Corporate Overview
A clear strategic vision
The Afren management and Board have a single, all encompassing vision – to become the leading African exploration and production company. This vision is not only focused on the vast opportunities that Africa holds – but also on long-term, sustainable growth for our business and the wellbeing of the communities in which we operate.
As part of this commitment, we will continue to draw upon the in-depth African experience of our management and leverage our access to strong deal flow. We will consolidate vital partnerships with governments, NOCs and indigenous companies.
We have consistently delivered on our promises in the past, and will continue to do so into the future.
Responsible management in a difficult economic climate
The uncertain economic climate in 2009 had a far reaching impact across the entire oil and gas industry. Highly unpredictable commodity prices alongside a difficult credit environment made it a challenging period. We responded proactively by reducing our cost base and driving greater efficiency across all areas of the business. On Okoro, we managed to reduce operating costs by 13% in 2009 to US$73.4 million compared with annualised costs for 2008 estimated at US$84.7 million.
However, we realise that short-term priorities need to be balanced with investing in long-term future growth. In this respect, we strengthened our portfolio in two core regional plays – adding the Okwok field, OML 115 and OPL 310 to our asset base. As a result, today we have a portfolio of 15 assets spanning the full E&P value chain and the necessary resources in place to progress this carefully assembled opportunity set.
Move to the main market of the London Stock Exchange –
and inclusion in the FTSE 250
On 3 December 2009, Afren shares moved from the Alternative Investment Market to the London Stock Exchange main market.
The prevailing nature of the Company – including reserves and resource base, operations and production outlook – makes the main market a much more suitable platform for our business and puts us on a platform more appropriate for our size.
We have also been recently included in the FTSE 250 – this will further raise the profile of the Group and provide further liquidity benefits for ordinary Afren shares.