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Title: 1st April 2009


1
1st April 2009
Oilbarrel Conference
2
Notice
The content of this presentation has not been
approved by an authorised person within the
meaning of the Financial Services and Markets Act
2000 (FSMA). Reliance on the information
contained in this presentation for the purposes
of engaging in any investment activity may expose
the investor to a significant risk of losing all
of the property or assets invested. Any person
who is in any doubt about the investment to which
this presentation relates should consult a person
duly authorised for the purposes of FSMA who
specialises in the acquisition of shares and
other securities. The information in this
presentation is subject to updating, revision and
amendment. The information in this presentation,
which includes certain information drawn from
public sources does not purport to be
comprehensive and has not been independently
verified. This presentation does not constitute
or form part of any offer or invitation to sell,
or any solicitation of any offer to purchase or
subscribe for or otherwise acquire, any
securities in Afren plc (the "Company") in any
jurisdiction or any other body corporation or an
invitation or an inducement to engage in
investment activity under section 21 of the
Financial Services and Markets Act 2000, nor
shall it or any part of it form the basis of or
be relied on in connection with any contract
therefore. This presentation does not constitute
an invitation to effect any transaction with the
Company or to make use of any services provided
by the Company. No reliance may be placed for
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or warranty, express or implied, is given by the
Company, any of its subsidiaries or any of its
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the accuracy, reliability or completeness of the
information or opinions contained in this
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accepted (and all such liability is hereby
excluded for any such information or opinions).
No liability is accepted by any of them for any
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for any errors, misstatements in or omissions
from this presentation or for any loss howsoever
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information and opinions contained in this
presentation are provided as at the date of this
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listening to this presentation, each person is
deemed to confirm, warrant and represent that
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in relation to any securities to which this
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market abuse (as defined in section 118 of the
Financial Services and Markets Act 2000). Any
financial projection and other statements of
anticipated future performance that are included
in this presentation or otherwise furnished are
for illustrative purposes only and are based on
assumption by the Company's management that are
subject to significant risks and uncertainties
and may prove to be incomplete or inaccurate.
Actual results achieved may vary from the
projections and the variations may be material.
Variations in the assumptions underlying the
projections may also significantly affect
projected results. This presentation has not been
examined, reviewed or compiled by the Company's
independent certified accountants. No
representation or warranty of any kind is made
with respect to the accuracy or completeness of
the financial projections or other
forward-looking statements, any assumptions
underling them, the future operations or the
amount of any future income or loss. By
attending / reading the presentation you agree to
be bound by these provisions.
Beyond First Oil
3
Agenda
  • Established track record
  • A resilient and differentiated business model
  • Established reserves and production base
  • Becoming a super African independent

Beyond First Oil
4
Established track record
5
Afren today An established African independent
  • Circa 27,000 boepd net WI production
  • 86 mmboe
  • Material reserves base
  • Robust financial platform
  • fully funded through work schedule
  • Diversified portfolio
  • 15 assets, 6 countries
  • Clearly differentiated strategy
  • Successful partnership based strategy
  • Strong management / track record
  • Resilient at current oil prices

GHANA
NIGERIA
CÔTE DIVOIRE
SÃO TOMÉ PRÍNCIPE JDZ
CONGO
GABON
Exploration Appraisal
Production Development
5
Established track record
www.afren.com
6
Established track record
May 2008
First Oil
São Tomé and Príncipe Nigeria Gabon Congo Ghana Cô
te d'Ivoire
Q1 2005 Q3 2005 Q3 2005 Q2 2006 Q4 2007 Q1
2008
Multi-country platform
27,000 boed production 86 mmboe reserves base 440
mmbbl net prospective resources
Diversified Portfolio
Team
London Lagos Abidjan Accra
(Corporate) (Operating base) (Operating
base) (Operating base)
6
Established track record
www.afren.com
7
Established asset base
Operator/Partner
Country
Acquired
W.I.()
Work Prog.
Côte dIvoire
Block CI-11
Q308
47.96
Afren
Production
Block CI-01
Q308
80.00
Afren
Development
(1)
Lion Gas Plant
Q308
100.00
Afren
Production
Nigeria
Okoro
Q206
50.00(2)
Afren/Amni
Production
Setu
Q206
50.00(2)
Afren/Amni
Appraisal
Ogedeh
Q305
50.00(2)
Afren/Bicta
Appraisal
Ofa
Q207
32.50
Afren/IEL
Appraisal
Eremor
Q307
50.00(2)
Afren/Excel
Development
OPL 907
Q108
41.00
Afren/GEC
Expl/Appraisal

