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AfrenPlc

TheEastAfricaOil&GasSummit
GalibVirani Director,AfrenEastAfricaExploration 29th October2013

Notice
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Tableofcontents

I.EastAfrica drivingfuturegrowth II.Significantoperationalmomentum III.Neartermdrillingprogram

IV.Workingwithourcommunities V.Conclusions

Slide3

EastAfrica drivingfuturegrowth

AnestablishedupstreamindependentE&Pcompany
MarketCapitalisation
US$2.6billion

Netreservesandresources
8,515mmboe
MENA WestAfrica EastAfrica

Strongproductiongrowth
50,000 40,000

boepd

30,000 20,000 10,000 0 2010 2011 2012

Slide5

Afrentoday leadershipacrossthreestrongbusinessunits*

#1 RANKING
NetNigeriankboepd*

#1RANKING
NetKurdistan2P/2Cmmboe*

#3RANKING
GrossEastAfricanacreagekm2*

Nigeria&otherWestAfrica EastAfrica KurdistanregionofIraq

*Source:Company data(IndependentE&Psonly),IHSEnergydata

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Atrackrecordofsignificantgrowthanddelivery
Net2Preserves
300 250 200 50000 47,653

Networkinginterestproduction

269 210 185

40000 30000 20000 19,284 10000 0 14,333

43,059

mmboe

150 100 50 0 2010

80

boepd

2011

2012

1H2013

2010

2011

2012

1H2013

Netincome
200 160 1,200

Cashflowfromoperations

187
900

1,108 US$mm

US$mm

120 80

122 79

600

564
300

440 199

40 0

46
0 2010 2011 2012 1H2013

2010

2011

2012

1H2013

Slide7

Significantbalancesheetstrength

US$mm
TotalAssets Netdebt Cash Cashflowfromoperations
(1)RestatedasaresultoftheadoptionofIFRS10 Note:Allresultsrelatetocontinuingoperations

FY20121
3,929 561 599 1,108

FY2011
2,931 548 292 440

FY2010
1,446 128 140 199

Strongcashflowgenerationunderlinesqualityofproducingassetbase

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Proventechnicalcredentials
DevelopmentleadtimesoffshoreNigeriawithan FPSO/FSO TwoofthequickestindependentdevelopmentstodateinNigeria Okoro
7

Ebok

Developmentleadtime
6
Numberofdevelopments

2.5years

3years

Numberofoperatedwells drilled(E&A+development)

12

24

Reservesupliftfromentry
3

3x

4x

Production capacity

25,000bopd

50,000bopd

Follow onexplorationsuccess
03 46 79 10+

OkoroField Extension

EbokNFB

0
Leadtime(years)

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EastAfrica drivingfuturegrowth

Netprospectiveresources
7% 12%

7,487 mmboe
81%

Lowrisk,quicktomonetise Provenplayconcepts,significantupside Frontierarea,majorplayopeningpotential

Slide10

AfrenEAX 10explorationassetsin5countries

ETHIOPIA

6,058mmboe prospective resources 5licencesoperatedby Afren Alllicenceslieinbasins withevidenceofaworking petroleumsystem Aggressiveseismic acquisitioncampaign completedacrossthe portfolioduring20102012 Highimpactwellsin planning
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KENYA

TANZANIA SEYCHELLES

MADAGASCAR

Afren EastAfricaExploration

Significantoperationalmomentum

Operationalachievementstodate

Atotalof13seismicsurveyscompleted

43Dseismicsurveys 92Dseismicsurveys

10,460 linekilometres2D 5,000 squarekilometres3D 27,760 linekilometresgravityandmagnetics data 1discovery(Paipai Kenya10A)

Afren EastAfricaExploration

Slide13

Workcompletedtodate
Ethiopia
Assets
ETHIOPIA

Blocks7&8

30%

308km2Dseismicin2010.

Kenya
Assets Blocks1,10A,L17/L18 80%,20%,100% Block1:1,900km2D2012 10,696kmairbornegravityandmagneticsurveyin2010. 10A:794km2Dseismicin2010,FTGin2011,Paipai wellin2012/3 L17/18:474km2Dshallowwaterseismicin2010,1,207km2D seismic,1,206km2 3Dseismicand128km2Donshorein2012.

