Rig: Deepwater Discovery

Obo-1 Discovery in Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone Confirmed

Afren (AIM:AFR), the oil and gas company focused on establishing itself as the premier pan-African independent exploration and production company, announces that Chevron, the Operator of Block 1 of the Nigeria Sao Tome and Principe Joint Development Zone ("JDZ"), has confirmed that it has discovered hydrocarbons in the Obo-1 well, which is the first exploration well in this area. The Obo-1 well logged a cumulative total of at least 150 feet (45 meters) of net hydrocarbon pay in multiple reservoirs and provided important reservoir rock and liquid samples. The well is located in 1,720 meters of water (5,640 feet) The JDZ Block-1 is located approximately 190 miles (300 km) north of the city of Sao Tome and approximately 125 miles (200 km) south of the city of Port Harcourt in Nigeria. Chevron JDZ Limited has a 51 percent equity share in the block, ExxonMobil holds 40 percent, and Dangote Energy Equity Resources Limited holds the remaining 9 percent. Afren plc is the beneficial owner of 49 percent of the equity in Dangote Energy Equity Resources Limited, through its wholly owned subsidiary Energy Equity Resources A.S.

Drilling Update

Afren (AIM:AFR), the oil and gas company focused on establishing itself as the premier pan-African independent exploration and production company, announces that Chevron, the Operator of Block 1 of the Nigeria - Sao Tome and Principe Joint Development Zone ('JDZ') has confirmed that it has commenced drilling of the first exploration well on this licence on 14 January 2006. The Obo-1 well is located in approximately 1,750m of water (5,750 ft) and should be completed in approximately 60 days, assuming no technical challenges are encountered during the drilling operation. The well is being drilled by the Deepwater Discovery Drillship, which is contracted to Chevron by Transocean. The JDZ Block-1 is located approximately 190 miles (300 km) north of the city of Sao Tome and approximately 125 miles (200 km) south of the city of Port Harcourt in Nigeria. Chevron JDZ Limited has a 51% equity share in the block, ExxonMobil holds 40% equity, and Dangote Energy Equity Resources Limited holds the remaining 9% equity. Afren plc is the beneficial owner of 49% of the equity in Dangote Energy Equity Resources Limited, through its wholly owned subsidiary Energy Equity Resources A.S.

First well on Angola Block 34 dry

The first exploration well drilled on Block 34 offshore Angola has been completed and no hydrocarbons were found. The N'Demba 1 exploration well - spudded March 24 and drilled at a water depth of 1,731 meters by drillship "Deepwater Discovery" - did not encounter hydrocarbons but revealed valuable data for further exploration of the block, the operator Sonangol P&P said in a statement. The consequences of the well are still under evaluation. Several other prospects have been identified within the 6,000 km2 block and the Contractor Group will now consider possible targets for well number two. Block 34 partners include operator Sonangol P&P (20 percent), Norsk Hydro (30 percent), Phillips (20 percent), Petrobras (15 percent) and Shell (15 percent). Hydro is designated Technical Assistant on Block 34. Hydro's part in the exploration of Block 34 will be funded by approximately NOK 300 million in the second quarter 2002.