Afren

Afren (AIM:AFR), the oil and gas company focused on establishing itself as the premier pan-African independent exploration and production company, announces that Chevron, the Operator of Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone ("JDZ"), has confirmed that it has discovered hydrocarbons in the Obo-1 well, which is the first exploration well in this area.

The Obo-1 well logged a cumulative total of at least 150 feet (45 meters) of net hydrocarbon pay in multiple reservoirs and provided important reservoir rock and liquid samples. The well is located in 1,720 meters of water (5,640 feet) The JDZ Block-1 is located approximately 190 miles (300 km) north of the city of São Tomé and approximately 125 miles (200 km) south of the city of Port Harcourt in Nigeria.

Chevron JDZ Limited has a 51 percent equity share in the block, ExxonMobil holds 40 percent, and Dangote Energy Equity Resources Limited holds the remaining 9 percent. Afren plc is the beneficial owner of 49 percent of the equity in Dangote Energy Equity Resources Limited, through its wholly owned subsidiary Energy Equity Resources A.S.

Brian O'Cathain, Chief Executive of Afren commented:

"I am delighted that the first well in this area has proven oil and gas. This bodes well for the play, and we look forward to further appraisal in this exciting exploration province."

For further information, please contact:

Afren plc
+44 (0) 20 7182 1800
Brian O'Cathain  
Osman Shahenshah  

Pelham Public Relations
+44 (0) 20 7743 6673
James Henderson  
Alisdair Haythornthwaite

Background information

Afren

Afren (www.afren.com) was founded in December 2004 by a management team including Dr Rilwanu Lukman with the vision to become the leading pan African independent Exploration and Production company. Since its listing on the AIM market of the London Stock Exchange, Afren has rapidly expanded its portfolio and the management team has delivered ten assets in the Joint Development Zone of Nigeria Sao Tome and Principe, Nigeria, Gabon and Congo.

Afren will continue to add to its diversified portfolio of production, near term development and high impact exploration with the overall objective of creating substantial shareholder value.