OPL 917
Q108
42.00
Afren/GEC
Expl/Appraisal

Ebok
Q108
40.00
Afren/Oriental
Appraisal
Ghana
Keta
Q208
68.00
Afren
Exploration
Congo (Brazzaville)
La Noumbi
Q206
14.00
Maurel et Prom
Exploration
Nigeria São Tomé Príncipe JDZ
Block 1
Q105
4.41
Chevron
Exploration
Gabon
Sterling Energy
Iris Marin
Q205
16.67
Exploration
Ibekelia
Sterling Energy
20.00
TEA
Q205
Afren holds 50 of combined interest (1)
65 direct interest and 15 additional rights (2)
Share of Profit Oil after cost recovery
7
Established track record
www.afren.com
8
Strong production growth
Net W.I boe/d
Reserves current projects 86 net mmboe
80,000
17
23
70,000
12
34
60,000
50,000
Okoro Setu
CI-11
Ebok
CI-01
40,000
Unrisked prospective resources 440 net mmboe
6
30,000
13
19
62
20,000
340
10,000
0
La Noumbi Keta
Ibekelia JDZ Block 1
Iris Marin
2008.5
2009
2010
2011
Net working interest production, excludes
acquisitions under review, includes mid-stream
NGL volumes produced at the Lion Gas Plant Okoro
Ebok payback at 50/bbl
Assumes 65 net entitlement factor to 2015
Source Afren
8
8
Source NSAI, Devon, Ryder Scott, Afren
Established track record
www.afren.com
9
Robust financial position
  • Strongly cash generative production base
  • Attractive operating netbacks
  • Oil production in Côte dIvoire hedged at average
    floor price of circa 83/bbl
  • Approximately 17 of Nigerian oil production
    hedged at average floor price of 55/bbl
  • Out-performing asset base
  • Okoro producing circa 47 above 15,000 bopd
    guidance
  • CI-11 production increased by circa 10 since
    Afren assumed control
  • Fully funded through budgeted expenditure
  • 269 million cash balance last reported (2008
    interims)
  • Okoro development capex all sunk
  • Majority of debt ring-fenced to assets
  • Okoro and Côte dIvoire facilities
  • All debt service repayments covered through 2009
    and beyond
  • Facilities have started amortising
  • Key lenders are also shareholders

9
Established track record
www.afren.com
10
A resilient and differentiated business model
10
www.afren.com
11
A clear and differentiated business model
MANAGEMENT/ OPERATIONS
PARTNERSHIPS WITH NOCs
Strong African Identity -Board, Management
Shareholder Base
Current production of 22,000 bopd at Okoro and
5,200 WI boepd in Côte dIvoire
Petroci in Côte dIvoire GNPC in Ghana
Diversified portfolio held across 6 countries, 10
operated assets
Strategic Alliance with Sojitz acquisitions of
scale
US830mm debt equity raised since inception
Solution for gas monetisation
Partnerships with Governments NOCs
PARTNERSHIPS WITH INDIGENOUS COMPANIES
SOLUTION FOR GAS MONETISATION
Co-operation agreement with E.On Ruhrgas
Partnerships with Indigenous Companies
6 partnerships in Nigeria
Memorandum of Understanding with EdF
Two licenses in Nigerias gas rich Anambra basin
11
A resilient and differentiated business model
www.afren.com
12
The opportunity set
Highest growth in proven reserves
with significant reserves in West Africa
Proved Oil Reserves
Proved Gas Reserves
Total 50 billion barrels
Total 219 Tcf
Africa
Europe FSU
77
81
Middle East
South America
Asia Pacific
North America
-50
0
50
100
150
Note Growth over 1985 to 2005 period
  • High margin barrels
  • Established oil industry / infrastructure
  • Gas commercialisation in infancy
  • Industry restructuring (e.g. Nigeria, Angola)
  • Majors mature onshore position / stranded
    assets
  • Proven fields overlooked / undeveloped by Majors
  • 30 bboe to be discovered in Nigeria (16 bboe
    onshore)

