Afren plc Issues Interim Management Statement
Afren plc (“Afren” or the “Group”), (LSE: AFR, FTSE 250 index), announces its Interim Management Statement (“IMS”) and financial results for the nine months ended 30 September 2014 and an update on its operations year-to-date 2014, 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.
Average net production for the nine months to 30 September 2014 at 31,377 bopd; full year 2014 net production guidance range (excluding Barda Rash) maintained at between 32,000 to 36,000 bopd with new incremental production wells now on-stream
Profit after tax of US$167 million (Q3 2013: US$129 million) reflects tax exemption at Ebok offsetting reduction in pre-tax profit and revenue. The balance sheet remains strong with net assets of US$1,981million
Final Investment Decision sanctioned on Okoro Further Field Development and Aje; installation of the Ebok Central Fault Block Extension platform is expected in Q4 2014; batch drilling on Ebok North Fault Block underway; Wellhead jacket fabricated at Okwok and to be installed in Q4 2014
First Oil expected from the Okoro Further Field Development, Aje and Okwok in 2015
Drilling campaign underway on OML 26; drilling ongoing on the second producer with a third producer to spud in late 2014
OPL 310 follow on programme progressing; interpretation of fast track 3D seismic ongoing; appraisal drilling expected in 2015
Exploration drilling to commence shortly with Ebok deep exploration well followed by Ameena East prospect on OML 115
Commenting today, Toby Hayward, Interim CEO of Afren plc, said:
“The Board is pleased to have received the results of the independent review by Willkie Farr and Gallagher (UK) LLP (“WFG”) and is in the process of implementing its recommendations.
Management remains focused on operational performance, having made good progress on our core development projects in Nigeria, which are expected to drive significant growth in production and cash flow in the medium-term.
We are moving forward with our play-opening discovery at Ogo, while we continue to de-risk an exciting set of exploration opportunities across our portfolio.”
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