Afren PLC (LON:AFR) expects its net working interest production to rise to an average 40,000 barrels of oil equivalent over the full year 2011, compared with an average 14,320 boepd in 2010.
In a pre-close trading update ahead of reporting results for the 2010 financial year, the group said it expects to achieve 55,000 boepd production at the end of 2011.
Afren said it continued the “excellent production performance” at its operations in Nigeria and Ivory Coast and during 2010 advanced the Ebok development in Nigeria, with first oil currently targeted for February.
Capital expenditure in 2011 will remain substantially consistent with that of 2010, and is estimated at US$410. Approximately 80 percent of this amount is expected to be allocated to the ongoing development, appraisal and exploration of the Ebok/Okwok/OML 115 area, and 12 percent is earmarked for exploration activities.
Chief executive Osman Shahenshah said: The acquisition of Black Marlin Energy has opened up a new core area for us in East Africa, significantly increasing our exposure across the full cycle E&P value chain and allowing us to leverage our West African production base and pursue multiple high impact exploration opportunities.
"Looking forward we have a nine well exploration and appraisal drilling programme in 2011 targeting an estimated 600 mmboe net resources and we expect further accretive acquisitions."
The Black Marlin Energy acquisition, announced in June 2010, gave Afren a high impact exploration portfolio in Ethiopia, Kenya, Madagascar and the Seychelles.