Source Waterous Co, OPEC Annual Statistical
Bulletin 2003, BP Statistical Review of World
Energy
12
A resilient and differentiated business model
www.afren.com
13
Growth through access / partnerships
Indigenous Partnership
Indigenous Partnership
Okoro field (OML 112)
Ebok field (OML 67)
Gas Aggregation
Gas Aggregation
Acquisition Alliance
Corporate
Ghana Exploration
13
A resilient and differentiated business model
www.afren.com
14
Extensive African / industry experience
Egbert Imomoh - Chairman
BOARD
Guy Pas Non exec
Peter Bingham Non exec
Osman Shahenshah Chief Executive
John St. John Non exec
Constantine Ogunbiyi Director
Shahid Ullah COO
INTERNATIONAL ADVISORY BOARD
Hiroshi Kanematsu
Ennio Sganzerla
Bert Cooper Founder
Brian Ward
BUSINESS UNITS
Gas monetisation
Nigeria São Tomé JDZ
Nigeria
Côte dIvoire
Ghana
Congo
Gabon
Operated
Non-Operated
14
A resilient and differentiated business model
www.afren.com
15
Extensive African / industry experience
Senior Management - London
Iain Wright Director of Technical
Patrick Cherlet Commercial Director
Galib Virani Acquisitions / IR
Jeremy Whitlock Financial Controller
Shirin Johri Group General Counsel
Senior Management - Lagos
Taiwo Olushina Drilling Manager
Okon Akpan Engineering Manager
Biola Ajayi Geology Geophysics Manager
Rotimi Bright Senior Reservoir Engineer
Faiz Imam Head of Gas Business Dev.
Sade Ogundeji Financial Controller
Daniel Sasagbon General Counsel
Okon Akpan Engineering Manager
Senior Management - Abidjan
Sirima Brassina Government Business Relations
JackMcfarland Director of Operations
Koffi Adje General Manager
Sylvie Affian Finance Manager
A resilient and differentiated business model
16
Technical and operational resources
Shahid Ullah COO
Iain Wright Director of Technical
Patrick Cherlet Commercial Director
Nick Johnson Exp. New Ventures
Peter Ward
Taiwo Olushina Drilling Manager
Andrew Olleavant EHSS
Commercial x7
Jack McFarland Côte dIvoire
Facilities Engineering x2
Production Operations x35
Engineering x8
Commercial x7
Geoscientists x12
EHSS x2
A resilient and differentiated business model
17
Response to the current environment
  • Realise benefits of operational momentum (Okoro,
    Côte dIvoire)
  • Operator (and in control) of all producing assets

Operational momentum
  • Continue to drive cost deflation
  • Headcount efficiencies
  • Early evidence encouraging

Strong cost control and discipline
  • Portfolio high gradingfocus on materially
    accretive projects of scale (Ebok)
  • Portfolio rationalisation
  • Virtually all 2009 capex is discretionary

Efficiency/ portfolio rationalisation
  • Organic growth
  • Selective acquisitions / partnerships
  • Capitalise on indigenous identity

Adhere to founding strategy
A resilient and differentiated business model
18
2009 Capex and revenue distribution
2009 Budgeted Project Capital Expenditure USmm
2009E Revenue Distribution at 40/bbl
1
3
20
10
43
1
37
23
Okoro
Other
Royalties
CI-11
Exploration
Opex
Ebok
Operating profit
18
A resilient and differentiated business model
www.afren.com
19
Established reserves and production base
20
Ebok development background
  • Background
  • Partnered with indigenous company Oriental Energy
    Resources
  • Reclassified under indigenous field fiscal terms
  • Located in OML 67, 50km offshore South East
    Nigeria in 135 ft of water
  • Adjacent to producing ExxonMobil / NNPC JV fields
    (current gross output 850,000 bopd)
  • Covered by 3D Seismic and data from 4 wells
  • Ebok 1 (1968) Ebok 2 (1970) Ebok 3
    (1970) Ebok 4 (2008)
  • Estimated mid case STOIIP of 148 - 178 mmbbls
    NSAI/Management case (pre- appraisal estimate 118
    mmbbls)

