AFREN - afrikanischer Öl- und Gasproduzent

link: http://www.sharecast.com/cgi-bin/sharecast/...?story_id=4138692 

Broker snap: Upside limited at Afren

Tue 29 Mar 2011
AFR - Afren

Latest Prices
Name Price %
Afren 160.40p +1.20%

FTSE 250 11,637 -0.34%
FTSE 350 3,152 -0.10%
FTSE All-Share 3,085 -0.11%
Oil & Gas Producers 8,751 +0.19%


LONDON (SHARECAST) - Broker finnCap keeps its negative stance on Africa-focused oil and gas firm Afren, saying that the company does not have a good exploration track record and delays could reduce the upside potential significantly.

The broker says that there were no real surprises in the group’s full year results, which were 9% below its forecasts at the operating level.

A ten-well exploration and appraisal programme targeting over 630 million barrels of net resource potential “is likely to be the key area of excitement for investors”, said analyst Will Arnstein. However, he thinks that several wells could be deferred until 2012.

“With the valuation premium under-pinned by high risk assets and limited tangible value, we reiterate our ‘sell’ recommendation,” said Arnstein. A target price of 100p is retained. 
 

...ist doch nichts wirklich Neues.

Klar, Afrika insgesamt ist 'ne heikle Gegend und besonders Nigeria - es gibt Öl - das weckt Begehrlichkeiten....

Annual General Meeting - Chairman's Statement

....I am pleased to report that the year 2010 and first half of 2011 has been a period of growth and delivery across all fronts for Afren.  During this time, we acquired interests in 16 new assets and made six new country entries, thus... Today, our portfolio comprises 29 assets across 11 countries and offers an attractive mix of both near, medium and long-term growth opportunities spanning the full cycle E&P value chain.

Afren reported a full year profit after tax of US$46 million in 2010.  The Company is in a strong position with net debt as at 31 March 2011 of US$291.6 million with cash at bank of US$333.1 million....

 http://www.investegate.co.uk/Article.aspx?id=201106061100018833H

Trading Statement and Operations Update


London, 20 July 2011 - Afren plc (“Afren” or the “Company”) issues the following trading statement and operations update in advance of the Company’s 2011 Half-yearly results which are scheduled for release on 30 August 2011.  Information contained within this release is un-audited and is subject to further review.

Highlights

Reservoir performance at Ebok and Okoro at upper end of expectations
Average full year daily production revised to 25,000 to 30,000 boepd due to non reservoir related facilities downtime; on track for 50,000 boepd 2011 exit rate
Strong financial position - first half revenue US$161 million; cash at bank US$320 million and net debt US$344 million
First half capital expenditure US$254 million, with forecast full year expenditure at US$450 million
Active exploration programme with nine wells planned targeting over 600 mmboe net to Afren
Continue to prioritise value accretive acquisitions

Osman Shahenshah, Chief Executive of Afren plc commented


“During the period, reservoir performance on the Ebok and Okoro fields has come in at the upper end of expectations.  While we have revised the 2011 average production guidance, due to non reservoir related facilities downtime and simultaneous operations, we are expecting a 2011 exit rate of 50,000 boepd.  Looking forward, we are targeting both organic and inorganic reserves growth, with up to nine exploration wells targeting over 600 million barrels net to Afren in H2 2011 and further value accretive acquisitions.”

To view the full Trading Statement and Operations Update please visit www.afren.com

For further information contact


Afren plc  
+44 20 7451 9700
Osman Shahenshah
Galib Virani

Pelham Bell Pottinger  
+44 20 7861 3894
James Henderson
Mark Antelme 

15.000 Barrel pro Tag  weniger sowie zahlreiche share fuer die Vorhaben in Kurdistan - das sind die Fakten. Sowie der Einknick um fast 8%. Zeit zum Einstig oder koennte das ein Fall in "offene Messer" werden bzw. lieber noch etwas warten? Was meinen andere AFRENianer?

2011 Half-yearly Results


Strong production growth outlook; active E&A drilling campaign; significant low cost barrels acquired

Afren plc (“Afren” or the “Company”) (LSE: AFR), the independent oil and gas exploration and production Group, announces its Half-yearly Results for the six months ended 30 June 2011.

2011 Half-yearly Results Summary


The financial results for the first half of the year reflect a lower net production rate compared to the same period in 2010, due primarily to cost recovery being achieved at the Okoro field and longer than expected periods of facilities related down time at the Ebok field.  This has been partially offset by significantly higher price realisations and lower cost of sales.

