logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The World Health Organization or WHO on Tuesday asked the tobacco industry to compensate for the massive environment issues caused by tobacco growing and usage. WHO, in its first report on tobacco's impact on the environment, said the extensive use of chemicals, energy and water, and pollution from manufacturing and distribution of tobacco products, cause massive harm to the environment. Shares of Ryanair Holdings Plc were losing around 2 percent in the early morning trading in London after the Irish no-frills airline Tuesday said it is cautiously guiding a profit increase in fiscal 2018 after reporting weak profit in fiscal 2017. The latest year profit was hurt by the absence of prior year's gain, while revenues increased with strong traffic growth. Hampton Farms has voluntarily recalled Ava's brand organic cashews for potential Listeria contamination. The Organic Cashews Roasted & Salted 8 oz. tubs were distributed in New Jersey, New York, Pennsylvania and Connecticut. As per the recall statement, fewer than 225 units of this product were offered for retail sale.
comments powered by Disqus
Follow RTT