Source Wood Mackenzie, Afren
Established reserves and production base
21
Ebok development post appraisal update
  • Ebok4 appraisal well successfully completed
    February 2009
  • Gross oil column of 284ft encountered (274ft net)
    in high quality reservoir sands
  • NSAI recoverable reserves of 42 mmbbls with
    additional 21 mmbbls of contingent resources and
    33 mmbbls prospective resources at Ebok West and
    Ebok North respectively
  • Management case of 52 mmbbls recoverable reserves
  • Well test analysis and dynamic reservoir modeling
    confirms flow rates of up to 3,500 bopd per well
    (20 to 25 API crude)
  • Ebok-5 (designated to test Ebok West) will be
    drilled as part of phased development

Time structure map
Ebok-4
Source Oriental, Afren
Established reserves and production base
22
Ebok field development plan
  • Early production system (EPS) to deliver 15,000
    to 25,000 bopd,early 2010
  • Ramp up to full field development of 35,000 to
    50,000 bopd by end 2010

23
Okoro Setu development
  • 12km offshore
  • Estimated STOIIP range of 80
    102 - 130 mmbbl (P90 P50 P10)
  • First Oil achieved in June 2008 from first two
    wells at rates in excess of 7,000 bopd
  • Development phase successfully completed
  • All 7 wells successfully brought onstream and are
    currently producing 22,000 bopd

Source IHS Energy, Afren Company estimates
Established reserves and production base
24
Okoro Setu development well locations
Reservoir Target
Well
Okoro-6
Upper Sand A
Okoro-8
Okoro-9
Upper Sand B
Okoro-7
Okoro-8
Okoro-4
Lower Sand B
Okoro-9
Okoro-5
Okoro-6
Okoro-7
Lower Sand C
Okoro-10
Field Reservoir Simulation Model
unswept oil at year 0
Okoro-5
Okoro-4
Okoro-10
unswept oil at year 10
Source Afren
24
Established reserves and production base
www.afren.com
25
Okoro Setu fast track development
Q1 07
Q1 08
Q2 08
Q3 08
Q4 08
Q2 07
Q3 07
Q4 07
Q1 06
Q2 06
Q3 06
Q4 06
Agreement signed with partner AMNI
Rig secured for development drilling
Appraisal drilling
RBL facility / certified reserves
FDP approval
FPSO secured
Long lead items
Development drilling (7 wells)
Production
Complete
Source Afren
25
Established reserves and production base
www.afren.com
26
Côte dIvoire location map
  • Block CI-11
  • WI 48 (Joint Operator with Petroci)
  • 13km offshore 246 ft water depth
  • Lion Panthére producing fields
  • 38 mmcfd and 1,670 bopd current gross production
    (8,222 boepd)
  • Net 2P reserves 12mmboe
  • Block CI-01
  • WI 80 (Operator) (1)
  • Three discoveries
  • Net 2P reserves 17mmboe
  • Lion Gas Plant
  • WI 100 (Operator)
  • Butane gasoline extracted from CI-11, CI-26
    (Espoir) CI-40 (Baobab) gas
  • 1,255 boepd NGLs produced

