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Afren Projects 2011 Revenues To Be About $600 Mln - Quick Facts

Afren plc (AFR.L) said it anticipates total revenue for 2011 to be around $600 million, compared with $319 million in 2010. The increase in revenue is due to increased production year-over-year as a result of production start up at the Ebok field and commissioning of two infill wells at the Okoro field, combined with the impact of higher realised commodity prices during the period.

During 2011, the company realised an average oil price of $109/bbl, representing a $2.3 average discount to Brent, and an average gas price of $8.4/mcf.

Afren said net production at the company's assets during the full year 2011 was approximately 19,200 boepd.

For the fourth quarter, production increased sharply to an exit rate of 53,200 boepd, directly attributable to the Company. This increase in production follows the commissioning and ramp up of all production wells associated with the initial phases of the Ebok field development.

Looking forward, Afren expects average production of 42,000 to 46,000 boepd in 2012.

by RTTNews Staff Writer

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