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Afren plc2013 Half-Yearly ResultsFact Book
Ahead ofthe curve
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Cte
dIvoire Ghana
Nigeria
So Tom & Prncipe
Congo
Madagascar
South
Africa
Tanzania
Seychelles
Kenya
Ethiopia
Kurdistan
region of Iraq
1
Afren plc - 2013 Half-Yearly Results Fact Book
Afren plc
LEADERSHIP ACROSS THREE BUSINESS UNITS
Key figures from across Afren
Net reserves and resources
mmboe
Afren East Africa Exploration 6,058
Nigeria and other West Africa 1,577
Kurdistan region of Iraq 1,052
=
Gross acreage 122,000 sq km
Total number of employees and contractors 485
1H 2013 net working interest production(inc. OML 26) 47,653 boepd
Net 2P (mmboe) 269
Net 2C (mmboe) 932
Pmeanprospective resources (mmboe) 7,487
1,577
6,058
8,687
1,052
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2
Nigeria andother West Africa
Afren East AfricaExploration
Kurdistan regionof Iraq
1,577 mmboe 6,058 mmboe 1,052 mmboeNigeria and other West Africanet reserves and resources
Afren East Africa Explorationnet resources
Kurdistan region of Iraq netreserves and resources
Through strategic foresight Afren has assembled a balanced and focused portfolio of
world-class assets consisting of high-impact exploration and appraisal opportunities, and
high margin producing assets. These are organised into three core business units: Nigeria
and other West Africa, Afren East Africa Exploration and the Kurdistan region of Iraq.
We hold market leadership positions across each of our business units and are well
positioned to deliver further growth capitalising on our early mover advantage, our
financial & technical strength and operational track record.
Exploration
Business model key
Appraisal and Development
Production
To date, we have successfully delivered
two high-quality Nigerian development
projects in Ebok and Okoro in record time,
and have built a portfolio of six further
development, appraisal and exploration
projects. Our acquisition and partnership-
led growth is evidence that, as pressure
mounts on the incumbent asset holders to
optimise development of Nigerias national
hydrocarbon resources and develop local
capacity, a secondary asset acquisition and
divestiture market is opening up in the
country. We are very well positioned within
this market and the future for us in Nigeria
is bright.
Beyond Nigeria, our other West African
portfolio includes production assets in Cte
dIvoire and attractive exploration acreagein Ghana, Congo Brazzaville and South
Africa.
Afrens East African exploration portfolio
today covers an extensive surface area of
100,221 km2on a gross basis, focused
on Cretaceous, Jurassic and Tertiary riftbasins which are geological settings that
have yielded significant discoveries in
Uganda, Sudan, Tanzania, Madagascar,
Mozambique and, most recently, Kenya.
Since the acquisition, Afren has
significantly increased the seismic coverage
with a total of 9,444 km 2D and 5,607 km2
3D acquired across the portfolio.
In recognition of the opportunity at hand,
in 2011, Afren undertook its most ambitious
acquisitions to date by acquiring the Barda
Rash (60% operated) and Ain Sifni (20%non-operated) PSCs located in the Kurdistan
region of Iraq, from Komet Group and the
Kurdistan Regional Government respectively.
Thematically, the Kurdistan region of
Iraq shares similarities with the Nigerian
and other West African opportunity set.
Although oil has been discovered in
abundance and plays proven, the region
until very recently has nevertheless been
overlooked by, or remained out of reach for,
much larger international companies.
This has created a window of opportunity
for smaller, agile independents to secure
assets with world-class potential.
The acquisition is consistent with our
strategic priorities and at the time delivered
independently certified net 2P and 2C
resources at US$0.68 per 2P and 2C bbl
well below other regional transaction values.
As the region develops politically, we are
one of the best-placed resource companies
to benefit from significant reserves growth,
de-risking of the geopolitical landscape
and a consequent realisation of sustained
oil export revenues.