KENYA

Seychelles
Assets
TANZANIA SEYCHELLES

BlocksA&B

75% 3Dacquiredin

3,733km2Dseismicacquiredin2011,650km2 2012and2700km2 3Din2013.

Tanzania
Assets Tanga Block 74% 755km2Dshallowwaterseismicand930km2Dmarineseismic acquiredin2011and620km2 3Dseismicacquiredin2012/3.

Madagascar
MADAGASCAR

Assets

Block1101

90%

9,014kmairbornegravityandmagneticsurveyacquiredin2011 2012.Geologicalfieldworkprogrammecompletedin2012. 230km2Dlandseismicacquiredin2012/3.

Afren EastAfricaExploration

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SignificantprogresstodateinKenya Block1
Year Month 2008
SOND

2009
JFMAMJJ ASOND

2010
JFMAMJJ ASOND

2011
JFMAMJJ ASOND

2012
JFMAMJJ ASOND

2013
JFMAMJJ ASOND

2014
JFMAMJJ ASOND

BlackMarlinEnergy
GRAV&MAG SURVEY 1,900km2DSEISMIC
Acquisition 2D seismicprocessing 2Dseismic interpretation

Afren EastAfricanExploration(Kenya)Ltd
10,629km 26Marto21Apr2011

NophysicalworkprogrammecarriedoutpriortoAfren entry Within4monthsofAfrenoperatorshipGravityandMagsurvey startedand10,629kmcompletedonemonthlater 1,900km2Dseismiccompleted

Slide15

Afren EastAfricaExploration

SignificantprogresstodateinKenya BlockL17/L18
Year Month 2008
JFMAMJJ ASOND

2009
JFMAMJJ ASOND

2010
JFMAMJJ ASOND

2011
JFMAMJJ ASOND

2012
JFMAMJJ ASOND

2013
JFMAMJJ ASOND

2014
JFMAMJJ ASOND

2015
JFMAMJJ ASOND

BlackMarlinEnergy 770km2DSEISMIC
Acquisition,processing,interpretation

Afren EastAfricanExploration(Kenya)Ltd

770kmMarinedatapurchased

474km2DSEISMIC Acquisition 2D seismicprocessing Interpretationof2D seismic 1206km2DSEISMIC Acquisition 2D seismicprocessing Interpretationof2D seismic 1006sq.km3DDeepwater survey Acquisition 3D seismicprocessing Interpretationof3D seismic 125sq.km2DSEISMIC Acquisition 2D seismicprocessing Interpretationof2D seismic

Afren EastAfricaExploration

Slide16

SignificantprogresstodateinTanzania Tanga Block

Year Month 2008 JFMAMJJ ASOND 2009 JFMAMJJ ASOND 2010 JFMAMJJ ASOND 2011 JFMAMJJ ASOND 2012 2013 14 JFM JFMAMJJ ASOND JFMAMJJ ASOND

Petrodel
1212km2DSEISMIC Acquisitionof2Dseismic Processingof2Dseismic Interpretationof2Dseismic 755km2DTRANSITIONZONESEISMIC Acquisition 2Dseismicprocessing 2Dseismicinterpretation 930km2DTRANSITIONZONESEISMIC Acquisition 2Dseismicprocessing 2Dseismicinterpretation OrpheusEIAsubmittedtoNEMC Orpheussitesurvey Orpheusprospectreadytodrill 620km2 3DWATERSEISMIC 3Dtenderprocess 3DacquisitioncontractawardedtoPGS 3Dseismicacquisition 3Dseismicprocessing 3Dseismicfasttrackprocessing 3Dfasttrackinterpretation DRILLDECISIONONFASTTRACK CalliopeEIA Final3Dseismicinterpretation PREPAREANDDRILLORPHEUS

Afren

EIAtook8monthsandapproval68weeks

Orph

Since2011Afren has:

Completed3surveys PerformedsitesurveyoverOrpheus Fasttracked3Dseismicprocessingand identifiedwelllocationonCalliope Identifiedsignificantdeepwaterprospectivity withhighCOSforfindingoil

Fasttrackprocessing Fasttrackinterpretation

Afren EastAfricaExploration

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Neartermdrillingprogramme

Afren EastAfricaExploration

KenyablocksL17/L18
Prospectivitysubstantiallyupgradedasaresultofnewseismicdataacquisition
Frontierarea, playopening potential

