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Afren expects to post record 2012 results after increased production

Afren expects to post record 2012 results after increased production


Africa focused oil group Afren (LON:AFR) expects to report record financial results for 2012 after a year of bolstered production and exploration success.

In a statement on operations ahead of full year results released on March 2, chief executive Osman Shahenshah told investors:

"2012 saw record production and financial performance combined with significant exploration success in Nigeria and the Kurdistan region of Iraq.

"In 2013 we expect to further grow our reserves base through a multi-well exploration and appraisal drilling campaign in both established and new basins, while continuing to grow our production base.

"We are financially well positioned with robust cash flows, a strong balance sheet and the necessary financial capacity and flexibility to optimally explore and develop our high quality portfolio of growth opportunities well into the future. There is much to look forward to in 2013 and beyond."

Full year net production was in line with guidance at 42,830 barrels of oil equivalent per day (boepd), said the firm, with full year production estimated in 2013 to average between 40,000 boepd and 47,000 boepd, not including Barda Rash in the Kurdistan region of Iraq, where production only began in the third quarter of 2012.

Highlights of the year gone include three significant discoveries - the Okoro Field Extension in Nigeria, where the first production well went onstream at 5,000 bopd.

Also in Nigeria, the Ebok North Fault Block encountered 370 ft net oil pay, while the Simrit-2 well in the Kurdistan region of Iraq found 1,342 ft of net oil pay.


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