(1) Comprises 65 direct equity and rights over
an additional 15 Previous operators certified
proved and probable reserve estimates as at
effective date
Established reserves and production base
27
Material high impact reserve growth potential
Balanced exploration portfolio
4
4
Net Mean Resources mmbbl
Afren Interest
Gross Mean Resources mmbbl
License
Country
14
62
14.00
440
La Noumbi
Congo
340
68.00
500
Keta
Ghana
78
13
16.67
75
Iris Marin
Gabon
6
20.00
30
Ibekelia
Gabon
19
4.41
430
Block 1
JDZ
Congo
Gabon
440
1,475
Total
Ghana
JDZ São Tomé Príncipe
Unrisked contingent plus prospective resources
Source NSAI, Afren
Established reserves and production base
28
Ghana Keta block
  • 68 participating interest
  • Operator
  • Partnered with GNPC, Mitsui Gulf Atlantic
  • Primary target Upper Cretaceous sandstone
    reservoirs
  • Play type similar to recent Jubilee and Odum
    (Tullow) discoveries
  • Covered by 1,600 km2 of reprocessed 3D seismic
  • Drilling of Cuda - 1x well completed
  • Encountered high pressure zone in Upper
    Cretaceous (well PA)
  • Primary Cretaceous objective untested but remains
    of high potential

Source IHS Energy, Afren
28
Established reserves and production base
www.afren.com
29
Ghana Keta block
  • Exposure to the prolific and emerging West
    African Upper Cretaceous sandstone play
  • Proven in Ghana with recent Jubilee and Odum
    discoveries
  • World Class prospect (Cuda) with clearly mapped
    structural closure stratigraphic upside offers
    giant field potential
  • Additional follow on prospectivity is significant
  • Additional upper cretaceous closures identified
  • Range in size from 100 600 mmbbls (unrisked
    prospective potential)
  • Stratigraphic upside offers gross unrisked
    resource potential gt 2 billion bbls

Source Afren
29
Established reserves and production base
www.afren.com
30
Congo La Noumbi - high impact exploration
  • High impact exploration adjacent to and on
    trend with world class MBoundi field
  • Afren 14 interest
  • Operator Maurel et Prom (48.5) and partner ENI
    (37.5)
  • 940 km of recently acquired 2D seismic
  • Doungou well completed in October 2007
  • Working hydrocarbon system established in
    pre-salt section
  • Exploration drilling planned in H1 2009
  • Mean prospective resources 440
    mmbbls (gross)

Source IHS Energy, Afren
30
Established reserves and production base
www.afren.com
31
Activity schedule existing portfolio
HI 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012
PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION PRODUCTION
Okoro Approaching peak production Approaching peak production
CI-11 Wireline workover infill drilling Wireline workover infill drilling
Lion Gas Plant NGL Extraction NGL Extraction
DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT DEVELOPMENT
Ebok Oil Development Oil Development
CI-01 Gas Development Gas Development
EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION EXPLORATION
Congo La Noumbi La Noumbi
OPL 907/917 Seismic Acquisition Seismic Acquisition
Keta Block Ongoing Studies / Drilling Ongoing Studies / Drilling
JDZ
Gabon Ongoing Studies Ongoing Studies
Infill
Infill
First Oil
First Gas
S
Ongoing Studies
Operated
Non-operated
Firm Wells
Contingent Wells
Production
Seismic Acquisition
S
31
Established reserves and production base
www.afren.com
32
Becoming a super African independent
33
The premier pan-African oil and gas company
Differentiated strategy
Consistent delivery
Established track record
Established production base in 2 countries
Material development upside
2009 firm budget fully funded from existing
resources in low oil price environment
33
Becoming a super African Independent
www.afren.com
34
Appendix
35
Appendix
  • Exploration portfolio 36
  • Gas monetisation 37
  • Nigeria 38
  • Côte dIvoire 44
  • Gabon 48

Appendix
36
Exploration portfolio ownership interests
  • NIGERIA-SÃO TOMÉ JDZ
  • Block 1
  • Working Interest (4.41)
  • Partners (Chevron - 45.9,
  • Addax - 40, Sasol - 5.1,
  • Dangote - 4.49)
  • GHANA
  • Keta
  • Working Interest (68)
  • Partners (GNPC - 10, Mitsui - 20, Gulf
    Atlantic - 2)
  • Evaluation of well tests (ongoing)

NIGERIA
GHANA
CAMEROON
  • GABON
  • Iris Marin, Ibekelia
  • Working Interest
  • - Iris (16.67)
  • Ibekelia (20)
  • Partners (Sterling, Addax)

