Interim Management Statement released by Afren plc

Afren plc (“Afren” or the “Group”), announces its Interim Management Statement and financial results for the three months ended 31 March 2013 and an update on its operations year-to-date 2013, 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.
Three months ended 31 March 2013 results summary
Afren has made a strong start to the year driven by a year-on-year increase of 14% in net production principally from the Ebok and Okoro fields, offshore Nigeria. The Group remains on-track to deliver full year net working interest production of between 40,000 to 47,000 boepd. The Group’s financial results reflect the increase in net production which has been partly offset by a lower oil price and the impact of the timing of liftings at Okoro. We continue to make good progress across our exploration and appraisal (E&A) work programme targeting high-impact opportunities across the portfolio.
Key Highlights
• Net working interest production in the period averaged 47,064 boepd; firmly on track for 2013 production guidance of between 40,000 to 47,000 boepd
• Multi-well E&A campaign underway
o Commencement of drilling on the Ogo prospect at OPL 310, offshore Nigeria, targeting 78 mmboe of gross prospective resources
o DST programme at Simrit-2 on the Ain Sifni PSC, Kurdistan region of Iraq complete, with aggregate flow rates of 19,641 bopd achieved. Well being prepared for Extended Well Test operations
o Completion of drilling at Simrit-3 on the Ain Sifni PSC, Kurdistan region of Iraq. Multi-zone testing programme underway to confirm the resource potential and the eastern extent of the Simrit anticline
• Active portfolio management
o Up to US$50 million carry received on OPL 310 for a 17.14% participating interest on OPL 310, offshore Nigeria announced on 14 May 2013
• Progressing Field Development Plans on recent discoveries (Okoro Field Extension, Ebok North Fault Block and Okwok, offshore Nigeria)
• Strong balance sheet
o Cash at bank US$563 million (31 December 2012: US$525 million); Net debt, excluding finance leases US$453 million (31 December 2012: US$488 million)
Osman Shahenshah, Chief Executive of Afren plc, commented:
“Afren continues to deliver strong production from our greenfield developments offshore Nigeria. Following the successful start to our 2013 E&A programme on Okwok, offshore Nigeria, and Simrit in the Kurdistan region of Iraq, we are currently drilling the West African Transform margin on OPL310 offshore Nigeria.The Group remains in a strong financial position supported by a growing production base, to optimally explore, appraise and develop our high quality portfolio and continue to create significant value for our shareholders.”
Download the full Imterim Management Statement
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