watch
Afren Plc

Afren Plc

Sector: Crude Petroleum And Natural Gas Region: United Kingdom


: | Frankfurt Stock Exchange: A2J | London Stock Exchange: AFR


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.

Investor Calendar

Jun 3, 2014 8:00 pm | Annual General Meeting

May 19, 2014 8:00 pm | Interim Management Statement 1

Mar 26, 2014 8:00 pm | 2013 Full year results

Executives

Mr Egbert Imomoh, Non-executive Chairman
Biography Mr Imomoh, a founder of Afren, was previously Managing Director and Executive Chairman of Afren Energy Resources Limited. He successfully led the growth of Afren’s Nigerian asset base, established a number of successful indigenous partnerships and achieved the First Oil milestone at the Okoro Setu project. The Society of Petroleum Engineers has named Mr Imomoh as its 2013 President, and he has served on its board as Regional Director for Africa.

Mr Imomoh brings a wealth of knowledge of the oil and gas industry in Nigeria and Africa, acquired through many years of industry experience including serving as Deputy Managing Director of Shell Petroleum Development Company (Nigeria) prior to establishing Afren’s Nigerian subsidiary.
Dr Osman Shahenshah, Chief Executive
Biography Dr Shahenshah is a founder of Afren and has over 20 years’ experience in oil and gas finance. His international career began with Credit Suisse First Boston and has included senior positions in the oil and gas finance groups of the International Finance Corporation (the private sector arm of the World Bank), and the investment banking divisions of Dresdner Kleinwort Wasserstein and Mediocredito Centrale. He holds a PhD from the University of Pennsylvania, a Master’s Degree from Columbia University and a Bachelor’s Degree from Brown University.

Dr Shahenshah has been actively involved in the African oil and gas industry for more than 15 years, working with companies including Shell, Chevron, Total, Eni, and the Nigerian National Petroleum Corporation. Dr Shahenshah also brings to Afren his extensive experience of the international capital markets and of oil and gas finance.
Mr Shahid Ullah, Chief Operating Officer
Biography Mr Ullah brings extensive technical and commercial knowledge of the African petroleum industry to Afren. Mr Ullah holds a degree in Petroleum Engineering from the University of Texas and received executive development training at Oxford University and the London Business School. He is a member of the Engineering Advisory Board at the University of Texas.

Through the senior management positions held by Mr Ullah prior to joining Afren, at Western Atlas and Baker Hughes where he was responsible for managing significant petroleum interests and assets, he has considerable experience in the oil and gas industry.
Mr Darra Comyn, Group Finance Director
Biography Mr Comyn was previously the Group Finance Director for ITE Group plc and Expomedia Group plc (both international groups focused on emerging markets); and in the oil industry with Chevron Oil UK and Dragon Oil where he was Group Financial Controller and Company Secretary. Mr Comyn is a Chartered Accountant with a degree in Economics from Trinity College, University of Dublin.

