Afren (Presentation) - Proactive Investors

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Strong financial resources 2008 capital budget Capital structure ◦ Strong balance sheet (US$ 96.1 mm net cash) ◦ US$200 mm non-recourse debt facility secured ◦ Minimal hedging policy Share ownership Wellington Management: 21.3 mm (8%) Development Exploration New Ventures 73% 11% 15% Other free float Lansdowne Partners: 15.3 mm (6%) UBS: 12.7 mm (5%) JP Morgan: 11.0 mm (4%) Management & Directors: 10.7 mm (4%) Investec Asset mgt.: 10.6 mm (4%) IFC: 8.4 mm (3%) Dresdner: 9.4 mm (4%) Standard Bank: 9.0 mm (3%) www.<strong>Afren</strong>.com - October 2007 Source: <strong>Afren</strong>. Net cash position as at 30 June 2007. Share ownership as at 30 September 2007 12
Production Divider Slide growth
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: Production growth forecast 90 80 Af
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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