AFR.L Regulatory News (AFR)

17 Nov 2009 07:00



Afren plc (AFR LN)

Afren plc announces the completion of the Ebok-5 appraisal well offshore Nigeria

London, Tuesday 17th November 2009. Afren plc and its partner Oriental Energy Resources ("Oriental") announce completion of the Ebok-5 appraisal well.

Highlights

The Ebok- 5 appraisal well has been drilled to a total depth of 3,743' md

Ebok-5 has encountered a further 54 ft of gross oil pay in the D2 and LD1F reservoirs 

The oil column is full to base in both reservoirs

Extensive log and pressure data has been acquired over these intervals, which are currently being analysed

A total of four oil-bearing reservoirs were encountered ranging in measured depth from 2,341 ft. to 3,090 ft.

The Ebok-5 well, which was drilled by the Transocean Adriatic IX jack up drilling unit, has been drilled to a total  depth of 3,743'. The well encountered a total gross oil column of 266 ft in the D1 and LD-1E reservoir sands ranging in measured depth from 2,341 ft to 3,090 ft, in addition to a further 54 ft of gross oil pay in the D2 and LD1F reservoirs. 

Analysis of an extensive logging and sampling programme on the D1, LD1E, D2 and LD1F sands is ongoing. 

Osman Shahenshah, Chief Executive of Afren, commented:

"The Ebok-5 well results have exceeded pre-drill estimates, and provide an important additional calibration point for the amplitude model, which will assist in further appraisal and de-risking of the remaining upside potential in the Ebok - Okwok complex."

Alhaji Mohammed Indimi, Chairman of Oriental, commented:

"We are delighted with the successful results of the Ebok-5 appraisal well. Since Afren and Oriental established our partnership, we have grown the resources base on Ebok from a pre drill minimum economic field size of circa 25 million barrels to a current recoverable reserves base in excess of 78 million barrels. We look forward to further increasing our presence in the Ebok-Okwok area."

Note

In accordance with the AIM Rules, the technical information in this release has been reviewed and signed off by Mr Iain Wright, who is Technical Director at Afren Plc and has over 25 years relevant experience within the sector. He consents to the information in the form and context in which it appears. The Company estimates its reserves in accordance with the guidelines and definitions of the 2007 SPE/WPC/AAPG/SPEE Petroleum Resource Management System ("PRMS") Classification System.