Afren Issues 2.5 Million Shares to Energy Investment

On June 21, 2007 Afren allotted conditional to admission 2,534,010 Ordinary Shares (the equivalent of GBP1.27 million) to Energy Investment Holdings representing a milestone payment in relation to the Okoro Setu Project, in compensation for securing certified reserves for the Company.

Application for admission has been made for the shares, which is expected to be effective on July 5, 2007. Following the share issue, the Company's outstanding issued share capital will be 267,406,563 shares.