News

January 13, 2010

Afren Rises Again As Ebok-6 Exceeds Pre-Drill Expectations

Shares in Afren plc, which breached the 100 pence a share threshold earlier this month, continued their relentless march upwards this week after the London-listed E&P with big ambitions in Africa scored another reserves triumph on the Ebok field in Nigeria.

Results from the Ebok-6 appraisal well have exceeded pre-drill expectations, with the well finding 107 feet of gross oil pay and boosting the oil-in-place number for the D2 reservoir sands in the southern lobe of the field by a whopping 400 per cent.  The shares added another two pence on the news to close at 105.5 pence.

The well has upgraded the volumetrics for the D2 southern lobe to 135 million barrels of oil, of which 23 million barrels is reckoned to be recoverable; pre-drill, the...