Balanced portfolio of assets across thefull-cycle E&P value chain
Proven track record as an explorer and afast track developer
Gross acreage position >20,100 km2
Regional offices in Lagos, Nigeria andAbidjan, Cte dIvoire
Diversified geology and play types
Proved working hydrocarbon systems
High-equity positions
In possession of the largest seismicdatabase in East Africa
Gross acreage position >100,200 km2
Regional office in Nairobi, Kenya
World-class assets located in a prolifichydrocarbon province
Early mover advantage (entry costUS$0.68 per 2P and 2C bbl)
Gross acreage position >860 km2
Regional office in Erbil
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Afren plc
1H 2013 HIGHLIGHTS
Production by Type(1H 2013)
Revenue by Type(1H 2013)
Net Prospective Resources
Production by Country(1H 2013)
Revenue by Country(1H 2013)
Net 2P & 2C Reserves and Resources
Gas 6%
Oil 100%
Ghana 380
Madagascar 631
Nigeria 2 686
Congo 35
Seychelles 2,101
Cte dIvoire 57
South Africa 88
Ethiopia 103
Cte dIvoire 6%
Oil 94%
Tanzania 1 1,463
Kurdistan regionof Iraq 3183
Kenya 1,760
Nigeria 94%
Nigeria 100%
47,653 boepd *
US$797.0 mm * US$797.0 mm *
7,487 mmboe
47,653 boepd *
Ebok 63
OML 26 156
Okwok 29
Setu 1
Okoro 31
OML 113 28
Ain Sifni 8
CI-01 24
Barda Rash 860
1,200 mmboe
* Working interest, including natural gas liquids from Cote dlvoire and associated volume from First Hydrocarbon Nigeria (FHN)
* From continuing operations
1 Resources upgrade on Tanga Block, Tanzania in 1H 2013.Previously 1,681mmboe gross prospective resource end December 2012
2 Post FHN consolidation3 Prospective resources to be updated following successful Simrit -2 and
Simrit -3 exploration wells in the Kurdistan region of Iraq
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42013 HALF YEAR RESULTS SUMMARY
Revenue (US$mm) 2 797 778 + 2%
Gross profit (US$mm) 2 377 411 - 8%
Profit before tax (US$mm) 2 260 311 - 16%
Profit after tax (US$mm) 2 62 102 - 39%
Normalised profit after tax (US$mm) 2 & 3 112 119 - 6%
Cash flow from operations (US$mm) 4 564 571 - 1%
Realised oil price (US$/bbl) 104 109 - 5%
Net working interest production (boepd) 47,653 42,169 + 13%
Financial Highlights
Other information
Number of shares in issue: 1,088,811,128 (as at 30 June 2013)
Number of shares (fully diluted): 1,149,058,915 (as at 30 June 2013)
1H 20131H 2012
(restated 1) Change (%)
1 Prior period results have been restated to reflect the consolidation of FHN, following the adoption of IFRS 10 and IFRS 11.Further details are provided in Note 1 and Note 14 of the condensed financial statements, in 2013 Half-yearly report,available on www.afren.com
2 From continuing operations, for further details see Note 13 of the condensed financial statements, in 2013 Half-yearly report,available on www.afren.com
3 See Note 4 of the condensed financial statements, in 2013 Half-yearly report, available on www.afren.com4 Operating cash flow before movements in working capital
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CAPEX PROGRAMME5Afren plc
Capital Expenditure Strategy
Afren continues to allocate its capital to projects that offer superior returns for shareholders:
2013 development capex budget focused on key projects offshore south east Nigeria and onshore Kurdistan
region of Iraq.
Exploration expenditure focused on selective high impact multi-well drilling campaign and new seismic
acquisition.
