2009-08-17-2008-04-01-2008-04-01

Acquired WI in three offshore blocks plus gas plant, gaining 28 MMBOE proved, 3,000 BOE/d net.

London-based Afren Plc (London AIM: AFR) plans to acquire the Ivory Coast interests of Devon Energy Corp., Oklahoma City, (NYSE: DVN) for US$205 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 plans to increase Block CI-11 production through a low-risk wireline and rig-based workover program and to develop additional reservoir intervals, targeting net daily production of 6,000 barrels. The acquisition will be funded from financing arranged by BNP Paribas. Devon president John Richels says, "This agreement with Afren brings us a step closer to completing our planned divestitures in Africa. We have now announced transactions totaling more than $785 million. Negotiations are under way for the remaining properties, and we remain optimistic that we can complete all the sales midyear." Afren chief executive Osman Shahenshah says, "This transaction, which follows the company's acquisition of Devon's assets in Ghana and Angola, represents a step-change addition to Afren's existing portfolio. The portfolio of businesses acquired from Devon offers immediate production for Afren, ahead of production start-up from the Okoro Setu project in Nigeria." Closing is expected in the second quarter of 2008. The effective date is June 30, 2007.