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
Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions. Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
comments powered by Disqus
Follow RTT