Afren, the Africa-focused oil and gas company, updated investors at its annual meeting, only days after it announced...
Afren, the Africa-focused oil and gas company, updated investors at its annual meeting, only days after it announced the first flow of oil from its Okuru Setu field in Nigeria.
The 6,000 barrel per day initial production revealed on Tuesday marked the company's first oil revenue, to be supplemented soon by ready developed assets Afren is currently buying in Ivory Coast from Devon Energy.
Osman Shahenshah, chief executive, said he was "delighted that Afren has achieved its first organic production, a key milestone in the company's history".
The development, carried out with local partner AMNI International, should yield 15,000 barrels per day in coming months, according to Rilwanu Lukman, Afren's chairman and a former Opec secretary-general and adviser to the Nigerian president on energy reform.
Richard Griffith of Evolution Securities said the news had been expected. "The key thing is that they demonstrated they can carry off these projects, which bodes well for its other developments in the region."
