Afren is one of the largest independent oil and gas exploration and production companies operating in Africa and the Middle East. The Company has interests in 24 exploration and production licences in 11 countries that are located across three regions: West Africa, East Africa and the Kurdistan Region of Iraq. The Company has a premium listing on the London Stock Exchange (AFR.L), and is a constituent of the FTSE 250 Index.
In 2013 the Company achieved record financial results with revenue of US$1.64 billion and operating cash flow of US$1.22 billion, driven by strong production from the Ebok and Okoro fields, offshore Nigeria. Net average daily production in 2013 was 47,112 boepd, at the top end of the Company’s guidance range. The Company also had several significant exploration and appraisal successes in 2013, the most significant of which was the basin-opening discovery at the Ogo-1 well on the OPL 310 license, offshore Nigeria with estimated P50 gross recoverable resources of 774 mmboe which was significantly ahead of pre-drilling expectations. This discovery was the third largest discovery in the industry globally in 2013 and the largest in Nigeria for over a decade. In conjunction with our partners, Afren recently completed a fast-track 3D seismic acquisition programme and processing of the data will commence shortly ahead of planned appraisal drilling.
As at 31 December 2013, the Company had net 2P reserves of 286 mmboe and net 2C resources of 810 mmboe, with additional prospective upside of 10,031 mmboe.