Afren Commences Crude Oil Production in Okoro East

20 Nov 2012

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United Kingdom-listed Afren Plc has commenced crude oil production at the Okoro East oil field, with record financial results in 2012 driven by the year-on-year increase in net production from both Okoro and Ebok fields, offshore Nigeria.

According to the company’s interim management statement and financial results for the nine months ended September 30, 2012 and an update on its operations year-to-date 2012, Afren said production on the Okoro Field Extension had commenced.

The company noted that the results were prepared in accordance with the reporting requirements of the European Union (EU) Transparency Directive.

The company has also recorded exploration success on the Ebok North Fault Block and Okoro Field Extension.
Key highlights of the results showed record sales revenue of $1,077.0 million and operating cash flow before movements in working capital of $787.7 million

The year-to-date net working interest production to November 11, 2012 was 42,033 barrels of oil equivalent per day (boepd) in line with the company’s expectations.

The company also plans to replicate early production on Okoro Field Extension with an early production well at Ebok North Fault Block
Commenting on the company’s successes, the Chief Executive of Afren plc, Mr. Osman Shahenshah, said the company had delivered another period of record financial results following the year-on-year increase in net production offshore Nigeria.

“The company is on course to realise over a billion dollars of net operating cash flow in 2012, all from Afren’s greenfield developments. I am also particularly pleased to see our ongoing exploration campaign delivering commercial success; with multiple Exploration and Appraisal (E&A) wells planned over the coming months in Nigeria, East Africa and the Kurdistan region of Iraq, Afren is well placed to continue to add to the growing reserves base,” he said.

Following the completion of planned facilities work at the Ebok field and the commissioning of the Okoro-14, that is, Okoro Field Extension, production well post period end, average net production year-to-date as at 11 November 2012 is 42,033 barrels of oil equivalent per day (boepd).

This production figure keeps the company on track to achieve full year 2012 production guidance.
According to the company, production operations continue to run smoothly at the Okoro main field.

Tags: Business, Nigeria, Featured, Crude Oil Production, Okoro East

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