Eq.G
GABON
  • CONGO (Brazzaville)
  • La Noumbi
  • Working Interest (14)
  • Partners (Maurel et Prom -
  • 48.5, ENI - 37.5)
  • Planned Drilling (H1 2009)

CONGO
Source Afren
36
Appendix
www.afren.com
37
West Africa gas monetisation
  • Jointly collect, develop and monetise gas for
    domestic and export purposes
  • E.ON Ruhrgas a strong partner with significant
    technical and financial synergies
  • Significant gas opportunity set
  • Stranded / non-associated gas
  • Associated gas
  • Exploration (OPL 907/917)
  • Currently analysing sources of potential feed gas
  • Proposed gas aggregation joint venture with EdF
  • Aim is to identify and develop onshore and
    offshore stranded gas assets for domestic and
    export purposes
  • Electricité de France a leading European
    utility with strong technical and financial
    capabilities
  • Initial geographical focus is Congo Brazzaville
    and Gabon

Appendix
38
Nigeria Okoro Setu field development plan
  • Water depth of 46 ft
  • FPSO moored 800m south east of platform for crude
    processing and storage
  • 7 high angle and horizontal development wells
  • Armada Perkassa
  • 360,000 barrels storage capacity
  • 27,000 b/d processing capacity
  • 5-year lease with option to extend

Armada Perkassa FPSO spread moored
Flow line hook up to the Armada Perkassa FPSO
Well head platform and Adriatic VI drilling rig
Source Bumi Armada
Appendix
39
Nigeria Okoro Setu community development
Afrens Community Development Vision
To contribute towards making a significant and
lasting impact on wealth creation and sustainable
livelihood in the area of our operations
  • Okoro Community Development (CD)
  • Regular dialogue through community relations
    committee
  • Active recruitment from local community
  • FPSO, drilling, etc
  • Ongoing Community Development projects
  • 148 secondary and tertiary scholarships awarded
  • Micro credit fund for local business
  • Socio-economic needs assessment
  • Vocational training programmes
  • Industry training programmes
  • Health/Infrastructure project (e.g. potable
    water project)

The FPSO crew including members of the eastern
Obolo Community at the FPSO Ceremony, Keppel
Shipyard, Singapore
Appendix
40
Nigeria OPL 907 / 917
  • 41 and 42 operated interests in OPL 907 and
    OPL 917 respectively
  • Partnered with Global Energy Company
  • Highly prospective Anambra basin -
    est. 5 Tcf of gas (only 30 wells drilled to date)
  • Licences cover an area of 3,500 km2
  • OPL 907 contains the Akukwa discovery
  • 400 Bcf in place
  • OPL 917 contains the Igbariam discovery
  • Estimated in place gas volumes of up to 300 Bcf
  • Estimated oil in place volumes of up to 80mmbbls
  • Near term work programmes includes block
    environmental impact assessment data gathering
    and analysis on existing discoveries
  • New 2D Seismic data expected to be acquired in H1
    2009, prior to exploration/appraisal drilling in
    2010 or 2011

Afren Global Energy Resources interest
Source IHS Energy, Afren
Appendix
41
Nigeria Eremor development
D3 Sand Depth structure map
  • Covered by 3D seismic
  • Five hydrocarbon bearing zones
  • Estimated Recovery Factor 20 40
  • Good oil samples of low GOR, 200 degree API
  • NSAI certified 2P Reserves 4 mmbbls (gross)
  • Re-submitting revised FDP defined on the basis of
    new requirements to access third party
    infrastructure
  • Working with partners to secure approvals for new
    plan
  • First Oil target of 2010

Operator
Result
EREMOR-4
EREMOR-3
EREMOR-1
EREMOR-2
2kms
Eremor resources
(mmboe)
STOIIP
Recoverable
(mmboe)
4 - 7
16 - 30
Source NSAI, Afren
41
Appendix
www.afren.com
42
Nigeria Ogedeh development
Exploration / appraisal history
Date
Well
Type
Operator
Result
1993
Ogedeh-1
Exploration
Chevron
Oil
  • Two oil bearing A and D sands
  • Covered by 3D seismic
  • Certified contingent resources up to 15 mmbbls
    (1)
  • Low cost development
  • Close to existing infrastructure
  • Joint development options under consideration

