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Afren

Afren
Type Public (LSE: AFR)
Industry Oil and Gas
Founded 2004
Founders Osman Shahenshah (Chief Executive)
Egbert Imomoh (Chairman)
Headquarters London, United Kingdom
Revenue US$1,644.3 million (2013)[1]
Operating income US$491.0 million (2013)[1]
Net income US$474.8 million (2013)[1]
Website www.afren.com

Afren plc is an international independent exploration and production company. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

  • History 1
  • Operations 2
  • Notes 3
  • External links 4

History

The Company was founded in 2004 as exploration and production company focused on Africa.[2] Most of Afren's production is in Nigeria.[3]

Since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Republic of the Congo, Côte d'Ivoire, Ghana and Iraqi Kurdistan.[4]

Operations

The Group is currently producing circa 22,000 barrels (3,500 m3) of oil equivalent per day from its current portfolio.[5]

Okoro Setu Fields (OML 112)

The Okoro Field ("Okoro") and Setu Field ("Setu") are two oil fields located in OML 112 in shallow water offshore Nigeria, which were originally awarded to Amni - a well established indigenous oil company - in 1993 as part of the Nigerian government's indigenous licensing programme. First oil was achieved during June 2008 when production from the first two production wells drilled commenced at a rate in excess of 3,000 barrels (480 m3) of oil per day from each well. A further five wells were subsequently drilled, completed and brought onstream. The wells drilled were a mixture of horizontal and highly deviated penetrations of the reservoir intervals. The field is currently producing at a rate of 22,000 bbl/d (3,500 m3/d) from all seven wells.[6]

Ebok

Ebok is an undeveloped oil field located in OML 67, 50 km offshore in 135 ft (41 m) of water in Nigeria's prolific south eastern producing area. The field was discovered by the ExxonMobil / NNPC JV in 1968 (M-QQ1 (Ebok-1)), and two subsequent appraisal wells were drilled in 1970 (Ebok-2 and Ebok-3). First oil was originally targeted in H2 2010[7] but was subsequently pushed back to February 2011.[8]

Notes

  1. ^ a b c Results 2013
  2. ^ Alfren: About us
  3. ^ Wigglesworth, Robin (September 18, 2012). "Africa: Funding on the frontier - FT.com".  
  4. ^ How Afren rewrote the rules on developing Africa's oil wealth Daily Finance, 13 February 2011
  5. ^ Company Overview
  6. ^ Okoru Overview
  7. ^ Ebok Overview
  8. ^ Ebok start up delayed

External links

  • Official site


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