AFR Afren

Afren PLC (AFR.LN), an independent upstream oil and gas exploration and production company, said Wednesday the Nunya-1x exploration well in the Keta block offshore Ghana has encountered thick and high quality water bearing reservoirs.

MAIN FACTS:

-Objective of the Nunya-1x exploration well was to explore a large four-way dip closed Upper Cretaceous prospect in the Keta block, located offshore Ghana.

-Well intersected 153 meters of very good quality sandstone reservoirs, however they were interpreted as water bearing.

-Well was drilled with the Marianas semi-submersible drilling rig to a total depth of 4,550 meters in a water depth of 1,687 meters.

-Afren has a 35% carried interest in the Keta Block and is partnered by Eni SA (ENI.MI)-35% and operator; Mitsui-20%; and GNPC-10%.

-Afren continues to make excellent progress with wider exploration program, which has already yielded two significant discoveries year to date.

-Ebok North Fault Block exploration well has been spudded in Nigeria and is drilling ahead towards target.

-Shares at 1200 GMT down 6 pence, or 4.41%, at 136.4 pence valuing the company at GBP1.53 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com

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