Afren Plc (fka AFRNF)

[JB3729]

First half revenue $771,700,000, up from $161,000,000 yoy!
Over $500,000,000 cash flow!


OilVoice Morning Movers - Afren, Ophir Energy and Heritage Oil
Tuesday, August 21, 2012

Afren (LON:AFR) announced this morning record financial results, driven by the year-on-year increase in net production from the Ebok field offshore Nigeria. Total revenues for the six months to the end of June were $771.7m, up from $161m in the same period last year.

Osman Shahenshah, Chief Executive of Afren plc, said: "The first half of 2012 has been a period of notable success for Afren across all fronts. The strong financial results, with over seven hundred million dollars of revenue and half a billion dollars of net operating cash flow, all from Afren's greenfield developments, is testimony to our strong and established operating track record. The Okoro East and Ebok North Fault Block discoveries in Nigeria and Simrit-2 discovery in the Kurdistan region of Iraq will add significantly to the already material 2P reserves base of 185 million barrels and 2P/2C base of 995 million barrels of oil equivalent. In East Africa, the on-going maturing of the portfolio has resulted in a mean prospective resources upgrade to 5,838 million barrels of oil equivalent (from 2,113 million barrels of oil equivalent). With a number of high impact exploration wells to be drilled in both West and East Africa and the Kurdistan region of Iraq, and the growing production base, Afren is well placed for continued success".

Broker FoxDavies said: 'Prospective acreage positions in the markets which are target M&A potential along with the established track record of successfully delivering through high-impact exploration campaigns, we believe Afren's share price is highly discounted despite strong fundamentals.'

Afren are currently trading at 127.50 pence a share, up 0.79% on opening.
http://www.oilvoice.com/n/OilVoice_Morning_Movers_Afren_Ophir_Energy_and_Heritage_Oil/5c4da50a7220.aspx

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