Afren plc declares that the requisite approvals on the assignment and development of the Ebok field (Ebok), located offshore South East Nigeria, have been received and the forward drilling programme confirmed.

As announced on 31 March 2008, Afren entered into its sixth indigenous partnership in Nigeria, with Oriental Energy Resources Limited (Oriental), to jointly develop Ebok. Oriental was awarded a 100 per cent. interest and operatorship of Ebok in May 2007 by the NNPC / Mobil Joint Venture. The farm-out has been structured such that the field benefits from the Nigerian Marginal Field Fiscal and Tax Regime.

Afren has received the consent of the Honourable Minister for Energy and the NNPC / Mobil Joint Venture for the assignment of a 40% participating interest in Ebok to Afren.

Afren and Oriental have secured a contract for the Trident IV jackup rig and plan to commence appraisal drilling in Q4 2008. The principal objectives of the programme are to establish the areal distribution of the reservoir properties and to acquire the full data suite, in particular fluid samples, which are essential for the Ebok Field development planning. To this end, the Ebok Partners will conduct up to two Drill Stem Tests with full sand control to determine the rate and properties of the oil tested and will also run an extensive wireline logging programme.

Based on a successful outcome to the appraisal phase, Afren will submit a Field Development Plan (FDP) to the Nigerian authorities in the second quarter of 2009 with a view, subject to regulatory approvals and equipment availability, to commence development operations thereafter.

Osman Shahenshah, Chief Executive of Afren, commented, “Our partnership with Oriental is in perfect alignment with our strategy to partner with indigenous companies; their established Nigerian presence, coupled with our operational and technical expertise, creates a solid partnership in developing the Ebok field. With the field set to come into production as early as 2010, our portfolio has gained further strength and momentum following Afren’s first organic oil production from the Okoro Setu Project earlier this year. We look forward to further strengthening our relationship with Oriental and the Majors in Nigeria.”

Alhaji Mohammed Indimi, Chairman of Oriental, commented, “We are delighted to continue to evolve our strategic partnership with Afren. The quick turn around in the necessary preparation for appraisal drilling is a testament to their strong technical skills and solid understanding of Nigerian oil and gas operations. Together our combined technical teams have all the requisite skill-sets and local experience to assure our venture’s success. We also look forward to continuing to develop our strategic partnership and together accessing future opportunities in the region.”

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