Afren gains Côte d'Ivoire interest

Offshore staff

LONDON -- Afren has completed the acquisition of Devon Energy's interests in Côte d'Ivoire.

- The acquisition comprises existing production (47.96% participating interest and operatorship of block CI-11), development (80% participating interest and operatorship in block CI-01), and a 100% interest in the onshore Lion Gas Plant (LGP)

- Current net daily volumes of approximately 5,200 WI boe/d from upstream oil and gas production and NGL extraction

- Combined net 2P reserves for block CI-01 and block CI-11 interests of approximately 28 MMboe

- The portfolio offers significant upside potential, including additional volumes accessed when a low risk wireline program and rig based workover program on block CI-11 are carried out in 2009, and existing proved reserves on block CI-01 are developed in a program beginning in 2009, the company says

- Targeting total net daily production volumes in excess of 10,000 WI boe/d by 2010 from the upstream assets and the LGP

- Afren has taken on operatorship, together with Afren's partner PETROCI, the National Oil Company of Côte d'Ivoire, of a fully integrated oil and gas project and added a competent and skilled local workforce of 100 employees

09/25/2008