Afren (Presentation) - Proactive Investors

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Extensive African / industry experience Board Dr Rilwanu Lukman - Chairman Guy Pas Non exec Evert Jan Mulder COO Osman Shahenshah Chief Executive Egbert Imomoh Chairman Afren Nigeria Peter Bingham Non exec John St. John INTERNATIONAL ADVISORY BOARD Ennio Sganzerla Bert Cooper Founder Brian Ward MANAGEMENT Nick Johnson Expl. & New Ventures Alan Hunt Okoro Setu Project Constantine Ogunbiyi Afren Nigeria / Counsel Assoc Director Galib Virani Acquisitions / IR Jeremy Whitlock Financial Controller www.Afren.com - October 2007 6
A track record of delivery Afren Share Price (p/sh) 90 85 80 75 70 65 60 55 50 45 40 Afren AIM All Share AIM Oil and Gas Index ◦ 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 (2) 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct Growing Reserves & Resources base ◦ Okoro Setu 2P reserves ◦ 32mmbbl (NSAI certified) ◦ 42mmbbl (FDP approved) ◦ Unrisked prospective resources: 120mmbbl Material growth from existing portfolio ◦ Gross production: 15-20,000bopd (mid 2008) ◦ 2008 Revenue (1) : US$340 mm ◦ 2008 EBITDA (1) : US$240 mm Strong financial position ◦ Cash balance: US$96.1 mm (H1 2007) ◦ US$500 mm raised in debt and equity since inception Significant upside ◦ Active New Ventures pipeline ◦ Exploration portfolio: over 25 identified leads / prospects www.Afren.com - October 2007 Note: (1) Afren internal estimates (at US$50 price deck). (2) Market data as at close on 18 October 2007, source Datastream 7
Page 1 and 2: Canaccord Adams Global Energy Confe
Page 3 and 4: Agenda ◦ A unique African proposi
Page 5: The Premier African E&P Independent
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 and 30: Appendix Divider Slide
Page 31 and 32: Executive management Osman Shahensh
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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