News

October 01, 2009

Afren Still Setting A Cracking Pace As It Develops Its West African Assets

After AIM quoted Afren plc presented at our 24th oilbarrel conference earlier this year, in April, we remarked in our report on the event that 2008 had been a transformational year for the group. Or perhaps that should read another transformational year for the African based E & P because this company has set a cracking pace since its IPO in 2005. The group had met its IPO goals, building a diversified asset base that stretched across six West African countries, delivered not only first but substantial production according to timetable and positioned itself to play a key role in the monetisation of West Africa’s vast but dormant gas resource, partly through its links with Gasol, another AIM company.

Now as we read the interim results report for the six months ending June 30 2009 it is clear Afren is still cracking onwards and upwards. First production was in June 2008 when the Okoro Setu field in Nigeria came on stream. The company also acquired Devon Energy’s former assets in Cote d’Ivoire which added to the production tally. We now learn for the first half production was ahead of guidance on Okoro and CI-11 in Cote d’Ivoire, with group working interest forecast to average 22,238 bopd for...