Afren | Business Review | Where We Operate

Regional Overview: Côte d’Ivoire

Côte d’Ivoire’s potential

Licences

Côte d’Ivoire	Working Interest	Operator	Work Programme
Block CI-11	47.96%	Afren/PETROCI	Production
Block CI-01	65%*	Afren	Exploration / Appraisal / Development
Lion Gas Plant	100%	Afren	Production**

* Direct participating interest, Afren also holds rights over an additional
15% interest.

** Butane extracted from gas stream at a rate of 12 bbls/mcf.
Gasoline extracted from gas stream.

Afren in Côte d’Ivoire

We established our operations in Côte d’Ivoire in September 2008 when we completed the acquisition of Devon Energy’s assets, comprising production at Block CI-11, the Lion Gas Plant and Block CI-01 which hosts a number of undeveloped oil and gas discoveries. At the same time as completing the acquisition, we forged a strategic partnership with PETROCI (the National Oil Company of Côte d’Ivoire) which jointly operates Block CI-11.

Current gross production at Block CI-11 is approximately 1,230 bopd and 30 mmcfd with NGL output of around 1,143 boepd at the Lion Gas Plant.

Reserves
Netherland Sewell & Associates Inc. has independently certified net 2P reserves and contingent resources in Côte d’Ivoire of 28.6 mmboe at 31 December 2009, with further upside of 57 mmboe identified.

whereweop_cod_liongasplant_370px

2009 results highlights

Total Production (including NGLs)	Total Reserves* and Resources	Sales Revenue	2009 Investment
7,500 boepd	85 mmboe	US$43.7m	US$7.9m

* Net working interest.

Recent estimates put Côte d’Ivoire’s recoverable oil reserves at 100 mmbbls and recoverable gas reserves at 1.1 tcf (source: US Department of Energy, Energy Information Administration). The main producing fields include Lion, Panthère and Foxtrot. Significant gas reserves discovered in the 1980s have been developed and used for thermal power generation.

Gas is the main source of power generation in Côte d’Ivoire. Whilst existing domestic production largely satisfies current demand, it is unlikely to meet growth in demand over the medium to longer term.