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Afern Signs Nigerian Rig Contract
Afren Energy Resources has signed a drilling contract to contract the
Seadrill-7 Jack-up drilling unit for two wells offshore Nigeria, with
Ashbourne Marine Company Ltd, a subsidiary of Seadrill Ltd. The first well
is expected to begin operations early in the third quarter of 2006. The
Seadrill-7 is currently on location in Nigeria for another operator.
Afren intends to use the Seadrill-7 rig to further appraise its proven
undeveloped fields in Oil Mining License 90 ("OML 90"). The undeveloped
fields in OML 90 secured by Afren in the second half of 2005 are located in
the shallow waters of the western Niger Delta. Oil and gas was discovered in
a number of zones by Chevron in 1993, but were not tested. The fields are
conventional Niger delta structures, at moderate depths and are likely to be
low cost developments as they are close to existing infrastructure. The
first well in OML 90 will appraise one of the existing discoveries and will
be tested to confirm fluid type and reservoir performance.
Securing the drilling contracts marks an important step in the execution of
Afren's strategy towards achieving near term development and production.
