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Afren - Production to hit 21,000 bopd by November

November 2008

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.

In spite of succumbing to negative sentiment swirling around the oil sector, shares in Afren now look significantly oversold following encouraging newsflow at its interim results for the six months to 30 June. Although the net loss was higher than some broker estimates at US$26.8m, this mainly reflected early operating costs from its Okoro Setu development. But Okoro, which started flowing oil on 10 June, is now producing over 7,000 barrels oil per day (bopd) from two wells and is performing ahead of expectations, which could lead to a reserves upgrade later. Its production is expected to soar to 21,000 bopd from seven wells by November. Also positive was the news that a rig has been secured for a two well appraisal program ...

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Afren - Production to hit 21,000 bopd by November

November 2008

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