Afren plc, issues the following Interim Management Statement, in respect of the period 1 July 2010 to 28 October 2010, in accordance with the reporting requirements of the EU Transparency Directive.

Highlights • Stable net production of 16,101 boepd to 30 September 2010 • Acquisition of a 45% interest in OML 26 from Shell Production Development Company of Nigeria Ltd., Total E&P Nigeria Ltd., and Nigeria Agip Oil Company, by First Hydrocarbon Nigeria • Ebok development progressing, with first oil expected by year end • Okwok appraisal ongoing - 35 ft of good quality pay encountered in the D2 reservoir; flowed 31° API crude oil at constrained rates intended to ensure integrity of the completion • Acquisition of Black Marlin Energy completed - multi well exploration campaign defined through to end 2012 • Exploration drilling on OML 115 now scheduled for early 2011 (60 mmbbls Ufon prospect to be drilled) • Infill drilling at the Okoro field by year end expected to add incremental gross rates of between 3,000 bopd to 5,000 bopd

Osman Shahenshah, Chief Executive of Afren Plc commented: '2010 has, so far, been a year of unprecedented activity for Afren with portfolio growth across the full cycle E&P value chain. In Nigeria, Afren's support of First Hydrocarbon Nigeria's acquisition of a 45% stake in OML 26 from the operating subsidiaries of Shell, Total and ENI marks an important milestone in our long term commitment to the indigenous oil and gas sector. This acquisition is materially accretive to Afren's NAV, and is a strong endorsement to Afren's long term strategy. Our existing platform of producing assets continues to underpin the business, providing the strong foundations upon which we have been able to grow. The Ebok field development is progressing well with first oil expected by year end. Having also now completed the acquisition of Black Marlin, opening up a new core area for us in East Africa, we are preparing to enter an active exploration phase, with multiple wells scheduled in 2011.'

Production Net production at the Company’s assets to 30 September 2010 was 16,101 boepd.

Gross production at the Okoro field in Nigeria averaged 17,300 bopd, in line with expectations, for the period to 30 September 2010. Process uptime of >99% has been maintained with the crude export process via the nearby Ima terminal continuing to run smoothly. The GSF High Island Vll jack up rig will mobilise to the Okoro field following the Okwok-9 appraisal well, where it will undertake infill drilling. Two infill wells will be placed up-dip from the Okoro-4 and Okoro-5 wells in the lower sand, and are expected to add incremental gross production of between 3,000 bopd to 5,000 bopd and increasing sweep efficiency in that part of the field. At mid year, Afren had achieved payback at Okoro for expenditures relating to the development of the field. Consequently, the Company’s effective economic interest has moved to 50% post payback from 95% pre payback.

Gross production to 30 September 2010 at the CI-11 field offshore Côte d’Ivoire was in line with expectations at 27 mmcfd and 1,128 bopd. The results of a major mapping and reinterpretation exercise are under review and will assist in defining future plans to access and produce incremental oil and gas reserves.

Acquisition of OML 26 On 21 October 2010, First Hydrocarbon Nigeria (“FHN”), the indigenous Nigerian upstream oil and gas company in which Afren holds a 45% interest, announced the reaching of a Definitive Agreement with Shell Petroleum Development Company of Nigeria Ltd ("SPDC"), Total E&P Nigeria Ltd (“Total”) and Nigeria Agip Oil Company (“NAOC”) for the acquisition of their combined 45% interest in OML 26, Delta State onshore Nigeria.

FHN was established in June 2009 with the support of leading Nigerian financial institutions, and fulfils the Nigerian government’s criteria for indigenous operators. The transaction represents Afren’s 7th indigenous sector investment in Nigeria.

Production and development The acquisition delivers both current production and substantial development upside to Afren and its indigenous partner FHN. At the time of announcement, the Ogini and Isoko fields were producing approximately 5,000 bopd gross from a limited number of currently active drainage points, with several wells currently shut in. This rate has subsequently increased to 6,500 bopd gross following the successful re-commissioning of a compressor unit at the Ogini field. Existing flow station capacity for the two fields is currently 30,000 bopd.

Combined STOIIP is 777 mmbbls and cumulative gross production to date from Ogini and Isoko is 73.9 mmbbls (46.8 mmbbls and 27.1 mmbbls respectively). Gross remaining reserves and contingent resources for the two fields have been independently estimated at 184 mmbbls.

A three phase field re-development has been defined for the Ogini and Isoko fields, and is aligned with the Government’s objective of increasing production from under-exploited fields in Nigeria. Production is expected to increase to 40,000 bopd, following the first two phases over a period of four years. This will include the drilling of 21 production wells, with existing well locations being expanded to accommodate multi-well clusters. Work-overs and side-tracking of existing production wells will also be undertaken along with de-bottlenecking of existing production handling and export facilities. Initial net investment attributable to FHN’s interest, including both the acquisition cost and FHN’s equity share of Phase 1 development capex, is US$187.5 million. Capex for phases two and three will be supported entirely by existing field cash flows.

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