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1/17/2011 Most recent crisis averted
Nigerian unions have suspended nationwide protests after President Goodluck Jonathan yesterday capitulated to the demonstrators' demands and partly restored a fuel subsidy. The country's oil workers had threatened to halt output if the subsidies weren't returned.
Afren plc (AFR LN) AFRNF (OTC U.S.)news
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
Notes to Editors
Afren Plc
Afren is an independent upstream oil and gas exploration and production company listed on the main
market of the London Stock Exchange and constituent of the Financial Times Stock Exchange Index
of the leading 250 UK listed companies. Afren has a portfolio of 31 assets across 12 countries
spanning the full cycle E&P value chain. Afren is currently producing from its assets offshore Nigeria
and Côte d'Ivoire and holds further interests in the Kurdistan region of Iraq, Ghana, Nigeria, Côte
d'Ivoire, Congo Brazzaville, the Joint Development Zone of Nigeria - São Tomé & Príncipe, Kenya,
Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to
www.afren.com.
Weinman GeoScience
Afren and Amni were supported by Weinman GeoScience, a division of Global Geophysical Services.
Founded in 1983, Weinman GeoScience provides consulting, seismic data processing, geophysical,
geological, and engineering services to the energy industry.
I did, didn't I! LOL! Don't forget, these boys have several high grade prospects to drill. This share price has plenty of room to run.
SE said they were on the verge of a giant oil find.. Guess what? He was correct again... WOW!
If you're interested here
I would call them or get an alternative service, even if
you're not interested in AFRNF. I get it on quotes, streamer and level II, even Scottrade Elite which isn't exactly Micro Cap
friendly.
Anyway, good luck.
no it is not showing anything.
Thanks I will look into your other post.
Does your quote system show
AFRNF OTC U.S.?
The vol. here is minute compared to London. Good for holds,
but tough to actively trade.
These guys can ramp up production pretty quickly.
I'm excited about the East Africa plays along with Iraq.
Another one of Screaming Eagles picks to sizzle. This company has multi billion barrel potential.
Afren is a fast moving E&P comapny with assets in Africa and Kurdistan.
Great looking forward to reading your post.
Just opened the board this morning. LOL! I'm away on business and will get this up asap.
Could you post some information please?
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Commitment to Excellence
Our strength at Afren is our ability to translate the wealth of our combined individual experiences into sustainable long-term value for not only our stakeholders, but also the countries that we operate in.
Performance driven by Self Belief
Our commitment to become the premier London listed independent upstream E&P drives us to higher levels of performance. Belief in our combined abilities to succeed in the challenging environment that we work in, gives us impetus to explore new ideas as we strive to exceed our targets.
Unconventional and Innovative
We are willing to take up new challenges. We are not afraid to try new approaches in the way we work; we thrive on being innovative in all areas of the business and reward those who show leadership in these areas.
Trust through Open Communication
At Afren, we understand the importance of connecting with our employees, our business partners and our shareholders - our success depends on everyone. We encourage an environment of continuous communication and build our relationships on trust.
Commitment to Continuous Development
We have learnt from past experiences. The information, ideas and conclusions from these experiences drive our continuous improvement. We are prepared to adapt ourselves to maintain a high impact in an environment where the only constant is change.
Afren's strategy is to consolidate on its position as a leading London listed independent upstream E&P company. At the heart of Afren's strategy are four key objectives against which we measure our progress.
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