Afren plc announce 2013 Full Year Results

Afren plc announce 2013 Full Year Results

Record revenues and cash flows; production ahead of guidance, continued exploration success and significant balance sheet strength
The Board of Afren plc (“Afren” or “the Group”) announces its results for the year ended 31 December 2013
afren_logo_tallerHighlights;
• Strong production of 47,112 boepd drives record revenue (US$1.6 billion) and cash flow (US$1.2 billion); 2014E gross
production expected to average 62,000 bopd (approximately 40,000 bopd net)
• Targeting double digit growth in net production over the next five years
• 201% 2P reserves replacement ratio in 2013; including Okwok 2P reserves addition of 46.6 mmbbls (26.4 mmbbls net)
• Ogo – the third largest global discovery in 2013; P50 resources estimated at 774 mmboe; moving forward with appraisal
programme
• Large existing opportunity set; allocating 2014 capex (estimated US$845m) to highest cash return projects and further
exploration drilling
• 12 month E&A campaign targeting over 1,200 mmboe in net prospective resources
• Net debt of US$739 million; balance sheet strengthened with extended debt maturity, lower cost of debt and improved
deferred tax position
• Award of five-year tax exemption in relation to Ebok
Commenting, Osman Shahenshah, Chief Executive, said:
“2013 has been another excellent year for Afren, with a combination of record revenues and cash flows, production ahead of guidance and industry leading exploration success. The highlight of our exploration campaign was the play opening discovery at Ogo, offshore Nigeria, one of the largest global discoveries in 2013. We have continued to grow and de-risk our portfolio with a 2P reserves replacement ratio of 201%. Looking ahead, we will maintain our strategy of allocating capital to the highest cash return opportunities that will provide the necessary funding to continue to de-risk our material resource base. Supported by a strengthened balance sheet, a track record of project delivery and exploration success, we are well placed to continue to create significant value for our shareholders.”
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