Dr. Rilwanu Lukman Named Nigeria's Minister of Petroleum Resources

Afren announced that Dr. Rilwanu Lukman, has been appointed as Nigeria’s Minister of Petroleum Resources.

Following Dr. Lukman’s appointment as Nigeria’s Minister of Petroleum Resources, he has stepped down from the Afren Board of Directors. Egbert Imomoh, a co-founder and Director of Afren, has been appointed as Chairman of Afren. Mr. Imomoh moves from his role as Managing Director and Executive Chairman Afren Nigeria, which he has held since it was established in May 2005. During this time he has successfully led the growth of the Company’s Nigerian asset base, which now includes eight assets, has established six partnerships with indigenous companies and realized the First Oil milestone at the Company’s Okoro Setu Project.

Prior to establishing Afren’s Nigerian subsidiary, Mr Imomoh served as Deputy Managing Director of Shell Petroleum Development Company (Nigeria), one of the Shell Group's largest operating companies, which is responsible for operating the joint venture that produced approximately 1 million barrels of oil per day. He is also a member of the Society of Petroleum Engineers (“SPE”) and has served on the SPE board as regional Director for Africa.

Dr. Lukman’s share options have lapsed and he has relinquished all rights under the Founders Investment and Warrants scheme. Dr. Lukman has been awarded a bonus of 650,000 shares, which together with his existing shareholding in the Company, will be held in blind trust.

Dr. Rilwanu Lukman, KBE, Legion d'honneur, commented, “Afren has achieved tremendous growth since 2005 and I am delighted that Afren is well on its way to achieving its vision as Africa’s premier independent oil and gas company. Afren today has an established team of over 180 professionals supporting a portfolio of 15 assets in Nigeria, Cote d’Ivoire, Ghana, The Republic of Congo, Gabon and the Nigeria – Sao Tome & Príncipe Joint Development Zone, with current production of circa 23,000 barrels of oil equivalent per day.

Afren is therefore currently in excellent shape and through its unique positioning with indigenous oil and gas companies and National Oil Companies, together with its strong financial position, is very well placed to continue this superlative growth demonstrated to date.”

Egbert Imomoh, MD and Executive Chairman of Afren Energy Resources and newly appointed Chairman of Afren commented, “Dr. Lukman has led Afren with dedication and distinction since its inception. I am committed to building on this solid foundation and leverage Afren’s track record, relationships in the region and established technical and operating base to continue the company’s forward growth.”

Osman Shahenshah, Chief Executive of Afren, commented, “It has been an honor to work so closely with Dr. Lukman over the past few years. Dr. Lukman set the foundation for realising the Company's vision and Afren will continue the rapid growth of its organic and inorganic reserves and production base throughout Africa. We wish Dr. Lukman well as he implements the new Nigerian oil and gas policy.”