LSE.co.uk from the blogs:
The block Barda rash is said to have 14 billion barrels with 1.47 billion recoverable (10%) with 60% to Afren. The block next to GKP is said to have 7 billion 10% recoverable 20% to Afren with upside on both. I think the recoverable figures are conservative. I remember Gkp initially targeting 3 to 500 million barrels when they first started.
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With a potential 21 billion barrels of oil in place in our kurdistan blocks plus all our African assets and an oil price docketing we look to be ripe for picking
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Whittock acknowledged that the firm's Okoro East exploration well offshore south-east Nigeria is 'potentially significant', and if things go well there more upgrades could yet lift the shares higher. Analysts have said that the oil discovered there could be brought online soon, according to industry publication Rigzone.
'In addition,' Whittock said, 'Afren plans to spend around $260 million this year on an ambitious exploration and appraisal campaign, with the drilling of high-impact prospects in Ghana, Kenya, Kurdistan, Nigeria and Tanzania.'
Shares in the group closed at 137.70p on Wednesday, down 1.60p or 1.15%.
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