AFREN Buys Devon’s Cote D’Ivoire Interests

COTE D’IVOIRE  Afren has reached an agreement with Devon to acquire the latter’s interests in Côte d’Ivoire for $205MM, of which a 47.96% operating interest in Ci-11, a direct 65% and operatorship with rights over an additional 15% interest in Ci-0l, and 100% in the onshore Lion Gas Plant. The deal, which marks the AIM Listed Afren’s entry into Cote D’Ivoire, is to be made effective 30 June 30, 2007. Combined 2P reserves for Ci-0l and Ci- 11 are about 28MMBOE as of 30 June 2007, providing immediate access to 3,000 BOEPD net. The company is targeting over 6,000 BOEPD from 2010. The acquisition is subject to customary regulatory and governmental approvals.


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