Afren Updates on Ebok Development Plans Offshore Nigeria

Afren and its partner Oriental Energy Resources announced a drilling update on the Ebok-5 appraisal well and that requisite approvals have been received for the Ebok Phase 1a Field Development Plan ("FDP").

Highlights

Ebok-5 appraisal well -- drilling update

• The Ebok-5 appraisal well has encountered 182ft of gross oil pay in the D1 reservoir and 84 ft of gross oil pay in the LD-1E reservoir
• Extensive log and pressure data has been acquired over these intervals, which are currently being analysed
• Results confirm pre drill estimates of Ebok West Fault Block volumetrics
• De-risks 92 mmbbls STOIIP, 25 mmbbls 2P recoverable
• Provides further validation of Afren’s amplitude based model
• The Ebok-5 appraisal well is currently drilling below 3,350 ft and will continue to test deeper objectives in the D2 and Qua Iboe sands
• The results to date increase the total Ebok project to 78 mmbbls 2P recoverable reserves, with upside resources potential of 74 mmbbls

Phase 1a Field Development Plan Approval

• Ebok Phase 1a FDP approval received from Nigeria’s Department of Petroleum Resources
• The development plan comprises five horizontal oil production wells in the D2 reservoir, one horizontal oil production well targeting the D1 reservoir and one water injection well in the central Fault Block 1 and Fault Block 2 areas of the field
• All wells will be drilled from a single field location via a Well-head Support Structure (“WSS”) and Mobile Offshore Production Unit ("MOPU")
• Fabrication of the WSS is complete and is in transit for delivery to the project
• Development drilling to commence post appraisal drilling on the D2 Southern Lobe, remaining on track to deliver 15,000 bopd at H1 2010

Ebok-5, currently being drilled by the Transocean Adriatic IX jackup drilling unit has encountered a total gross oil column of 266 ft in the D1 and LD-1E reservoir sands ranging in measured depth from 2,341 ft to 3,090 ft. Analysis of an extensive logging and sampling program on the D1 and LD1E is ongoing.

Afren's pre-drill volumetric estimates for the Ebok West Fault Block were 92 mmbbls STOIIP with 2P recoverable volumes of 25 mmbbls. The Ebok-5 well results to date confirm these estimates, and importantly further validates Afren's amplitude based model of the Ebok field. The well results provide an important additional calibration point for the amplitude model, and will assist in further appraisal and de-risking of the remaining upside potential.

The Ebok-5 appraisal well is currently drilling below 3,350 ft and will continue to test deeper objectives in the D2 and Qua Iboe sands.

Phase 1a Field Development Plan Approval

The Phase 1a development plan comprises five horizontal oil production wells in the D2 reservoir, one horizontal oil production well targeting the D1 reservoir and one water injection well in the central Fault Block 1 and Fault Block 2 areas of the field. All wells will be drilled from a single field location via a Well-head Support Structure ("WSS") and mobile offshore production unit ("MOPU"). Fabrication of the WSS is complete and is in transit to Nigeria for delivery to the project. The Company is in the process of finalising contract discussions on the production facilities. Associated gas produced will be utilised as fuel for the facilities' power generation and as gas lift to assist well productivity.

Further development of the broader Ebok -- Okwok complex

Following completion of the initial Ebok development phases, it is planned that the second phase development will be launched, incorporating the full development of the D1 reservoir (Fault Block 1 & 2 areas) and the now de-risked Fault Block West, whilst appraising the potential within the West Flank Qua Iboe structure (150 MMbbls STOIIP, estimated 45 MMbbls recoverable resources) and Fault Block North (30 MMbbls STOIIP, estimated 9 MMbbls recoverable resources).

Afren currently plans to drill one appraisal well at Okwok in mid 2010, and is engaged in studies to determine the optimal well location and development concept, maximising on development synergies with Ebok.

Osman Shahenshah, Chief Executive of Afren, commented, "The successful outcome of the Ebok-5 appraisal well drilling to date confirms our pre-drill expectations and increases the Ebok 2P recoverable reserves base by 25 million barrels. The Field Development Plan for Phase 1a has been approved and we continue to make good progress in the execution of our development plan, remaining on track to deliver 15,000 bopd at H1 2010."

Alhaji Mohammed Indimi, Chairman of Oriental, commented, "We are delighted with the successful results to date of the Ebok-5 appraisal well. The progress made and seamless operational delivery during the appraisal and development planning at Ebok is a testament to the Afren and Oriental partnership's strong technical skills and understanding of Nigerian oil and gas operations.

"We thank Nigeria's Department of Petroleum Resources for the Field Development Plan approval, representing an important step towards the successful delivery of one of the largest independent oil developments to date in Nigeria. We look forward to establishing Ebok as a production hub, continuing to further prove up and develop incremental volumes at the field whilst also replicating this success at the nearby Okwok field. "