Afren Plc is a UK-based oil and gas exploration and production company with exploration interests in Nigeria, Sao Tome Joint Development Zone (“JDZ”) , Congo and Angola. Afren is listed on AIM with a market cap of £110 million (c.a. US$ 220 million). The company is pursuing a fast-track growth strategy via asset acquisitions, strategic partnerships and development of projects in their portfolio. The Project consists of the development of the Okoro field in Nigeria, located in the OML 112 block. The OML 112 license is held by Afren’s local JV partner Amni International Petroleum Development Company ("AMNI"). The OML is located in the south-eastern part of the Niger Delta where Exxon Mobil and Elf operate a majority of the fields. The block contains two fields (Okoro and Setu), which have been successfully appraised in Q3 2006, and subsequently audited by reputable independent reservoir consultant Netherland, Sewell and Associates, Inc ("NSAI"). The Okoro field consists of a single reservoir lying in shallow waters (up to 15m water depth), 15 kilometres offshore. The field will be developed according to a simple and cost efficient Field Development Plan calling for 6 producing wells connected by pipeline to an FPSO moored another 1km away. Drilling will start in September, with the Adriatic VI drilling ship from leading provider Global Santa Fe. The FPSO will be retrofit, owned and operated by Bumi Armada, a shipping subsidiary of the large Malaysian UT group. First Oil for Okoro is expected in early 2008 with a production peak that could top 20,000 bopd in 2009 with 23 million barrels of reserves. The US$ 200 million Borrowing Base facility closed on March 20 alongside a US$ 15 million equity investment by BNP Paribas and Standard Bank, which represented a real vote of confidence from the banks in Afren’s management and business model. The loan facilities funded on May 14. The US$ 200 million Borrowing Base facility was successfully syndicated to a group of 5 banks comprising Standard Bank, Calyon, Natixis, KBC and Guarantee Trust Bank. Commitments provided for an oversubscription of the facility amount and were reduced pro rata. The Afren loan facilities mark another groundbreaking transaction as the first pre-production reserves based lending facility entered into by an independent upstream company in the country. Along with the US$1.6 billion facility that we recently lead arranged and syndicated to 26 banks for Addax Petroleum, the Afren facility confirms BNP Paribas’s strong leadership in financing oil & gas companies in Africa. These two transactions further demonstrate BNP Paribas’ ability to be the bank of choice at the early stage of its oil & gas clients’ life, and support them throughout their development toward multi-billion dollar companies.