Afren (Presentation) - Proactive Investors

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Background Founded in late 2004 ◦ Team including Dr Rilwanu Lukman (Chairman) and Osman Shahenshah (Chief Executive) Trading ◦ Listed on 14 March 2005 on London Stock Exchange (AIM) ◦ Ticker – AFR.L ◦ 273 mm shares in issue (385 mm fully diluted) ◦ Market capitilisation: US$470 mm (1) Presence ◦ Offices in London and Lagos ◦ Assets in Nigeria, Congo Brazzaville, Gabon, Angola, São Tomé & Príncipe www.Afren.com - October 2007 30 (1) Market data as at close on 18 October 2007
Executive management Osman Shahenshah Chief Executive ◦ 20 years experience of oil and gas finance ◦ One of the founders of Afren ◦ International career began with Credit Suisse First Boston ◦ Senior positions in the oil and gas finance groups of the International Finance Corporation (private sector arm of the World Bank), and the investment banking divisions of Dresdner Kleinwort Wasserstein and Mediocredito Centrale ◦ More than 15 years experience in the African Oil & Gas sector working with Shell, Chevron, Total, ENI and Nigerian National Petroleum Corporation ◦ PhD from University of Pennsylvania, MSc from Columbia University and a BA from Brown University Evert Jan Mulder Chief Operating Officer ◦ Over 25 years industry experience ◦ Addax, Shell, Weatherford and Halliburton ◦ Over 13 years experience in Nigeria ◦ Most recently COO of Addax, Nigeria’s largest independent oil producer ◦ Responsible for increasing production from 30,000 bopd to 75,000 bopd in 24 months, while maintaining reserves at Addax ◦ Over 10 years with Shell (Head of Commercial Planning in Nigeria and Head of Production Technology for Shell Expro) ◦ Formerly Business Development Manager and the Global Manager of Reservoir Description for Halliburton ◦ MSc in mining engineering from the Technical University of Delft, Netherlands Egbert Imomoh Exec. Chairman, Afren Nigeria ◦ 36 years experience with Shell in Nigeria, UK and Netherlands ◦ Formerly Deputy Managing Director of Shell Petroleum Development Company (Nigeria) ("SPDC") producing 1 mm bopd ◦ Held various senior positions throughout the Shell group from Chief Petroleum Engineer in SPDC, Technical and Planning Manager to Deputy MD of SPDC ◦ Member of the Society of Petroleum Engineers and has served on the SPE board as regional Director for Africa ◦ BSc in Mechanical Engineering from Birmingham University www.Afren.com - October 2007 31
Page 1 and 2: Canaccord Adams Global Energy Confe
Page 3 and 4: Agenda ◦ A unique African proposi
Page 5 and 6: The Premier African E&P Independent
Page 7 and 8: A track record of delivery Afren Sh
Page 9 and 10: Rapid portfolio expansion Ofa Eremo
Page 11 and 12: Production growth forecast 90 80 Af
Page 13 and 14: Production Divider Slide growth
Page 15 and 16: Okoro Setu: background 3D view of O
Page 17 and 18: Okoro Setu: success breeds success
Page 19 and 20: Okoro Setu: FPSO secured Armada Per
Page 21 and 22: Okoro Setu: community relations ◦
Page 23 and 24: Marginal field strategy: Eremor dev
Page 25 and 26: Exploration portfolio - summary NIG
Page 27 and 28: 2007/08 key objectives Achieved Oko
Page 29: Appendix Divider Slide
Page 33 and 34: Nigeria: Ogedeh development Explora
Page 35 and 36: Congo: La Noumbi - high impact expl
Page 37 and 38: Gabon: low cost exploration Area of

Afren (Presentation) - Proactive Investors

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