1 Table of Content 2
1.1 List of Tables 5
1.2 List of Figures 6
2 Investment Overview 8
2.1 Encouraging Nigerian Economics to Drive the Growth 9
2.1.1 Okoro Setu 9
2.1.2 Ebok Field 10
2.1.3 OPL 907 and 917 11
2.1.4 Ogedeh Field (OML 90) 12
2.1.5 Ofa Field 13
2.2 Substantial Upside Through New Partnerships and Acquisition Activities 13
2.3 Exploring Acquisition Opportunities In Africa 17
3 Operations Overview 18
3.1 Shareholding Structure 19
3.2 Nigeria 20
3.2.1 Assets Overview 20
3.2.2 Production and Reserves 22
3.2.3 Exploration and Development 25
3.3 Côte d’Ivoire 27
3.3.1 Production and Reserves 27
3.3.2 Exploration and Development 28
3.4 Nigeria - Sao Tome & Principle Joint Development Zone (JDZ) 28
3.4.1 Production and Reserves 29
3.4.2 Exploration and Development 29
3.5 Congo (Brazzaville) 29
3.5.1 Production and Reserves 30
3.5.2 Exploration and Development 30
3.6 Gabon 31
3.6.1 Exploration and Development 32
3.7 Ghana 32
3.7.1 Exploration and Development 33
3.8 Summary of the Overall Assets 33
3.8.1 Outlook 34
3.9 Income Statement (2007-2013E) 35
3.10 Balance Sheet (2007-2013E) 36
3.11 Cash Flow Statement (2007-2013E) 37
4 Valuation 38
4.1 Sum-of-Parts Analysis 38
5 Peer Group Analysis 40
5.1 Share Price Performance 40
5.2 Operational and Financial Performance 41
6 Key Risks 44
6.1 Crude oil and natural gas prices 44
6.2 Political Instability 44
6.3 Competition 44
6.4 Reserves and Drilling operations 44
7 Market Scenario 45
7.1 Nigeria 45
7.2 Reserves and Production 45
7.3 Imports and Exports 45
7.4 Infrastructure 46
7.5 Regulations 46
7.6 Key Fiscal Regime 47
7.7 Cote D’Ivore 47
7.8 Reserves and Production 47
7.9 Import and Exports 48
7.10 Infrastructure 48
7.11 Regulations 48
7.12 Key Fiscal Regime 49
8 Appendix 50
8.1 Methodology 50
8.1.1 Coverage 50
8.1.2 Secondary Research 51
8.1.3 Primary Research 51
8.1.4 Forecasts 52
8.2 Key Economic Assumptions 54
8.3 Expert Panel Validation 54
8.4 Definitions 54
8.5 Unit Of Measure 55
8.6 Disclosure information 56
8.7 About GlobalData 56
8.8 Contact Us 56
8.9 Disclaimer 56

1.1 List of Tables
Table 1: Afren Plc, Okoro Setu Overview 9
Table 2: Afren Plc, Ebok Overview 11
Table 3: Afren Plc, Ogedeh Field Overview 12
Table 4: Afren Plc, Ofa Field Overview 13
Table 5: Afren Plc – Nigeria Assets Updates 20
Table 6: Afren Plc – Côte d’Ivoire Updates 28
Table 7: Afren Plc – São Tomé & Príncipe Updates 28
Table 8: Afren Plc – Congo Updates 30
Table 9: Afren Plc – Gabon Updates 31
Table 10: Afren Plc – Ghana Updates 32
Table 11: Afren Plc, Income Statement ($ Million), 2007- 2013E 35
Table 12: Afren Plc, Balance Sheet ($ Million), 2007-2013E 36
Table 13: Afren Plc - Summary of Target Price ($/share), 2008 38
Table 14: Afren Plc – Sum of Parts Valuation Methodology 39
Table 15: Afren Plc Vs Peer Group, Segment Valuation, 2008 41
Table 16: Crude Oil and Natural Gas Prices, 2009-2012 54

1.2 List of Figures
Figure 1: Afren Plc, Share Price Performance, January 2008 - June 2009 8
Figure 2: Afren Plc – Ebok Field, Early Production System 10
Figure 3: Afren Plc and Other Operators Working Interest in OPL 907 Field 11
Figure 4: Afren Plc and Other Operators Working Interest in OPL 917 Field 12
Figure 5: Afren Plc, Block CI-11 Overview 14
Figure 6: Afren Plc and Other Companies Holdings in Block CI-11 14
Figure 7: Afren Plc Interconnected Pipeline Framework in Block CI-01 15
Figure 8: Afren Plc’s Partnership in Keta Block in Ghana 16
Figure 9: Afren Plc’s Keta Block Overview 16
Figure 10: Afren Plc’s - Debt Maturity Structure, $ Million, 2009-2013 17
Figure 11: Afren Plc, Operational Overview 18
Figure 12: Afren Plc, Significant Shareholders 19
Figure 13: Afren Plc, Okoro Setu Field 22
Figure 14: Afren Plc, Ebok 4 Well Overview 22
Figure 15: Afren Plc, Ogedeh Field Overview 23
Figure 16: Afren Plc, Ofa Field Overview 24
Figure 17: Afren Plc, Eremor Field 25
Figure 18: Afren Plc, Côte d’Ivoire Overview 27
Figure 19: Afren Plc - JDZ Overview 29
Figure 20: Afren Plc - Congo Overview 30
Figure 21: Afren Plc – Gabon Overview 31
Figure 22: Afren Plc – Ghana Overview 32
Figure 23: Afren Plc – Exploration, Production and Development of The Assets 33
Figure 24: Afren Plc Vs Peer Group, Relative Share Price Performance Index, June 2008 – May 2009 40
Figure 25: Afren Plc Vs Peer Group, EV/2P Reserves (US$/boe), June 2008 42
Figure 26: Afren Plc Vs Peer Group, Total Oil & Gas Reserves (MMboe), 2008 42
Figure 27: Afren Plc Vs Peer Group, Total Oil & Gas Production (MMboe), 2008 43
Figure 28: GlobalData Methodology 50