Afren Plc (fka AFRNF)

[Wildbilly]

Oil & Gas Sector: Afren shares rise after update shows increase in revenues and profits
22 February 2012 | 15:59pm
StockMarketWire.com - Afren's (LON:AFR)shares were up by more than 7% in late afternoon trading after an information update showed a big rise in operating profits and revenues.

Afren's 10-month update - which was issued in connection with a proposed offering of senior secured notes - showed operating profits of $160.5m to the end of October against $94.6m in the comparable period of 2010.

Revenues rose to $404.0m from $298.9m and pre-tax profits from continuing activities increased to $132.7m from $78.5m.

Independent Resources (LON:IRG) has received ministerial decree for the next phase of the its Rivara underground gas storage project in northern Italy.

It said both the ministry of environment and ministry of cultural assets and activities had executed by decree the environmental compatibility authorisation for the next phase of the project.

This decree formalises the recent decision by the ministry of environment's 'VIA Commission' to sanction the project's appraisal phase, which is designed to definitively confirm the project's technical characteristics and therefore both its safety and feasibility.

The sector's biggest risers were Caza Oil & Gas (LON:CAZA) and Petroneft Resources (LON:PTR) - up by nearly 19% and more than 11% respectively - while the biggest faller was Gulf Keystone (LON:GKP) - down by nearly 11%