Afren Secures Financing for Okoro Setu Project

Afren plc states that BNP Paribas, the Mandated Lead Arranger of a fully underwritten US$200 million debt facility to finance the Okoro Setu Project has closed syndication.

The Board of Afren announced that syndication on the US$200 million debt facility to finance the Okoro Setu Project has successfully closed and was significantly over-subscribed by a diverse syndicate of international banks.

The syndicate, led by BNP Paribas, consists of Calyon, Guaranty Trust Bank of Nigeria, KBC Bank, Natixis and Standard Bank plc. The Facility is limited-recourse and has been secured against the Okoro Setu Project reserves, which have been independently certified by Netherland Sewell and Associates.

Together with the recent successful US$65 million equity placement, that was also oversubscribed, the Company remains on track to deliver 15,000 to 20,000 bopd by mid 2008.

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