Mr Comyn has extensive financial, accounting and capital markets experience in both the emerging markets and the oil and gas industry.
Mr Peter Bingham, Non-executive Director
Mr Bingham is a Non-Executive Director of Afren appointed in 2005. Mr Bingham began his career at Barclays Bank group. He subsequently held a succession of Directorships, first in London at branch level, then in Barclays merchant banking division and BZW (now known as Barclays Capital). There he set up the credit risk management team, before becoming Head of Banking at BZW and serving as a member of the central Barclays Group Credit Committee.
With over 40 years’ experience, Mr Bingham brings considerable knowledge in international financial markets.
Mr John St. John, Non-executive Director
Biography Mr St. John was appointed to the Board of Afren in November 2006. He has acted as an adviser on over US$100 billion of equity and equity-linked issuance in all major markets worldwide. He was formerly Global Head of Equity Capital Markets at Dresdner Kleinwort, Commerzbank and Lehman Brothers and European Head of Equity Capital Markets at Citigroup, formerly Salomon Brothers. He was also until recently the Chairman of Equity Capital Markets at Nomura International plc. Mr St. John is a founding Partner of STJ Advisers. Mr St. John’s significant experience provides considerable insight into the international capital and financial markets.
Mr Ennio Sganzerla, Non-executive Director
Biography Mr Sganzerla is a senior oil industry practitioner with a wealth of African upstream experience. He was previously Senior Vice President (E&P) at Eni, having joined the group in 1971. From 1997, he was responsible for Eni’s largest business unit encompassing the North Sea, America, Australasia and Russia, with production in excess of 500,000 boepd.
Over the course of his wide-ranging career at Eni, Mr Sganzerla has acquired significant experience in establishing and developing oil and gas assets in West Africa (including Nigeria, Gabon and Congo) and in leading merger and acquisitions activities in the oil and gas industry, including the acquisition of Lasmo plc and British Borneo.
Mr Toby Hayward, Non-executive Director
Biography A qualified chartered accountant, Mr Hayward has held a number of senior equity capital market positions in London. He was Head of Oil and Gas Equity Capital Markets at Canaccord Adams, before joining Jefferies International Limited as Managing Director and Head of Corporate Broking, where he was responsible for all international equity and equity linked transactions together with corporate broking and Nomad responsibilities.
Mr Hayward has extensive expertise in the equity capital markets, as well as bringing financial and accountancy experience to the Board.
Mr Patrick Obath, Non-executive Director
Biography Mr Obath, an East African national, was appointed to the Board in 2012. Mr Obath currently also serves as Chairman of PZ Cussons EA Limited and is a Non‑Executive Director at Standard Chartered Bank Kenya Limited and Kenya Power and Lighting Company Limited. He is Chairman of the Kenya Private Sector Alliance and has received a number of East African Honorary recognitions, including the Order of the Grand Warrior (OGW) by H.E. the President of the Republic of Kenya, the National Peace Award, Kenya, and the Order of the Moran of the Burning Spear (MBS) by H.E. the President of the Republic of Kenya. With over 36 years of industry experience, including 20 years in various positions at Shell, Mr Obath has a wealth of experience as a senior oil and gas industry practitioner.
Mr Galib Virani, Associate Director
Biography Mr Virani joined Afren in 2006 following a career in the City of London in corporate finance and mergers and acquisitions predominantly covering the energy sector. He is a Fellow of the Securities Institute, and has a Master of Finance & Investment (with Distinction) and a Master of Philosophy in Emerging Market Finance.

Mr Virani contributes a wealth of corporate finance experience to Afren, and has played a key role in the inorganic growth of the Group’s asset portfolio. Mr Virani is an East African national and oversees the regional aspects of Afren’s activities in East Africa.
Mr Iain Wright, Associate Director
Biography Mr Wright has over 25 years of industry experience, having held senior positions at Randall & Dewey, Baker Hughes, Qatar Petroleum, Conoco (UK) and Anadrill Schlumberger prior to joining Afren in 2008. Mr Wright is a Certified Petroleum Geologist with the AAPG, and a fellow of the Geological Society, SPE, and PESGB. Mr Wright brings extensive geosciences experience to Afren, having served in both development and exploration geology roles.
Mr. Iain McLaren, Non-executive Director
Mr McLaren is a chartered accountant with over forty years’ experience working in international financial markets, accounting and auditing as well as the oil and gas industry. He currently serves as a Non-executive Director of Cairn Energy Plc, Chairman of Investors Capital Trust Plc, Non-executive Director of Baillie Gifford Shin Nippon Plc, Edinburgh Dragon Plc, Ecofin Water & Power Opportunities Plc and Mitra Energy Limited.

Mr McLaren is a past President of the Institute of Chartered Accountants of Scotland and has a BA in Accountancy & Finance from Heriot-Watt University. He also serves as Governor of St Columba’s Hospice and Deputy Chair of Court of Heriot-Watt University.
Mrs. Sheree Bryant, Non-executive Director
Mrs Bryant is a social entrepreneur who brings to Afren extensive experience in government and the NGO sectors in the US and the UK. In addition to consulting and pro bono work for several US and UK charities, Mrs Bryant is a Trustee of award winning Impetus Private Equity Foundation portfolio partner COUI Teens and Toddlers.

Mrs Bryant was educated at the Universities of Texas, Harvard Graduate School of Arts and Sciences, and King's College, London.

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