Key highlights

Company well positioned with major asset base in high potential basins
Reservoir performance at Ebok at upper end of expectations
Okoro reservoir performance continues at upper end of expectations; infill wells onstream and elective de-bottlenecking of FPSO undertaken to increase gross liquids capacity
Full year net working interest production guidance 25,000 boepd, with an exit rate of
50,000 boepd
Forward exploration programme targeting 930 mmboe of net prospective resources
Low cost reserves acquisition of two contiguous PSCs (post period end) – Barda Rash (60 per cent. operated) and Ain Sifni (20 per cent. non-operated) in the Kurdistan region of Iraq (expected to complete in September)
890 mmbbls net working interest 2C resources
Low acquisition cost of US$0.66 per 2C bbl
Five year line of sight on 75,000 bopd net from Barda Rash PSC alone
Substantial low risk exploration upside
Strong financial position; cash at bank US$320.9 million; net debt US$343.0 million –
gearing 37.5%

Osman Shahenshah, Chief Executive of Afren plc, commented


“Afren continues to make good operational progress, with reservoir performance and drilling results at our Ebok and Okoro fields at the upper end of expectations.  Whilst first half production volumes were impacted by periods of non-reservoir related facilities down time, we are now ramping up production towards our targeted 50,000 boepd exit rate.  We are delighted to have acquired, post the period end, a high quality portfolio of assets in, and gain entry into the Kurdistan region of Iraq.  The acquisition is consistent with our strategy of acquiring low cost barrels, increases our 2P and 2C recoverable reserves and resources base by over 700 per cent. at a cost of under US$1 per barrel and means that Afren is now strategically positioned in two of the world’s most prolific oil producing countries in Nigeria and Iraq.  Our planned exploration campaign is due to commence shortly with the drilling of key wells in each of our core regions that, if successful, could materially increase the Company’s reserves base.  Financially we are in a strong position with low gearing and substantial resources available to execute our planned work programme and pursue further inorganic growth opportunities that are available to us”.
26 August 2011

Analyst Presentation


There will be a presentation to analysts at 09:00 BST in The Auditorium, Bank of America Merrill Lynch, 2 King Edward Street, London EC1A 1HQ.

The presentation will also be broadcast live at www.afren.com where the accompanying presentation will be available, and on playback from 12:00 BST.

A full copy of the 2011 Half-yearly Results can be downloaded here

For further information contact


Afren plc
+44 20 7451 9700
Osman Shahenshah
Galib Virani

Pelham Bell Pottinger
+44 20 7861 3894
James Henderson
Mark Antelme 

Group Production Update


London, 3 January 2012 – Afren plc ("Afren" or the “Company”) announces exit 2011 Group Production ahead of year end guidance at circa 55,400 boepd.

Afren announces that production at the Ebok field, located offshore south east Nigeria, has been increased to a stabilised rate of circa 40,000 bopd, following the commissioning and ramp up of all production wells associated with the initial phases of the Ebok development.  As a result of the ramp up in production at the Ebok field, aggregate net working interest production attributable to the Company has reached a rate of circa 55,400 boepd.  A production rate above the year-end target of 50,000 boepd has been sustained since 19 December 2011 from the Ebok, Okoro and Côte d’Ivoire operations.

In addition, gross production on the Ogini and Isoko fields has nearly doubled to circa 10,500 bopd from circa 6,000 bopd, following increased compressor uptime and the opening of an additional two strings, since First Hydrocarbon Nigeria and its partner Nigerian Petroleum Development Company (“NPDC”) completed the acquisition of OML 26 on 1 December 2011.

Osman Shahenshah, Chief Executive of Afren, commented


“We are delighted that all production wells drilled as part of the initial phases of the Ebok field development have been commissioned, and to have increased production to 40,000 bopd, in line with expectations.  This marks one of the quickest independent developments of its scale in Nigeria to date.

“The Group is in a strong position with aggregate net working interest production of 55,400 boepd going into 2012, as we embark upon an extensive E&A drilling campaign in Ghana, Nigeria, the Joint Development Zone of Nigeria São Tomé and Príncipe, Tanzania, Kenya and the Kurdistan region of Iraq, that has the potential to materially transform and increase our discovered resource base.”