Oildominatedsystemscharged fromJurassic/Eocenesource marinerocks EvidenceofoilonnearbyL19 drilling.Onshoreseeps Excellentreservoirqualityin closestJurassicwell(Tanga onshore) Haveidentifiedonshoreand shallowwaterdrillinglocations (minimaldrillingcosts) Targetingthelargestundrilled structurealongAfricanmargin MombasaHigh
Slide19

Afren EastAfricaExploration

Drillingpreparationsunderway MombasaHigh
Faultbounding theMombasaHigh tothewest MombasaHarbour

EoceneMiocene BrighteninginCrest

BaseTertiary

Slide20

Tangablock,Tanzania
Auniqueopportunitytoexploreahighpotentialoilpronebasin
Frontierarea, playopening potential

Southerlyextensionofsamecoastal anddeeperwaterplaysasatKenya BlocksL17&L18 Permo TriassicandMiddleJurassic sourcepotential Shallowamplitudeanomaliespresent Pembatroughsourcekitchenareais onblock

Slide21

ReadytodrillChungwa (Orpheus)Prospect
MidEoceneDepthMap(mss)
Orpheus NE Prospect

Riftmarginplaywithriftingin MiddleJurassic

Orpheus West Prospect Spill: -2600m

Chunga wellwilltestJurassic, CretaceousandTertiary reservoirs

B
Orpheus Prospect

Lead?

Slide22

KenyaBlock1
LargeunderexploredsubbasincontinuouswiththeprovedOgadenBasintothenorth
Frontierarea, playopening potential

TarbajOilSeep
ElKuransignificantoil andgasshows Intra Jurassic Intra Karoo

Oilinshallowwaterwell andTarbaj1core CNOOC Bogal12010 gasdiscovery 50kms

Basement

Mansa Guda
5km

Largeunderexploredsubbasinofthe OgadenBasin,continuouswiththe Calub,Hilala andElKuranoccurrences Karooequivalentreservoirsandseals proveninoutcrop DeeperCalubpotentialmayexist

Permo-Triassic

OilseepclosetoTarbaj1wellin southwestcornerconfirmsa workingsystem

Slide23

DrillingpreparationsunderwayProspect4A

Multiplesourcerocksinunder exploredMandera LugeBasin Fourwaydipclosedhigh,down dipfromoilseep

SW
4km

NE

TopAdrigat Depth
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Workingwithourcommunities

Afren EastAfricaExploration

A partnershipbasedapproachtocapacitybuilding
KnowledgeandSkillstransfer

Pangea Women'sNetwork,Kenya SecondmenttoAfrens officesgroup

Employmentofmembersofhostcommunitiesonourfacilities

Localofficesareover90%locallyemployed

ParticipationinAfrens educationalinitiatives

ExeterOnePlanetMBA TheUniversityofTexas AfrenManagement EndowedGraduateFellowshipinEngineering AfricanEnergyInstitute Sightsavers EducationInclusionprogramme,KenyaandTanzania

Communitydevelopment

E.g.Schooldormitoryandclassrooms,Mandera,Kenya E.g.Orphansscholarship,Wasini,Kenya E.g.Boma Village,Mkinga,Tanzania

Afren EastAfricaExploration

Slide26

Afren`s activitiesinBlock1,L17/L18andTanga

32
Communityprojects acrossBlock1,L17/L18 andTanga

18
Educationalprojects whichincludethe reconstruction ofschoolsandsupplying educationalmaterials

11
Waterprojectsincluding theprovisionofboreholes providingfreshwaterto 12,000 people

3
EnvironmentalProjects,raising localawarenessofsustainability andsupportingrelevantprojects
Slide27

Afren EastAfricaExploration

4.Conclusions

Exploringtheroadmaptosuccessandfurtheropportunities EastAfrica thedriveroffuturegrowthforAfren EstablishedfullcycleAfricanoperator norequirementforexternal funding Followthescienceandderiskpriortowildcatdrilling over $120mminvestedindataacquisitionsince2010 Neartermdrillingprogramistargetingupto5billionbarrelsof prospectiveresources Workingcloselywithourcommunitiesisourraisondetre

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