28th Jan 2014 08:26
LONDON (Alliance News) - Afren PLC Tuesday said it achieved the upper end of its full year 2013 production guidance and improved revenues following a major oil find offshore Nigeria in November.
The FTSE 250 oil and gas exploration and development company said its full-year production averaged 47,112 barrels of oil equivalent per day, up on its 42,830 barrels of oil equivalent per day in 2012 and at the upper end of its 40,000 to 47,000 barrels guidance.
The company said it increased revenues 4.8% to USD1.65 billion for the twelve months, from USD1.57 billion the previous year, as the increased production offset a lower average realised oil price of USD106 per barrel compared from USD108 per barrel in 2012.
Afren said it expects gross average production of roughly 62,000 barrels of oil per day in 2014, with 40,000 barrels net to Afren, following a major development programme at the company including a shut down, as an additional platform is installed at Ebok in Nigeria, and ongoing regional developments in the Kurdistan region of Iraq.
The company said it is moving forward with the appraisal of its major oil discovery at OPL310 at Ogo, offshore Nigeria, which is expected to have a bonanza P50 gross recoverable resource of 774 million barrels of oil equivalent.
Afren said it now will acquire 3D seismic data ahead of appraisal and further exploration drilling at the OPL310 site in which it holds a 22.86% participating interest and 40% economic interest.
The company also noted that it made capital expenditure of USD685 million during the period, and it expects to make capital expenditure of USD845 million during 2014.
Afren shares were up 2.9% to 149.10 pence, putting it in the top ten FTSE 250 movers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AFR.L