Keta Block Holds Over 1.4 Billion Barrels of Oil

; 325 million barrels Cuda Prospect to be drilled in third quarter 2011

Afren Plc, a Joint Venture Partner in the Offshore Keta Block announce today May 19, 2011 that the Keta Block holds over 1.4 billion barrels of crude oil and the partners plan to drill the 325 mmbbls Cuda Prospect during the third quarter of 2011.

Read extracts of the Afren Plc Statement obtained by www.ghanaoilwatch.org :

Ghana - Keta Block In March, the Company announced the farm down of a 35 per cent. interest in the Keta block and operatorship to ENI (Afren retains a 35 per cent. interest). In exchange the Company will receive a carry through the drilling of one exploration well, back costs and carry through seismic in the next exploration phase and a milestone bonus payable upon first production being achieved at the block.

Ongoing subsurface studies have yielded positive results, further validating existing prospectivity and in particular identifying substantial additional potential in large scale Turonian intervals analogous to those that have proven to be oil bearing at the large Jubilee field and other discoveries to the west. On this basis NSAI has independently increased its estimate of gross prospective resources to over 1.4 billion bbls. The partners plan to drill the 325 mmbbls Cuda prospect during the third quarter.

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