News

April 07, 2009

Afren Eyes “Super Independent” Status In Africa But Investors Seek Reassurance On Financing Of Ebok Project

2008 was a transformational year for AIM-quoted Afren plc. Or perhaps that should read another transformational year for the African E&P because this is a company that has set a cracking pace since its IPO in 2005. The AIM firm has met its IPO goals: building a diversified asset base that stretches across six West African countries, delivered first production according to timetable and has positioned itself to play a key role in the monetization of West Africa’s vast but dormant gas resource.

2008 was transformational because it saw the company bring the Okoro Setu field in Nigeria onstream in June, thereby beating its 15,000 barrel per day production guidance for the year.  Those maiden production barrels saw the company post revenues of US$42.5 million in 2008 and a pre-tax loss of US$56 million. The company also acquired Devon Energy’s former assets in Cote d’Ivoire, adding another 5,000 boepd to the production tally in September to take the year-end run rate to 27,000...