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  5. Memorandum of Understanding

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Memorandum of Understanding

23 Sep 2008 07:00

RNS Number : 0356E
Afren PLC
22 September 2008
 



Afren plc (AIM: AFR)

Memorandum of Understanding with Electricité De France and Gasol plc

 

Afren plc (“Afren” or the “Company”) is pleased to announce that it has signed a Memorandum of Understanding (“MoU”) with Electricité de France (“EDF”) and Gasol plc (“Gasol”) to examine establishing a gas aggregation joint venture to identify and develop onshore and offshore stranded gas assets in certain identified West African countries.
 
The proposed joint venture will develop gas to proven status, construct requisite collection networks to aggregate, and deliver the gas to a central gas processing hub for domestic use and / or export to global markets as Liquefied Natural Gas (“LNG”). 
 
It is envisaged that Afren and EDF will share participation in developing the exploration and production gas assets to proven status, and that EDF and Gasol will share participation in the collection of the gas, and its processing, liquefaction and monetisation.
 
This follows the Company’s co-operation agreement with E.ON Ruhrgas AG and Gasol to investigate the availability and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South Eastern regions, announced in January 2008.

 

23 September 2008

Enquiries:

Afren plc

+44 20 7451 9700

Osman Shahenshah

Chief Executive 

Galib Virani

Investor Relations

 

 

 

Jefferies International Limited

+44 20 7029 8000

Oliver Griffiths

 

 

 

 

 

 

Pelham Public Relations

+44 20 7743 6676

James Henderson

Alisdair Haythornthwaite

Background information

Afren Plc

Afren plc (www.afren.com) was founded in 2004 with the vision to become the premier pan-African independent exploration and production Company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas reserves in the Gulf of Guinea. Since the Company's listing on the AIM market in 2005, Afren has rapidly expanded its portfolio to 16 assets across 7 African countries.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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