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Afren Energy: Afren Energy Ghana Ltd sign agreement with Eni Ghana E & P Ltd to farm in to a 35% participating interest in the Keta Block, offshore Ghana


March 2011

Afren Energy Ghana Limited ("AFREN") have agreed to farm-out 38.89% of its interest in the Keta Block, offshore Ghana to Eni Ghana Exploration & Production Limited ("Eni") Antrim Energy Inc.

The farm down is subject to customary government and partner approvals. Following such approvals, Afren will retain a 35% participating interest and transfer operatorship to ENI. In consideration for the assignment of the farm out interest, ENI has agreed to carry Afren's share of costs associated with drilling one exploration well during the current exploration period. Afren will also receive non drilling back costs and a carry through a 3D seismic acquisition programme that forms part of the obligation for the next licence phase. ENI is an experienced deep water operator, has an established presence in Ghana where it is already actively engaged in exploration activities and has a drilling unit available that could spud an exploration well on the Keta Block as early as the third quarter of this year. Not only is ENI's participation a strong endorsement of the prospectivity, further demonstrated by NSAI's independent assessment, but ENI now have in place an ideal partnership to unlock the substantial potential that exists on the block.


Stellar acted as advisors to Afren plc.