Afren

Afren plc ("Afren" or the "Company") an independent oil and gas exploration and production company, announces that its Ordinary Shares are due to start trading on AIM at a price of 20 pence per share on Monday 14 March 2005. The Company's initial market capitalization will be approximately £25.9 million. Canaccord Capital (Europe) Limited is the Nominated Adviser and Broker.

The Company was formed in 2004 by a group of oil and gas professionals with significant experience in the African oil and gas sector to establish Afren as a leading oil and gas group within Africa. The Company is led by Guido Pas, acting Chairman, Bert Cooper, executive director, Egbert Imomoh, executive director and former Deputy MD of Shell Nigeria, and supported by non-executive directors including Dr. Rilwanu Lukman, the former Secretary General of OPEC. All of the Company’s directors have invested in Afren.

The Company is also being supported by the IFC (International Finance Corporation) of the World Bank Group, and by Samuel Dossou, a former board Chairman of OPEC, and one of the leading African investors in oil and gas quoted companies .

Afren has been created to build initially through acquisition a leading exploration and production company within the African oil and gas sector. The rationale of the Company is to establish Afren as the leading oil and gas company in Africa, through the leveraging of key strategic relationships and local expertise, which will highlight exploration and production opportunities in the Gulf of Guinea region. Afren's ambition is to build a business of significant value in the near to medium term.

Afren's strategic objectives will ensure that the Company will offer shareholders a diversified and balanced portfolio of attractive exploration, development and production asset opportunities.

The Company has already identified its first asset opportunity which it expects to complete shortly: the participation in an effective 4.41 per cent interest in 'Block 1' of the Nigeria - Sao Tome & Principe Joint Development Zone. 'Block 1' has been identified by an independent oil and gas exploration consultancy as a proven hydrocarbon area which has relevant characteristics to other existing discoveries in adjacent Nigerian territory, where exploration success has been better than 50 per cent.

Bert Cooper, Executive Director of Afren plc commented:
"We are delighted that the Company's shares will shortly commence trading on AIM. We believe we have brought together one of the most experienced oil and gas teams within Africa which, combined with an excellent first asset opportunity, positions Afren to become a leading pan-African oil and gas exploration and production company."

For further information, please contact:

Pelham Public Relations    
James Henderson james.henderson@pelhampr.com +44 (0) 20 7743 6673
Charles Vivian charles.vivian@pelhampr.com +44 (0) 20 7743 6672