The interests being acquired by Afren comprise a 47.96% working interest and operatorship of the producing Block CI-11, a direct 65% interest and operatorship with rights over an additional 15% interest in the undeveloped Block CI-01 and a 100% interest in the onshore Lion gas plant.
Afren noted that the interests account for current net daily volumes of approximately 3,000 entitlement barrels of oil equivalent per day (boepd) from upstream oil and gas production and NGL extraction, with approximately 5,000boepd on a working interest basis.
Combined net proven and provable reserves for the Block CI-01 and Block CI-11 interests are approximately 28 million barrels of oil equivalent.
Osman Shahenshah, CEO of Afren, said: This material transaction, which follows on from the company’s acquisition of Devon’s assets in Ghana and Angola, represents a step change addition to Afren’s existing portfolio. The portfolio of businesses acquired from Devon offers immediate productionfor Afren, ahead of production start-up from the Okoro Setu project in Nigeria.
