Outlook
• Development drilling has commenced on Okoro Setu with expected production of 15,000-20,000 bopd in 2008
• Active drilling campaign, with up to 7 development and 5 exploration wells to be drilled during 2008
• Completion of the acquisition in Cote d'Ivoire, with an effective date of 30 June 2007, expected in H1 2008, providing the Company with 3,000 entitlement barrels of oil equivalent per day and increasing 2P reserves by 28 mmboe
• Production start-up on the Eremor field in Nigeria expected in Q4 2008
• Active pipeline of New Venture opportunities to further consolidate Afren's position, particularly in West Africa
Strategy
Afren aims to become the premier African independent Oil and Gas exploration and production company through preferential and rapid access to African opportunities. The company's strong African orientation in management and stakeholders provides excellent local knowledge and access to attractive deal flow. Afren are focused on partnering with African governments, national oil companies, indigenous exploration and production and service companies to provide a uniquely African approach in accessing deal flow and growing shareholder value. Afren will continue to build a diversified portfolio with a focus on near term development and high impact exploration. The initial geographical focus has been on West Africa, particularly in the Gulf of Guinea, capitalising on Afren's local knowledge and expertise.
Other African opportunities will continue to be examined and will be pursued if the technical and commercial potential is attractive. Afren is willing to explore in the full range of basins and plays that are known to exist in Africa from deep water, through shallow water to onshore. In time, Afren's portfolio is expected to include assets through the full investment cycle from high impact exploration to stable and long term production.
In Nigeria, Afren intends to continue to exploit the development of proven undeveloped fields with their indigenous partners and to capitalise on the re-activation of the major international oil companies' (Major) peripheral onshore and shallow offshore assets.