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AFREN SOARS ON AFRICA OIL
Tuesday, March 28, 2006 - FreeMarketNews.com

West Africa-focused oil and gas group Afren was trading close to it best ever level on reports in this weekend's The Business that a consortium in which it has a stake has struck it big in the Gulf of Guinea. The Obo-1 well in Block 1 of the Nigeria Sao Tome and Principe joint development zone could hold more than a billion barrels of oil and gas, said the newspaper. Chevron, the Block's operator, began drilling the first exploration well on 14 January and has completed initial drilling. The results are currently being evaluated, said Afren.