1H 2013 Capex by Category
Ebok 70%
Development 62%
Okoro 1%
OML 26 1%
E&A Drilling 23%
Seismic and non-drilling 15%
Barda Rash 28%
US$329 mm
1H 2013 Development Capex byAsset
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CURRENT DEBT PROFILE7Afren plc
1H 2013US$mmFacility Type Coupon Profle
A capital structure in place to deliver the next phase of growth:
Mature debt profile offering financial flexibility - majority of debt long dated 2016/2019
With forward E&A capex internally funded, and significant additional working capital available, the Companys
ability to capitalise on future organic and inorganic growth opportunities has been greatly enhanced
2016 Senior Secured Notes 500 Semi-annual coupon of 11.5%
2019 Senior Secured Notes 300 Semi-annual coupon of 10.25%
Ebok facility* 186 LIBOR +4.0%
FHN debt ** 175 See notes
Unsecured Corporate facility *** 50 LIBOR +4.5%
Capitalised borrowing costs (33)
* On 22 March 2013 Afren signed a new US$300 million Ebok facility which has a three year term and bears interest at Libor plus 4.0-4.8%
** FHN debt consists of (1) A&D facility US$85 million (8.5% coupon), (2) Access bank facility US$34 million (LIBOR+9% coupon) (3) KingdomZephyr convertible loan US$56 million (20% coupon). The Kingdom Zephyr convertible loan was redeemed in July 2013 - See Note 14 ofthe condensed financial statements for further information, in 2013 Half-yearly report, available from www.afren.com
*** The unsecured corporate facility was repaid in full in July 2013
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Cte dIvoire CI-01 65% 37.3 mmboe Discussions are continuing with Petroci and the Cte dIvoireGovernment on the forward programme
PRODUCTION AND DEVELOPMENTOPPORTUNITIES
9
Afren plc
KurdistanRegion ofIraq
Barda Rash 60% 1,433 mmbbls Preliminary crude oil sales of 1,300 bopd achieved since8 July 2013
Production is to be initially ramped up to 5,000 to 6,000 bopd
The BR-5 well was drilled in March 2013 using the Romfor-23drilling rig which is currently drilling ahead at around 7,200 ftand commenced drilling the BR-4 in May using the Viking I-10rig, which is currently drilling ahead at around 10,200 ft
Asset
* Effective working interest pre/post cost recovery** Economic Interest
Source: NSAI reserves and resources remaining at 31 December 2012 Source: RPS Energy as at 26 March 2012
Country
Effective
WorkingInterest
Gross Remaining
2P/2C Reserves& Resources Status Update
Nigeria Okoro &Okoro East
50%* 62.5 mmbbls Gross production averaged 17,815 bopd at the Okoro fieldduring the first half of 2013
The Partners have commenced the Front End EngineeringDesign (FEED) and development plans for the fabrication of anew wellhead platform and production unit required for thefull development of the Okoro Further Field Development
The wellhead platform will have 12 well slots capable ofholding dual trees, which would enable the platform to hostup to 24 wells
Nigeria Ebok & EbokNorth FaultBlock (NFB)
100%/50%* 116.1 mmbbls Gross production at the Ebok field was 33,884 bopd duringthe first half of the year
During the first half of 2013, the Partners successfully drilledtwo producers from the Ebok North Fault Block (Ebok NFB)
Central Fault Block extension platform will set sail for Nigeriain November 2013. The wells from this platform will targetreservoirs which contain approximately 38 mmbbls of 2Preserves
