A key driver to our success is our full understanding of the areas in which we work – from our board through to our management teams.

Rapid portfolio expansion - Focus on reserves and production growth
Afren has built a portfolio of production, development and appraisal assets that today provide 189 mmboe net reserves and contingent resources to the company.

With only 12% of these reserves and contingent resources developed and onstream (providing approximately 22,000 working interest boepd from the Okoro field in Nigeria, CI-11 and the Lion Gas Plant in Côte d’Ivoire), the Company is poised to deliver material production growth over the near to medium term from development and appraisal activities from the existing asset base alone.

This reserves growth has been achieved through a combination of accessing and developing discovered but un-developed assets through partnerships with indigenous companies (Okoro, Ebok, Okwok) across the Gulf of Guinea (Nigeria in particular) and selective acquisitions where Afren is strategically advantaged (Devon Energy’s assets in Côte d’Ivoire).  Afren will continue to pursue such growth opportunities where it can leverage its indigenous partnership based approach, with a particular emphasis on accessing the large number of existing discoveries that offer low cost / high impact reserves growth and development upside potential.

A balanced exploration portfolio
Recognising the importance of organic growth potential to the business, Afren has built a high quality, focused exploration portfolio spanning the risk reward spectrum.  Afren today is actively engaged in exploration activities in six African countries.  In particular, the Keta Block in Ghana and Block CI-01 in Côte d’Ivoire provide exposure to the emerging West African Transform Rift Margin, with attractive prospectivity identified in both the primary Cretaceous intervals and younger Tertiary intervals.  Exploration elsewhere is typically focused on under-explored basins where working hydrocarbon systems have been established and the potential for material discoveries exists.

Indigenous Nigerian framework established
In direct response to the Nigerian government’s objective to increase the level of local participation in the oil and gas sector, First Hydrocarbon Nigeria (“FHN”) has been established.  FHN fulfills the government’s criteria for indigenous Nigerian operators and is an important extension of the Company’s long term commitment to empowering local management.  FHN has been set up as a vehicle with which to acquire substantial oil and gas interests in Nigeria that may become available in future or are currently held by the joint ventures between the Nigerian government and international oil companies.

Corporate governance
Afren is committed to the highest standards of corporate governance, transparency and fair dealing and will comply with all applicable laws and rules.