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Afren

February 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • AFR
  • Price:
  • 21p
In its latest operational update, West African focused oil producer Afren noted good progress, with its Okuru Setu development in Nigeria increasing average production from around 7,000 barrels oil per day (bopd) to 18,500 from six of the seven wells currently available. With the seventh well due to start pumping imminently, this should increase again to 21,000 bopd shortly. To date over 900,000 barrels have been produced at an average realised price of US$53.9 per barrel. Elsewhere, in Ghana the Kuda exploration well was abandoned after drilling came across unexpected high pressure.On a more positive note, Afren's balance sheet remains strong with an anticipated cash balance of over US$50m at the year-end and expected annu ...

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Related Articles

Afren (May 2009)
Afren - Production to hit 21,000 bopd by November (November 2008)
Afren - West African oil firm on cusp of another major acquisition (October 2008)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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