Nigeria Okwok 70%/56%* 51.8 mmbbls Submission of Field Development Plan expected shortly,following the drilling of the Okwok-11 side-track well whichwas successfully encountered 95 ft of net oil pay
Nigeria OML 113 16.9%** 167 mmboe OML 113 is located offshore Nigeria, and is contiguous to the
Afren operated OPL 310 block Three (Aje-1, Aje-2 and Aje-4) of the four wells drilled on the
field have encountered oil and gas and two (Aje-1 and Aje-2)of the wells have comprehensively tested at commercial rates
The JV partners are considering drilling and commencementof early production on the Aje field with full field developmentat a later stage likely in synergy with the recent discovery atOPL 310
Nigeria OML 26 45% 202.6 mmbbls (Ogini & Isoko)144 mmboe(Aboh, Ovo,Ozoro)
During the period, gross average production from the Oginiand Isoko fields was 4,267 bopd. The Partners submittedthe Ogini Field Development Plan on 29 July 2013, and arecurrently awaiting DPR approvals
The Ogini FDP consists of the drilling of 37 production wells
The Ogini FDP drilling campaign is scheduled to commencein Q4 2013 and will be targeting peak production of 35,000bbls/d by 2016
The Isoko FDP submission is expected in Q4 2013
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2013 E&A WORK PROGRAMME11Afren plc
Nigeria Okwok 70%/56%* Appraisal
Nigeria OML 115 100%/50%* 65
Nigeria OPL 310 40%** 202
Kurdistan Region of Iraq Ain Sifni 20% 661
Ethiopia Blocks 7 & 8 30% 100
Seychelles Areas A, B 75% -
Tanzania Tanga Block 74% -
Congo La Noumbi 14% -
South Africa Block 2B 25% -
Kenya Block 10A 20% 100
Asset
*
**
Effective working interest pre/post cost recovery
Following the announcement of the farm-out to Lekoil Limited (Lekoil) on 14 May 2013, subject to Nigerian Ministerial consent.Economic interest post Afren and Optimum achieving cost recovery
Seismic survey acquisition
Seismic processing
Exploration drilling
Appraisal
Field development plan to follow
CountryWorkProgramme
EffectiveWorkingInterest (%)
Grossprospect sizemmboe
F
A
F
E
E
E
E
E
E
E
E
S
SA
S
S
S
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Afren plc
31 December 2011 68.86 - 68.86 0.47 9.51 2.10
Revisions of previous estimates 0.03 - 0.03 (0.05) 3.89 0.62
Discoveries and extensions 39.15 - 39.15 - - -
Acquisitions - - - - - -
Divestments - - - - - -
Production (14.15) - (14.15) (0.14) (4.20) (0.87)
At 31 December 2012 93.89 - 93.89 0.27 9.20 1.86
31 December 2011 98.62 - 98.62 13.34 75.48 26.35
Revisions of previous estimates 0.03 - 0.03 (0.05) 3.89 0.62
Discoveries and extensions 39.15 - 39.15 - - -
Acquisitions - - - - - -
Divestments - - - - - -
Production (14.15) - (14.15) (0.14) (4.20) (0.87)
At 31 December 2012 123.65 - 123.65 13.14 75.17 26.10
31 December 2011 29.76 - 29.76 12.87 65.98 24.25
Revisions of previous estimates - - - - - -
Discoveries and extensions - - - - - -
Acquisitions - - - - - -
Divestments - - - - - -
At 31 December 2012 29.76 - 29.76 12.87 65.98 24.25
*NigeriaGroup Proved andProbable Reserves
Contingent Resources
Total Reserves and Contingent Resources
**Cte d`Ivoire
Oil(mmbbl)
Oil(mmbbl)mmboe mmboe
Gas(bcf)
Gas(bcf)
Reserves and resources above are stated on a working interest basis (i.e. for the Nigerian contracts our net effective ultimate workinginterest based on working interest to payback (95% to 100%) and WI post payback (50%))
Proved plus Probable (2P) reserves have been prepared in accordance with the definitions and guidelines set forth in the 2007 PRMSapproved by the SPE
