Afren misses ambitious production targets

Afren Plc reported first-quarter net production of 35,465 bpd

The company blamed a number of write offs in Kenya and Congo for the drop in production.
The company blamed a number of write offs in Kenya and Congo for the drop in production.

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.

 

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