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 - São Tomé and Príncipe Joint Development Zone ("JDZ"), has confirmed that it has commenced drilling of the first exploration well on this licence on 14 th January 2006.

The Obo-1 well is located in approximately 1,750m of water (5,750 ft) and should be completed in approximately 60 days, assuming no technical challenges are encountered during the drilling operation. The well is being drilled by the Deepwater Discovery Drillship, which is contracted to Chevron by Transocean.

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% equity share in the block, ExxonMobil holds 40% equity, and Dangote Energy Equity Resources Limited holds the remaining 9% equity. Afren plc is the beneficial owner of 49% 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 pleased that drilling is underway on the highly prospective JDZ Block 1. This well will test a sizeable prospect and if successful would also increase the probability of success for other prospects on the Block."

For further information, please contact:

Afren plc    
Brian O'Cathain boc@afren.com +44 (0) 20 7182 1800
Osman Shahenshah os@afren.com +44 (0) 20 7182 1800

Pelham Public Relations    
James Henderson james.henderson@pelhampr.com +44 (0) 20 7743 6673
Alisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com +44 (0) 20 7743 6676

Afren is an independent oil and gas exploration, development and production company, established in 2004 to build an attractive, diversified and balanced portfolio of African assets, with an initial focus on the Gulf of Guinea region. Afren's corporate objective is "The creation of substantial shareholder value through preferential access to oil and gas production and exploration acreage acquisition, production growth, deal flow and exploration drilling in Africa."