Afren Plc (fka AFRNF)

[Wildbilly]

Afren reports $121.71mm for 2011 v. $45.26 mm for 2010


Mar 29, 2012 (Datamonitor via COMTEX) -- Afren plc, an independent upstream oil
and gas exploration and production company, has reported a profit of $121.71
million, or 11.5 cents per diluted share, for the year ended December 31, 2011,
compared to $45.26 million, or 4.8 cents per diluted share, for the year ended
December 31, 2010.

Revenue for the year ended December 31, 2011 was $596.66 million, compared to
$319.45 million for the year ended December 31, 2010.

Operating profit for the year ended December 31, 2011 was $268.15 million,
compared to $88.99 million for the year ended December 31, 2010.

Gross profit for the year ended December 31, 2011 was $302.35 million, compared
to $129 million for the year ended December 31, 2010.

Osman Shahenshah, CEO of Afren plc, said: "The 2011 results reflect the growing
maturity of our business, with record net profit of US$125 million, up 172% on
2010 and an increase of 2P reserves by 132% to 185 mmboe. We have a made a
successful start to our multi-well exploration campaign for 2012 with a
significant new discovery offshore Nigeria. We have a visible production
trajectory to 100,000 boepd by 2017 and a mature capital structure that will
internally fund both organic and inorganic opportunities.

"Since the Company was listed in 2005, we have demonstrated strategic foresight
and taken significant positions in Nigeria, East Africa and the Kurdistan region
of Iraq, at a cost of entry highly accretive to our shareholders, coupled with a
strong track record of operational delivery."


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Source: Comtex Wall Street News