For further information contact


Afren plc  
+44 20 7451 9700
Osman Shahenshah
Galib Virani

Pelham Bell Pottinger  
+44 20 7337 1500
James Henderson
Mark Antelme 

Okoro East exploration well makes a significant new oil discovery offshore south east Nigeria - 2012 exploration campaign underway


London, 17 January 2012 – Afren plc ("Afren" or the “Company”) announces that the Okoro East exploration well, offshore south east Nigeria, has made a new oil discovery having encountered 549 ft true vertical thickness (TVT)  of net oil pay and 41 ft of net gas pay in excellent quality reservoir sands.  The well result represents a successful start to Afren’s 2012 exploration campaign that will see the Company participate in multiple wells across each of its core areas.

The Okoro East exploration well was spudded on 18 December 2011 and reached a total measured depth of 8,751 ft (8,016 ft true vertical depth), with the Transocean Adriatic lX jack-up drilling rig.  The well has successfully encountered oil in the Tertiary reservoir sands equivalent to those that have been developed and are in production at the Okoro main field, in addition to the deeper previously unexplored reservoirs.  The discovery of significant pay in the previously unexplored deeper zones opens up further prospectivity at similar levels on the main Okoro field and elsewhere on the block.

The objective of Afren and its partner Amni International Petroleum Development Company Ltd. (“Amni”) was to explore a separate previously un-drilled structure located approximately 2 km east of the Okoro main field.  Okoro East is in a similar structural setting with a fault sealed 3-way dip closure in Tertiary reservoir sands at equivalent intervals to the main Okoro Field.  In addition, the Okoro East exploration well was targeting a deeper horst block structure, a play concept that had not been previously explored on the block.  The prospect was mapped on good quality 3D seismic data.

Logging operations have been completed and the well is now being prepared for testing, after which Afren and its partner Amni will determine the optimal development of the discovery.

Osman Shahenshah, Chief Executive of Afren, commented


“We are delighted to have made a new oil discovery offshore south east Nigeria in Afren’s core producing area.  The proximity of Okoro East to the existing producing Okoro field means that we are well positioned to efficiently monetise this discovery, both in terms of our detailed understanding of the subsurface and proximity to existing infrastructure.  The well also opens up additional prospectivity on the block and is a very successful start to our 2012 exploration campaign.  With the JS-2 exploration well currently drilling ahead in the Kurdistan region of Iraq, we look forward next to spudding the Nunya-1x (Cuda-2) exploration well offshore Ghana later this month.”

For further information contact


Afren plc
+44 20 7451 9700
Osman Shahenshah
Galib Virani

Pelham Bell Pottinger
+44 20 7337 1500
James Henderson
Mark Antelme 

 Okoro East well test results

London, 7 March 2012 – Afren plc ("Afren" or the “Company”) announces that testing has been completed at the Okoro East oil discovery, offshore south east Nigeria, and that results confirm a high quality 38° to 40 API oil, in excellent reservoir sands.  Based on the test data the Company expects future horizontal production wells at Okoro East will be capable of yielding between 4,500 to 7,000 bopd per well.  The Company will drill two production wells using existing facilities in H2 2012 and up to 8 production wells, under a full field development scenario.

Following the Okoro East exploration well discovery announced on 17th January 2012, three drill stem tests (DSTs) have been undertaken and completed.  The purpose of the tests was to obtain fluid samples and pressure data in order to establish reservoir connectivity, heterogeneity and quantify permeability and porosity.  The tests have confirmed a high quality 38° to 40° API oil, multi Darcy permeabilities and average porosity of between 30% to 35%, in the subject reservoirs.  The pressure data also obtained has helped with the Company’s structural understanding of the field and  supports the pre drill volumetric estimates (Pmean STOIIP of 157 mmbbls).

Based on the test data, the Company expects future horizontal production wells at Okoro East will be capable of yielding rates of between 4,500 bopd to 7,000 bopd per well.  The Company intends to drill up to two production wells in H2 2012 using the free well head slots on the existing Okoro platform, which will be tied back to the Armada Perkasa Floating Production, Storage and Offloading vessel.  This production information will allow Amni and Afren to finalise development options, with up to 8 possible production wells under a full field development.

