UK: Afren 2011 Profit Almost Triples

UK: Afren 2011 Profit Almost Triples

A London-based oil and natural gas exploration and production company, Afren Plc, today reported a record turnover of US$597 million for the full year 2011 which represents an 87% increase when compared to the last year’s US$319 million.

The company’s 2011 profit nearly tripled, rising 172% from US$46 million in 2010 to US$125 million in 2011.

In 2011, Afren, the company mainly focused on exploration and production in Africa, particularly Nigeria, achieved first oil at the Ebok field and successfully completed infill drilling at the Okoro field. The Group’s aim is to achieve 100,000 boepd of production by 2017 from known 2P reserves and contingent resources (on Field Development Plan approval where appropriate) from the Ebok, Okoro, Okoro East, CI-11, OML 26, Okwok and Barda Rash projects.

Osman Shahenshah, Chief Executive of Afren plc, commented: “The 2011 results reflect the growing maturity of our business, with record net profit of US$125 million, up 172% on 2010 and an increase of 2P reserves by 132% to 185 mmboe. We have a made a successful start to our multi-well exploration campaign for 2012 with a significant new discovery offshore Nigeria. We have a visible production trajectory to 100,000 boepd by 2017 and a mature capital structure that will internally fund both organic and inorganic opportunities. Since the Company was listed in 2005, we have demonstrated strategic foresight and taken significant positions in Nigeria, East Africa and the Kurdistan region of Iraq, at a cost of entry highly accretive to our shareholders, coupled with a strong track record of operational delivery.”

Offshore Energy Today Staff, March 27, 2012; Image: Afren