, with a full field development achieving up to 50,000 bopd by 
end 2010.  This represents an outstanding success for the Ebok field partners 
and a transformational outcome for Afren. With a visible exit production rate of 
circa 65,000 bopd by end 2010, this ranks Afren firmly towards the top end of 
the London quoted established independent producers." 
 
 
Alhaji Mohammed Indimi, Chairman of Oriental, commented: 
 
 
"We are delighted with the exceptional results of the Ebok appraisal drilling. 
From the quick turn around in the necessary preparation, and seamless operations 
during the appraisal drilling, is a testament to Afren's strong technical 
skills, understanding of Nigerian oil and gas operations and strong partnership 
with Oriental. I am very proud of this achievement and look forward to working 
closely with Afren in finalising the Field Development Plan, the requisite 
approvals and preparations for development drilling on what will be one of the 
largest independent oil developments to date in Nigeria." 
 
 
Field technical description 
 
 
Ebok is an undeveloped oil field, 50 km offshore in 135 ft of water in Nigeria's 
prolific south eastern producing area. The field is located close to several 
producing NNPC / Mobil JV fields and 55 km south-east of Mobil's onshore QIT 
Terminal. The field was discovered by the NNPC / Mobil JV in 1968 (M-QQ1 
(Ebok-1)), and two subsequent appraisal wells were drilled in 1970 (Ebok-2 and 
Ebok-3). A total of 271 ft. (83m) of net oil pay was encountered in Ebok-1 in 
four sands between 2,600 ft (800m) and 3,600 ft (1,100m).  The Ebok-4 appraisal 
well was drilled by the Afren - Oriental partners in November 2008 and 
encountered a total gross oil column of 284ft in high quality reservoir sands 
ranging in depth from 2,560ft to 3,718ft.  Drill stem testing delivered a 
consolidated rate of 1,544 bopd of 20  to 25  API crude oil.  Afren has a 40% 
working interest in the Ebok field. 
An updated Management Presentation, that will be presented at the UBS European 
Mid-Cap Oil Conference today, is available at www.afren.com. 
 
 
 
 
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| Enquiries:              |                         |                         | 
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|                         |                         |                         | 
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| Afren plc               |                         | +44 20 7451 9700        | 
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| Osman Shahenshah        | Chief Executive         |                         | 
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| Galib Virani            | Investor Relations      |                         | 
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|                         |                         |                         | 
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|                         |                         |                         | 
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| Pelham Public Relations |                         | +44 20 7337 1500        | 
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| James Henderson         |                         |                         | 
+-------------------------+-------------------------+-------------------------+ 
| Mark Antelme            |                         |                         | 
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Background information 
 
 
Afren plc 
Afren plc (www.afren.com) 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, partnering with National 
Oil Companies and Governments as well as finding a solution to the vast untapped 
gas reserves in the Gulf of Guinea. Since the Company's listing on the AIM 
market in 2005, Afren has rapidly expanded its portfolio to 15 assets across 6 
African countries. 
 
 
  Note 
 
 
In accordance with the AIM Rules, the technical information in this release has 
been reviewed and signed off by Mr Iain Wright, who is Technical Director at 
Afren Plc and has over 25 years relevant experience within the sector. He 
consents to the information in the form and context in which it appears. The 
Company estimates its reserves in accordance with the guidelines and definitions 
of the 2007 SPE/WPC/AAPG/SPEE Petroleum Resource Management System ("PRMS") 
Classification System. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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