Ann: Investor Presentation - Africa Oil Week , page-2

I've speculated on this in the past but after reviewing this presentation it seems more and more logical that Afren will be the industry partner that RIA are sekking. The fact that a proposed wellhead platform is sat on the Kudu field in slide 5 shows that RIA and Afren must have some dialogue going.

Afren have clearly stated that CI-01 they think has bigger prospects in the deeper part of the block, but this is completely overshadowed by their other assets particularly in Nigeria and Kurdistan, so therefore much of their attention is focused elsewhere. The fact that RIA also have pipelines runing into Impala on Slide 5 again is a clear indication that RIA and Afren are talking.

I would expect a farm in to represent an asset swap whereby Afren will take part of CI-202 and give up part of CI-01 and I would think most likely operatorship over to RIA. Seems a win win scenario to me.

Afren get to appraise and explore CI-01 whilst funding but not devoting too many man hours to the operation and also get the upside potential that has alreadt been identified in CI-202 and hold onto the upside potential of CI-01.

RIA get an industry partner, who would help fund the E&A programme and the completion of the Gazelle development programme. They reduce financing risk around the E&A programme whilst also gaining CI-01 which again has upside from E&A and also several additional discoveries.

Seems and win-win which I expect to happen over the next few months, and as both an RIA and AFR shareholder feel that this ticks the boxes for both companies.