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ABOUT AFREN

Afren plc is an international independent exploration and production (E&P) company with a Premium Listing on the London Stock Exchange (symbol AFR) and a constituent of the FTSE 250 Index.

Afren is a dynamic, entrepreneurial organisation with a portfolio ofworld-class assets located in several of the world’s most prolific and fast-emerging hydrocarbon basins in Africa and the Middle East. Our activities span the full-cycle E&P value chain of exploration, appraisal, development through to production. Our success depends on our ability to deliver long-term value for all our stakeholders through a clear and consistent strategy, which recognises that our responsibilities go beyond our operations.

To leverage our track record of operational delivery and effective portfolio and financial management our business has been strategically positioned into three core business units, Nigeria and other West Africa, Afren East Africa Exploration and the Kurdistan region of Iraq.

Our vision is to be the leading independent upstream exploration and production (E&P) company in each area we operate in.

This is underpinned by a clear and consistent strategy – one designed to provide sustainable long-term growth across the E&P value chain through balanced funding, exploration and production in our main areas of operation – Nigeria and other West Africa, Afren East Africa Exploration and the Kurdistan region of Iraq.

To fulfil our strategy, we have identified five clear priorities focusing on running our business, and growing efficiently and responsibly..

portfolio-management-icon Portfolio management
Our opportunistic entrepreneurial approach has enabled us to be successful in accessing low cost reserves. We have been consistent in achieving low entry costs by seizing the early-mover advantage and focusing on areas where we have a strategic and competitive advantage. We focus on areas where:

  • there are proven working hydrocarbon systems

  • opportunities have been overlooked, under-developed or may be out of reach to much larger companies

  • we have an in-depth understanding of the subsurface, key relationships or local structure we can use to our advantage.

reserves-growth-icon Reserves growth
We place great emphasis on achieving exploration and appraisal success, as this is integral to creating value for our shareholders. Our dedicated E&A team is responsible for identifying exploration ideas, prioritising our prospect inventory, ensuring efficient deployment of capital and executing our exploration and drilling activities.

Our exploration strategy is play led and balanced across key themes:

  • Exploration in proven areas, which are low risk and quick to monetise 

  • Proven play concepts that offer significant upside, with moderate risk 

  • Higher-risk frontier areas with play-opening possibilities and potential large rewards.

In 2013, our exploration and appraisal campaign yielded remarkable results, with the play-opening discovery in OPL 310, offshore Nigeria, one of the largest discoveries in the world last year and the successful drilling and testing results on the Ain Sifni and Barda Rash PSCs, Kurdistan region of Iraq. Our E&A success has resulted in net 2P reserves addition of 34.1 mmbbls and a 2P reserves replacement ratio for 2013 of 201%.

production-growth-icon Production growth
The growth in our production platform has enabled us to generate high-margin predictable cash flows for the Group, which in turn has enhanced our financial flexibility to undertake our work programme efficiently.

In 2013, our production was at the upper end of guidance, having achieved an average net production 47,112 boepd – representing a increase of 7.5% (excluding discontinued  operations in Côte d’Ivoire) from the previous year.

With a net 2P & 2C recoverable reserves and resources total of over a billion barrels, the vast majority of which has yet to be developed and brought into production, we have a sustainable platform for long-term growth.

operational-efficency-icon Operational efficiency and financial discipline
We have effective operational and financial management processes which place emphasis on delivery, safety and efficient allocation of capital. As an agile independent company, we employ a range of funding sources, including debt, equity, operating cash flow and portfolio management.
We continue to have strong operating cash flow and a well-funded balance sheet. At 31 December 2013, we had US$1.22 billion of operating cash flow and net debt (excluding finance leases) of US$739 million.

working-responsibly-icon Working responsibly
Working responsibly is important to us. We are committed to ensuring Afren is recognised as a responsible organisation with high standards of corporate responsibility performance.

Maintaining these standards will ensure the business grows successfully for the benefit of all stakeholders, whose concerns and aspirations we must understand if we are to develop long-term successful relationships.

OUR VALUES :

Commitment to Excellence
Our strength at Afren is our ability to translate the wealth of our combined individual experiences into sustainable long-term value for not only our stakeholders, but also the countries that we operate in.

Performance driven by Self Belief
Our commitment to become the premier London listed independent upstream E&P drives us to higher levels of performance.  Belief in our combined abilities to succeed in the challenging environment that we work in, gives us impetus to explore new ideas as we strive to exceed our targets.

Unconventional and Innovative
We are willing to take up new challenges.  We are not afraid to try new approaches in the way we work; we thrive on being innovative in all areas of the business and reward those who show leadership in these areas.

Trust through Open Communication
At Afren, we understand the importance of connecting with our employees, our business partners and our shareholders – our success depends on everyone.  We encourage an environment of continuous communication and build our relationships on trust.

Commitment to Continuous Development
We have learnt from past experiences.  The information, ideas and conclusions from these experiences drive our continuous improvement.  We are prepared to adapt ourselves to maintain a high impact in an environment where the only constant is change.

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