Osman Shahenshah, Chief Executive of Afren, commented


“Together with our partner Amni, we have recorded an excellent set of test results at the Okoro East oil discovery.  We will now work towards realising near-term production from Okoro East by utilising available well slots at the nearby Okoro main field wellhead platform. The tie back to existing facilities ensures a very high return on the additional wells.  We are simultaneously working up stand-alone development options, with up to 8 producing wells, that will enable us to fully realise the field’s significant potential.  The well has also opened up follow on prospectivity on the block that we will continue to evaluate.  With the JS-2 exploration well in the Kurdistan region of Iraq and the ENI operated Nunya-1x (Cuda-2) exploration well offshore Ghana currently drilling, the Okoro East discovery is an excellent start to Afren’s 2012 exploration campaign.”

Download and view the full press release as a PDF file.
Analyst and Investor Conference Call
 There will be a management conference call for analysts and investors at 09:00 GMT, with playback availiabe from 12.00 GMT.
Dial in
 +44 (0)20 8515 2334
Conference call title
 Afren Conference Call
For further information contact
Afren plc
+44 20 7451 9700
Osman Shahenshah
 Galib Virani
Pelham Bell Pottinger
+44 20 7337 1500
James Henderson
 Mark Antelme
Notes to Editors

 For more information please refer to www.afren.com.

http://www.afren.com/

Significant Oil Discovery In The Kurdistan Region Of Iraq


London, 17 April 2012 – Afren plc ("Afren" or the “Company”) announces that the high impact Simrit-2 exploration well, located on the Ain Sifni PSC in the Kurdistan region of Iraq, has discovered a significant oil accumulation based on the results of drilling, wireline logs and sidewall core sampling.

The objective of the Simrit-2 exploration well is to test the western extent of the Simrit anticline.  The well has reached the prognosed total measured depth of 3,700 m (3,697 m true vertical depth). Preliminary analysis of data collected during and following drilling indicates that the well has encountered an estimated 409 m of net oil pay in Cretaceous, Jurassic and Triassic age reservoirs (an estimated 312 m of this pay is interpreted as containing light oil). No oil water contact has been established in the target reservoirs.

As there are continuing strong hydrocarbon shows to the current depth of 3700 m, Afren and operator Hunt Oil Middle East plan to run casing at the current depth and continue drilling to a new total depth of circa 3,800 m to test additional zones of prospectivity.

Once drilling operations have concluded a comprehensive well testing programme will be undertaken across multiple reservoir intervals, after which the drilling rig will be mobilised to the East Simrit prospect to drill the Simrit-3 exploration well.  Afren has a 20 per cent. interest in the Ain Sifni PSC and is partnered by Hunt Oil Middle East (60 per cent. and operator) and the Kurdistan Regional Government (20 per cent.).

Osman Shahenshah, Chief Executive of Afren, commented


“The successful result of the Simrit-2 exploration well represents a second major exploration success for Afren in 2012, following on from the Okoro East discovery offshore south east Nigeria.  The scale of the oil column that has been intersected suggests that the Simrit structure and surrounding prospects elsewhere on the Ain Sifni PSC have the potential to be transformational for Afren”.

For further information contact


Afren plc
+44 20 20 7864 3700
Andrew Dymond
Investor Relations

Pelham Bell Pottinger
+44 20 7861 3232
James Henderson
Mark Antelme 

Annual Financial Report and Notice of General Meeting


London 26 April 2012 – Following the release on 27 March 2012 of Afren plc’s (“Afren” or the “Company”) preliminary full year results for the year ended 31 December 2011 (the "Preliminary Announcement"), the Company announces it has published its Annual Report and Accounts for 2011 (the "Annual Report and Accounts").

The Company's 2012 Annual General Meeting will be held at the offices of White & Case LLP, 5 Old Broad Street, London, EC2N 1DW on Wednesday 6 June 2012 at 11.00 am. Copies of the Annual Report and Accounts and the Notice of the Annual General Meeting 2012 are available to view on the Company's website at www.afren.com.

In accordance with Disclosure and Transparency Rule 6.3.5(2) (b) additional information is set out in the appendices to this announcement. The Preliminary Announcement included a set of condensed financial statements and a fair review of the development and performance of the business and the position of the Company and the group.

Pursuant to Listing Rule 9.6.1, copies of each of the Annual Report and Accounts, the Notice of the Company’s 2012 Annual General Meeting and the form of proxy in relation to the 2012 Annual General Meeting will shortly be available for inspection on the National Storage Mechanism which can be accessed at http://www.morningstar.co.uk/uk/NSM.

For further information contact


Afren plc
+44 20 7864 3700
Andrew Dymond
Investor Relations

Pelham Bell Pottinger
+44 20 7861 3232
James Henderson
Mark Antelme