Afren has announced that it has entered into an agreement with Devon Energy Corp. to acquire its interests in Côte d’Ivoire, comprising a 47.96% working interest and operatorship of the producing Block CI-11, a direct 65% interest and operatorship with rights over an additional 15% interest in the undeveloped Block CI-01 and a 100% interest in the onshore Lion Gas Plant (“LGP”), effective 30th June 2007.

The agreed consideration for the acquisition is US$205 million, funded a financing package arranged by BNP Paribas.

The acquisition for Afrenb offers access to immediate oil and gas production, proven reserves and cash flow. Current net daily volumes of approximately 3,000 entitlement barrels of oil equivalent per day (“boepd”) from upstream oil and gas production and NGL extraction (approximately 5,000 boepd on a working interest basis).

The company said there was near term opportunity to optimize and increase Block CI-11 production through a low risk wireline and rig based workover programme, in addition to the development of additional reservoir intervals.

Some 6,000 entitlement boepd by 2010 are expected fromn upstream assets and the LGP.

Afren will take on operatorship, together with Afren’s partner PETROCI, the National Oil Company of Côte d’Ivoire, of a fully integrated gas project and assume a competent and skilled local workforce