Afren plc , announces its Interim Management Statement

Afren plc , announces its Interim Management Statement

Afren plc (“Afren” or the “Company”), announces its Interim Management Statement and financial results for the nine months ended 30 September 2012 and an update on its operations year-to-date 2012, in accordance with the reporting requirements of the EU Transparency Directive. Information contained within this release is un-audited and is subject to further review.
Afren continues with record financial results in 2012 driven by the year-on-year increase in net production from the Ebok and Okoro fields, offshore Nigeria. Notably, production on the Okoro Field Extension has commenced, following the discovery announced in January. Production operations continue at the Barda Rash field in the Kurdistan region of Iraq. Following the exploration success on the Ebok North Fault Block and Okoro Field Extension, adding significant reserves, and a world class discovery in the Kurdistan region of Iraq, exploration wells are drilling ahead onshore Kenya (Block 10A) and in the Kurdistan region of Iraq (Simrit-3).
Key Highlights
Record sales revenue of US$1,077.0 million and operating cashflow before movements in working capital of US$787.7 million
Year-to-date net working interest production to 11 November of 42,033 boepd in line with expectations; on track for 2012 production guidance
• Okoro-14 (Okoro Field Extension) early production well onstream at a stabilised rate of 5,000 bopd of 38° API oil;
• Plan to replicate early production on Okoro Field Extension with an early production well at Ebok North Fault Block
Independently certified 2P reserves for Ogini and Isoko upgraded to 129 mmbbls and 2P+2C to 205 mmbbls on OML 26, onshore Nigeria
•New gas lift compressor being installed; drilling of new wells to commence in 2013
Exploration wells drilling ahead onshore Kenya (Block 10A) and Kurdistan region of Iraq (Simrit-3)
•DST programme ongoing at Simrit-2 well;
•Transocean Monitor drilling rig secured ahead of E&A drilling on Okwok-10 and OML 115
Commenting on today’s IMS, Osman Shahenshah, Chief Executive of Afren plc, said:
“Afren has delivered another period of record financial results following the year-on-year increase in net production offshore Nigeria. The Company is on course to realise over a billion dollars of net operating cash flow in 2012, all from Afren’s greenfield developments. I am also particularly pleased to see our ongoing exploration campaign delivering commercial success; with multiple E&A wells planned over the coming months in Nigeria, East Africa and the Kurdistan region of Iraq, Afren is well placed to continue to add to the growing reserves base.”
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