2014 Half-yearly Results Highlights
1H 2014 net production of 33,488 bopd; Full year production guidance revised to 32,000 to 36,000 bopd, removing Barda Rash, due to temporary suspension of activities
Two rigs on location and drilling ahead offshore Nigeria on the Ebok and Okoro fields; Central Fault Block Extension platform to be installed in Q3 2014
Approval received from the Department of Petroleum Resources for the initial five well development of the Ogini Field. Rig on location and development drilling well underway
3D seismic acquisition on OPL 310 complete and interpretation ongoing; further drilling to commence in Q4 2014
Profit after tax of US$160 million (1H 2013: US$62 million) reflects tax exemption at Ebok offsetting reduction in pre-tax profit and revenue
The balance sheet remained strong with net assets of US$1,972 million
(1H 2013: US$1,498 million)
Outlook - Targeting 5-year double digit production growth
Production ramp up starts in 2H 2014
₋ Ebok - 6 new producers planned
₋ Okoro - 1 infill well and 1 side-track well
₋ OML 26 - 3 new producers planned, currently logging while drilling (LWD) on first well
₋ Okwok - commence fast-track development drilling
Ebok deep exploration tail to spud in Q4 2014, targeting 50 mmbbls
Transformational reserves potential
₋ Only 26% of total discovered 2P/2C barrels in production or under development
Toby Hayward, Interim CEO of Afren plc, said:
"Despite recent challenges Afren is totally committed to delivering on our work programme across the portfolio. With numerous growth opportunities expected to drive a step-up in near-term production, cash flow and reserves, we remain in a strong position to deliver shareholder value in 2014 and beyond. We believe we will come out stronger from the ongoing issues and I would like to thank all our shareholders for their continued support. "
