Afren to buy Devon’s interests in Ghana and Angola

Afren plc has entered into an agreement with Devon Energy to acquire its interests in Ghana and Angola, comprising a 95% working interest and operatorship of the Keta Block, offshore Ghana and a 15% working interest in Angola Block 16.

The acquisition is subject to certain conditions precedent, including customary governmental approvals and, with respect to Block 16, the preferential rights of Sonangol.

The plays are considered to be highly prospective with several prospects and leads identified on Block 16; the expected mean potential reserves are expected to be circa 1,000 mmboe. The discoveries on Block 16 are under appraisal with the potential for early development.

Devon Energy is divesting its interests in the operated Keta Block offshore Ghana and Block 16 offshore Angola as part of the process to sell its assets in West Africa, as announced in January 2007.