Contingent resources are those quantities of petroleum that are estimated to be potentially recoverable from known accumulationsbut for which the projects are not yet considered mature enough for commercial development due to one or more contingencies
Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per barrel of oil equivalent
The oil price used by NSAI and RPS Energy for their independent reserve and resource assessments was US$100/bbl flat
The Group provides for depletion and amortisation of tangible fixed assets on a net entitlement basis, which reflects the terms of thelicences and agreements relating to each field. Total net entitlement reserves were 110.9 mmboe at 31 December 2012
NET RESERVES AND RESOURCES SUMMARY
Afren plc - 2013 Half-Yearly Results Fact Book
At 31 December 2012
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14
- - - 114.00 - 114.00 183.33 9.51 184.96
- - - - - - (0.02) 3.89 0.65
- - - - - - 39.15 - 39.15
- - - - - - - - -
- - - - - - - - -
- - - - - - (14.29) (4.20) (15.1)
- - - 114.00 - 114.00 208.17 9.20 209.75
1.87 - 1.87 868.20 - 868.20 982.03 75.48 995.04
- - - - - - (0.02) 3.89 0.65
- - - - - - 39.15 - 39.15
- - - - - - - - -
- - - - - - - - -
- - - - - - (14.29) (4.20) (15.01)
1.87 - 1.87 868.20 - 868.20 1,006.87 75.17 1,019.83
1.87 - 1.87 754.20 - 754.20 798.70 65.98 810.08
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1.87 - 1.87 754.20 - 754.20 798.70 65.98 810.08
***Nigeria -So Tom& Prncipe JDZ
Kurdistanregion of Iraq Total Group
Oil(mmbbl)
Oil(mmbbl)
Oil(mmbbl)mmboe mmboe mmboe
Gas(bcf)
Gas(bcf)
Gas(bcf)
Afren plc - 2013 Half-Yearly Results Fact Book
Following shareholder approval on 20 May 2013, Afren announced on 29 May that it had completed the acquisition of an additional 10.4per cent. beneficial interest in First Hydrocarbon Nigeria (FHN) for a total consideration of US$37.05 million in cash. The acquisition (andadoption of IFRS 10) results in Afren consolidating its holding of FHNs reserves and production as a subsidiary and further strengthens itsposition onshore Nigeria.
An independent assessment of the reserve and contingent resource potential of the Ogini and Isoko fields for FHN in March 2013 hasestimated the gross remaining 2P oil reserves at the fields at 134.6 million barrels and gross contingent resources at 68.0 million barrels(gross 2P & 2C reserves and resources 202.6 million barrels; 91.2 million barrels net to FHN) as at 31 December 2012. This represents a231% increase on 2P reserves previously carried by FHN and a 10% increase on previously carried 2P & 2C volumes as at 31 December2011. In addition, significant upside potential of 144 mmboe also exists within the undeveloped Aboh, Ovo and Ozoro discoveries, togetherwith an estimated 615 mmboe gross unrisked prospective resources defined across multiple prospects that will continue to be worked up inparallel to, and integrated with, future development plans.
During the period Afren agreed the sale of the CI-11 block and Lion Gas Plant to a third party for total consideration of US$26.5 million.Completion of the transaction is expected in Q3 2013
In 2012, Total commissioned and completed drilling two appraisal wells on the block, the Obo-2 well and the Enitimi-1 well, bothencountering oil and gas pay, but at lower levels than pre-drill estimates. It is anticipated that Afren will relinquish its interest in the licencein 2H 2013 and as such have decided to impair the associated costs in 1H 2013.
