Afren Says Results of Obo-1 Under Evaluation

Afren notes recent media speculation regarding the drilling of the Obo-1 well in Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone ("JDZ"). On January 23, 2006, Afren announced that Chevron, the Operator of Block 1 had confirmed that it had commenced drilling of the first exploration well on this license on January 14, 2006 and that it should be completed in approximately 60 days. Initial drilling of the well has been completed and the results are currently being evaluated. The results of this well will not be known until the Operator has completed its evaluation and authorized the release of further information.

The JDZ Block-1 is located approximately 190 miles (300 km) north of the city of Sao Tome and approximately 125 miles (200 km) south of the city of Port Harcourt in Nigeria. Chevron JDZ Limited has a 51% equity share in the block, ExxonMobil holds 40% equity, and Dangote Energy Equity Resources Limited holds the remaining 9% equity. Afren plc is the beneficial owner of 49% of the equity in Dangote Energy Equity Resources Limited, through its wholly owned subsidiary Energy Equity Resources A.S.

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