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3 Jan 2012 07:00
Afren plc (AFR LN)
Group Production Update
London, 2 January 2012 - Afren plc ("Afren" or the "Company") announces exit 2011 Group Production ahead of year end guidance at circa 55,400 boepd.
Afren announces that production at the Ebok field, located offshore south east Nigeria, has been increased to a stabilised rate of circa 40,000 bopd, following the commissioning and ramp up of all production wells associated with the initial phases of the Ebok development. As a result of the ramp up in production at the Ebok field, aggregate net working interest production attributable to the Company has reached a rate of circa 55,400 boepd. A production rate above the year-end target of 50,000 boepd has been sustained since 19 December 2011 from the Ebok, Okoro and Côte d'Ivoire operations.
In addition, gross production on the Ogini and Isoko fields has nearly doubled to circa 10,500 bopd from circa 6,000 bopd, following increased compressor uptime and the opening of an additional two strings, since First Hydrocarbon Nigeria and its partner Nigerian Petroleum Development Company ("NPDC") completed the acquisition of OML 26 on 1 December 2011.
Osman Shahenshah, Chief Executive of Afren, commented:
"We are delighted that all production wells drilled as part of the initial phases of the Ebok field development have been commissioned, and to have increased production to 40,000 bopd, in line with expectations. This marks one of the quickest independent developments of its scale in Nigeria to date.
"The Group is in a strong position with aggregate net working interest production of 55,400 boepd going into 2012, as we embark upon an extensive E&A drilling campaign in Ghana, Nigeria, the Joint Development Zone of Nigeria São Tomé and Príncipe, Tanzania, Kenya and the Kurdistan region of Iraq, that has the potential to materially transform and increase our discovered resource base."
For further information contact: | ||
Afren plc | +44 20 7451 9700 | |
Osman Shahenshah | ||
Galib Virani | ||
Pelham Bell Pottinger | +44 20 7337 1500 | |
James Henderson | ||
Mark Antelme | ||
Current net working interest production attributable to Afren
Effective working interest | Gross production boepd '000 boepd | Net working interest production boepd '000 boepd | |
Okoro | 50.00% - 75.00%* | 17,047 | 9,888 |
Ebok | 100.00% | 39,997 | 39,997 |
Côte d'Ivoire | 47.96% | 5,939 | 3,352 |
Sub total Afren Share of associate production (FHN) (OML 26) |
45.00%** | 62,983 10,500 | 53,236 2,127 |
Total Group | 73,483 | 55,363 |
* Following cost recovery Afren's economic interest is 50% at the Okoro field; from 1 October 2011 Afren's economic interest from the Okoro-11 and Okoro-12 infill wells is 75% until cost recovery has been achieved
** Afren is a 45% shareholder in First Hydrocarbon Nigeria ("FHN") which owns a 45% interest in OML 26
Notes to Editors
Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and constituent of the Financial Times Stock Exchange Index of the leading 250 UK listed companies. Afren has a portfolio of 31 assets across 12 countries spanning the full cycle E&P value chain. Afren is currently producing from its assets offshore Nigeria and Côte d'Ivoire and holds further interests in the Kurdistan region of Iraq, Ghana, Nigeria, Côte d'Ivoire, Congo Brazzaville, the Joint Development Zone of Nigeria - São Tomé & Príncipe, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.
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