Afren misses ambitious production targets
Afren Plc reported first-quarter net production of 35,465 bpd
Oil exploration company Afren Plc reported first-quarter net production of 35,465 barrels of oil per day (bopd), lower than its target of 40,000 bopd this year according to Reuters.
Afren also reported a 30% fall in first-quarter sales revenue due to a reduced share of production and liftings from its Ebok field in Nigeria and lower realised average oil prices.
Shares in the company fell as much as 5.1% in morning trade on the London Stock Exchange.
The company's main producing assets are in Nigeria but it also operates in Kenya and Kurdistan.
Afren, which is targeting double-digit production growth over the next five years, said analysis of 3D seismic data of its Ogo oil field - the world's third largest discovery of 2013 - would begin shortly.
The oil explorer and producer reported a 44% fall in pretax profit last year due to a number of field write-offs in Kenya and Congo.
Shares in Afren were trading down 5% at 0825 GMT on the London Stock Exchange.