2009-08-15-2008-11-01-2008-11-01

Acquired 47.96% WI/operatorship of offshore producing Block CI-11, 65% WI/operatorship with rights for additional 15% in undeveloped offshore Block CI-01, and 100% in onshore Lion gas plant, gaining 3,000 BOE/d, 28 MMBOE 2P.

London-based Afren Plc (London AIM: AFR) has closed its acquisition of the Ivory Coast interests of Devon Energy Corp., Oklahoma City, (NYSE: DVN) in West Africa for US$205 million. Following adjustments for net revenues received by Devon from the effective date of June 30, 2007, through closing, the adjusted proceeds were $164 million. The assets include a 47.96% working interest and operatorship of offshore producing Block CI-11, a direct 65% interest and operatorship with rights for an additional 15% interest in the undeveloped offshore Block CI-01, and a 100% interest in the onshore Lion gas plant. Net daily production is 3,000 barrels of oil equivalent per day. Combined net proved plus probable reserves for the Block CI-01 and Block CI-11 interests are approximately 28 million barrels of oil equivalent. Afren earlier said it plans to increase Block CI-11 production through a low-risk wireline and rig-based workover program and to develop additional reservoir intervals, targeting a net daily production of 6,000 barrels. With completion of the Cote d'Ivoire transaction, Devon has divested all of its oil and gas producing properties in Africa. The aggregate pre-tax value of the combined African divestitures was approximately $3 billion. Devon's African operations have been accounted for as discontinued operations since the company decided to exit Africa in early 2007. As a result, the Cote d'Ivoire divestiture has no effect upon Devon's oil and gas production or proved reserves, according to the company. The acquisition was funded through financing arranged by BNP Paribas.