Afren PLC ("Afren" or "the Company"), the Africa-focused independent oil and gas company, today announces that its brokers, Bridgewell Securities Limited and Jefferies International Limited, have placed 24,444,441 new ordinary shares with a range of institutional investors. The new shares ("the Placing Shares") were placed at a price of 45p per share, raising £11.0 million (before expenses) for the Company ("the Placing"). Application has been made to AIM for the Placing Shares to be admitted to trading, which is expected to commence on 22 December 2005.

Afren PLC ("Afren"), an independent oil and gas company focused on establishing itself as the leading pan-African exploration and production company, announces it has signed an agreement to farm in to the Akepo field, offshore Nigeria.