**
*
*
***
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Afren plc
NIGERIA - CONTRACT OVERVIEW
Okoro 100%/50%* Production Sharing Technical
Services Agreement
Companies Income Tax Act
Education Tax
Okoro East 100%/50%* Production Sharing TechnicalServices Agreement
Companies Income Tax Act
Education Tax
Ebok 100%/50%* Royalty Tax Concession Petroleum Profit Tax
Education Tax
Okwok 70%/56%* Royalty Tax Concession Petroleum Profit Tax
Education Tax
OPL 907 41%** PSC Petroleum Profit Tax
Education Tax
OPL 917 42%** PSC Petroleum Profit Tax
Education Tax
OPL 310 40% Royalty Tax Concession Petroleum Profit Tax
Education Tax
OML 115 100%/50%* Royalty Tax Concession Petroleum Profit Tax
Education Tax
OML 113 16.9%*** Sole Risk Concession Petroleum Profit Tax
Education Tax
Asset Working Interest Contract Type Taxes Applicable
* Effective working interest pre/post cost recovery
** Ager effective working interest; AGER is owned 50% by Afren, 50% by Global Energy Company (GEC)
*** Economic Interest
Afren plc - 2013 Half-Yearly Results Fact Book
70% pre-cost recovery effective working interest; 56% post-cost recovery effective working interest (subject to gross volumes lifted). Once hurdle point isachieved, Afren effective working interest becomes 35%. Hurdle point is achieved when post-royalty revenue lifter by parties outside of any cost recoveryperiod is greater than USD$1.2 billion
Afren is in the process of relinquishing its interest in OPL 907 and OPL 917
Following the announcement of the farm-out agreement with Lekoil Limited (Lekoil) on 14 May 2013 (subject to Nigerian Ministerial Consent).Post farm-out, Afren will hold a 40 per cent. economic interest in the licence once Afren and Optimum Petroleum Development Ltd, the named Operator,achieve cost recovery
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16OTHER WEST AFRICA - CONTRACT OVERVIEW
Cte dIvoire CI-01 65%* PSC
Paid on behalf of the Contractorby the Government
Cte dIvoire CI-11*** 47.96% PSC Paid on behalf of the Contractorby the Government
Congo La Noumbi 14% PSC Paid on behalf of the Contractorby the Government
Ghana Keta 35% Royalty TaxConcession
Income Tax
Additional oil entitlement payment
Nigeria So Tom Block 1 4.41% PSC Petroleum Profit Tax
South Africa Thombo 25%** Royalty TaxConcession
Income Tax
Country Asset Taxes ApplicableContract TypeWorkingInterest
* With rights to an additional 15%
** Working interest increases to 50% and operatorship transferred to Afren if Afren exercises its option to drill an exploration well
*** During the period, Afren agreed the sale of the CI-11 block and Lion Gas Plant to a third party for total consideration of US$26.5 million.Completion of the transaction is expected in Q3 2013
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Afren plc
EAST AFRICA - CONTRACT OVERVIEW
Ethiopia Blocks 7/8 30% PSC Income Tax
Kenya Block 1 80% PSC Paid on behalf of the Contractor by the Government
Kenya Block 10A 20% PSC Paid on behalf of the Contractor by the Government
Kenya Block L17/18 100% PSC Paid on behalf of the Contractor by the Government
Madagascar Block 1101 90% PSC Income Tax
Seychelles Areas A,B 75% Royalty TaxConcession
Petroleum Income Tax
Tanzania Tanga Block 74% PSC Income Tax
Country Asset Taxes Applicable
Working
Interest
Contract
Type
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18KURDISTAN REGION OF IRAQ- CONTRACT OVERVIEW
Barda Rash 60% PSC Paid on behalf of the Contractor by the Government
Ain Sifni 20% PSC Paid on behalf of the Contractor by the Government
Asset Taxes ApplicableWorking
Interest
ContractType
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Afren plc
Kinnaird House1 Pall Mall EastLondon SW1Y 5AU England
T: +44 (0)20 7864 3700F: +44 (0)20 7864 3701Email: [email protected]
Afren Nigeria
1st Floor, The Octagon13A, A.J. Marinho DriveVictoria Island AnnexeLagos, Nigeria
T: +234 (1) 1279 6000
Afren Cte dIvoire, Limited
Avenue Delafosse ProlongeRDC Rsidence Pelieu04 B P 827 Abidjan 04Cte dIvoire
T: +225 20 254 000F: +225 20 226 229
Afren Resources USA, Inc
10001 Woodloch Forest DriveSuite 600The WoodlandsTexas 77380USA
T: +1 281 297 2500F: +1 281 297 2999
Afren East Africa Exploration Limited
Delta Corner, Tower B, 8th FloorWaikaki Way, WestlandsP.O. Box 61 - 00623NairobiKenya
Afren Middle East and North Africa
Erbil BranchBuilding C2Second FloorEmpire Business ComplexErbilKurdistan Region of Iraq
T +964 (0) 6626 41462
For more information go onlinewww.afren.com