Source IHS Energy, Afren Note (1) Senergy
Limited Report Ogedeh Field June 2006
Appendix
43
Nigeria São Tomé JDZ block 1 high impact
exploration
  • Obo -1 discovery in 2006 proved JDZ as a
    significant oil and gas province
  • Block 1 technical studies ongoing prior to
    further drilling
  • On trend with Nigerian deep water world-class oil
    fields
  • Akpo and Egina (Total) 1,500 mmbbls
  • Multi firm well programme on Blocks 2, 3 and 4 in
    2009

Block 1 Chevron (45.9) Addax (40) Sasol
(5.1) Dangote (4.49) Afren (4.41)
Source Afren
Appendix
44
Côte dIvoire Block CI-11
  • History
  • Discovered in the 1980s brought to production by
    UMC in 1995
  • UMC acquired by Ocean Energy in 1998 and later
    merged with Devon in 2003
  • Partners Afren (47.9592, operator) Petroci
    (20.1360) IFC (18.9456) SK Corp (12.9592)
  • PSC expires end 2019
  • Facilities
  • One central (manned) and four satellite
    (un-manned) platforms
  • Oil is piped to Abidjan, stored at the SIR
    refinery and sold on the open market
  • Gas is piped to the Vridi Terminal, processed at
    the Lion GPL and sold locally under two long term
    contracts

Source Scotia Waterous, Afren
Appendix
45
Côte dIvoire Block CI-01
  • 14 wells (exploration and appraisal) drilled by
    Esso and Agip
  • 3 signficant discoveries Kudu (1964), Eland
    (1978) and Ibex (1985)
  • 105 bcf of gas and 8 mmbbls of oil (2P)
  • Potential development concept
  • Ibex Field Oil development
  • Full offshore facility and 98km pipeline to SIR
    refinery
  • Produced gas compressed 8km pipeline to Eland
    platform
  • Kudu and Eland Field Gas development
  • Minimum offshore facility
  • Gas and liquids via 72km pipeline to Lion GPL
  • Production startup target of H2 2010

Lion Gas Plant
Potential Development Schematic
Shore Approach
Full Facility
Oil Pipeline to LGPL 98km 6 dia
Gas-Condensate Export Pipeline to Lion GPL 72km
10 dia
Pipeline to Kudu 18km 8 dia
Gas Pipeline 8km 4 dia
IBEX
KUDU
ELAND
Previous operators certified proved and
probable reserve estimates as at effective date
Source Afren
45
Appendix
www.afren.com
46
Côte dIvoire upside
  • CI-11
  • High GOR zones yet to be completed (no gas market
    when first developed by UMC)
  • Increase production through low risk wireline and
    rig based workover programme/infill drilling on
    Lion Field
  • Two closures in Foxtrot sand yet to be tested
  • Turonian and Senonian intervals could provide
    additional upside
  • Lion Gas Plant
  • Potential to de-bottleneck and increase inlet
    capacity from current 75 mmcfd, offering
    significant upside on liquid output
  • Opportunity to develop propane business (propane
    currently not stripped from the rich gas)
  • CI-01 offers secure future gas supply source
  • Positioned to receive gas from any future new
    discoveries

Source Afren
Appendix
47
Côte dIvoire Lion gas plant
  • Afren 100 (Operated)
  • Capacity to process 75 mmcf/d
  • Third party gas recieved from Blocks CI-26 and
    CI-40 (Espoir and Baobab)
  • Butane and Gasoline produced
  • Gasoline spiked into Lion crude stream and sold
    on the world market at prevailing global oil
    prices
  • Butane sold into the local market at fixed price
    (meeting 35 of total domestic demand)
  • Enjoys tax exempt status, generating high margins
    per barrel and attractive plant economics

Source Afren
47
Appendix
www.afren.com
48
Gabon low cost exploration
  • 16.67 interest in Iris Marin
  • 20 interest in Ibekelia Study Area
  • Operated by Sterling Energy with partner Addax
  • A number of additional prospects / leads
    identified

Source IHS Energy, Afren
Appendix
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