AFREN25.03.20132012 Full Year ResultsSEYCCHELLES OverviewIn...

AFREN

25.03.2013
2012 Full Year Results
SEYCCHELLES Overview
In 2012, the Company elected to relinquish Area C in order to focus on high-priority plays in Areas A and B.
Areas A and B are located in the Seychelles micro-continent in shallow to deep water in the northern half of the Seychelles plateau and cover a combined area of approximately 14,319 km2.
The main exploration targets are the Permo-Triassic Karoo interval, which comprises non-marine sands inter-bedded with shales and a Cretaceous marine rift basin underlain by Jurassic platform source rocks. The Karoo formation contains both the source rock and the reservoir. Over 1980 to 1981, three exploration wells were drilled, all of which encountered oil shows and confirmed the presence of a working hydrocarbon system.
Seismic data previously acquired by the Partners revealed the presence of several large scale structures in the two licence areas that are located in shallow to deep water in the northern half of the Seychelles plateau. A major new 2D survey in Q4 2011 (3,733 km) focused on these areas to better define the areas? true prospectivity.
2013 outlook
In Q1 2013, Afren completed a major 3D seismic programme, the first 3D survey to be conducted in the Seychelles. The programme consisted of two surveys in Afren?s licence areas. The first 3D survey was conducted in the southern portion of the licence over the Bonit prospect and covered 600 km2. The second survey was in the northern section of the licence area and covered an area of 2,775 km2. The new 3D seismic combined with existing 2D data are being processed by the Partners to assess in detail the Tertiary, Cretaceous and Jurassic prospectivity.
Gross un-risked prospective resources for the two areas are estimated at 2,800 mmboe.

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