Afren plc (AIM: AFR)

Drilling Update - Gabon

Further to [Sterling's] announcement on 7 July 2008, Sterling (symbol: SEY), an AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, confirms that the ICM-1 well, in the Iris Marin permit offshore Gabon, has been drilled to a depth of 1,640 metres. 

The reservoir was encountered as planned, but was found to be water bearing, and the well is therefore being plugged and abandoned. 

Enquiries:

Editors Notes

Afren has a 16.67% working interest in the Iris Marin permit. Afren (www.afren.com) was founded in December 2004 by a management team including Dr Rilwanu Lukman, (Chairman), Osman Shahenshah, (Chief Executive) and Bert Cooper (Advisor to the Board), with the vision to become the premier pan African independent Exploration and Production company. Afren has built an executive and non-executive management and advisory team with broad and extensive experience in the industry, both in West Africa and internationally in identifying and completing corporate expansion opportunities and in public company financing. Afren also looks to leverage key relationships across the region to gain preferential access to opportunities.

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