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OML 112 & OML117

OML 112 (formerly OPL 469), is located in the eastern part of the Niger Delta. The block was awarded to Amni International Petroleum Development Company on a sole risk basis on the 24th of August 1993. It covers an area of 437SqKm. OML 117 (formerly OPL 237) is similarly located. It was awarded to Amni on the 13th of October 1994 as OPL 237, and was converted to OML 117 for a term of 20 years on 6th August 1999. It covers 50SqKm.

Amni is the designated Operator for OMLs 112/117, as detailed below:

Field	Designated Operator	Amni Interest	License Granted Date	License Expiry Date	License Area (km²)	Water Depth (m)
Ima, Gas	Amni	60% oil 60% gas	17-Aug-99	06-Aug-2019	*437*	10
Okoro	Amni	*100%*	18-Feb-98	12-Feb-2018	438	14
Setu	Amni	*100%*	18-Feb-98	12-Feb-2018	438	7
Ima, Oil	Amni	100%	18-Aug-99	06-Aug-2019	*437*	10

“Summary of Gross and Net Oil Reserves

	Gross Reserves (mmbbls)			Net Amni Reserves (mmbbls)
	1P	2P	3P	1P	2P	3P
Ima Oil Field	3.1	6.1	10.6	3.1	6.1	10.6
Okoro Field	23.0	33.5	37.7	23.0	33.5	37.7

Summary of Gross and Net Natural Gas Contingent Resources

	Gross Contingent Resources (bcf)			Net Amni Contingent Ressources (bcf)
	1C	2C	3C	1C	2C	3C
Ima Gas Field	1,132	1,602	1,914	679	961	1,148

Summary of Gross and Net Condensate and NGL Contingent Resources

Gross Contingent Resources

(mmbbls)

Net Amni Contingent Resources

(mmbbls)

Ima Gas Field

5.6

8.1

9.6

3.4

4.9

5.8

Summary of Gross and Net Oil Contingent Resources

Gross Contingent Resources

(mmbbls)

Net Amni Contingent Resources

(mmbbls)

Setu

Field

1.6

2.0

2.4

1.6

2.0

2.4

Note: All reserves and contingent resources figures are as at 31st December 2008. Source: GCA, Assessment of Reserves and Contingent Resources in OML-112 and OML-117, May 2009”

IMA FIELD

The Ima field is located in OML 112 and 117 and contains an existing oil field, which has been in production since 1996, with current production levels of approximately 1,600 bbls/d. Redevelopment work will increase production back to around 4,000 bbls/d.

IMA Oil

Amni entered into agreements in 2005 under which TOTAL acquired a 40% interest in OMLs 112 and 117. TOTAL subsequently relinquished its rights to the crude oil from the presently known reservoirs of IMA in April 2007. Amni is entitled to 100% of the crude oil from these reservoirs and bears all royalties and taxes due in relation to “Ima oil”.

IMA Gas

Under the agreement with TOTAL, Amni is carried through the development of gas reserves (2C: 1.6TCF) until production. TOTAL will then recover costs out of revenues from gas production.

OKORO/SETU

The Okoro and Setu East Fields are located in OML 112, with the two fields separated by 6.5km in a water depth of 5m to 14m. TOTAL relinquished both its right to participate in and any future development of the Okoro/ Setu fields, allowing Amni and Afren Energy Resources Limited (as Contractor) to enter into a Production Sharing and Technical Services Agreement in March 2006, facilitating field development.