Consistent progress
In 2009, Afren continued to build on its strong foundations and operational momentum – despite a challenging economic climate. A robust platform of producing and development assets, material reserve additions through
the drill bit and potentially transformational exploration opportunities are the bedrock of our organisation.
Financial highlights
Operational highlights
- 2009 was the Group’s first full year of production with 22,100 boepd working interest upstream production and NGL output over the period.
- Okoro is producing ahead of pre start-up expectations with an average gross rate of 18,800 bopd achieved in 2009.
- Stable operations in Côte d’Ivoire, with average gross rates of 30 mmcfd and 1,230 bopd achieved at CI-11 and 1,140 boepd output at the Lion Gas Plant.
- 100% appraisal drilling success at the Ebok field in Nigeria, progressively de-risking upside potential and increasing gross independently certified reserves to 107.5 mmbbls.
- Commencement of Ebok development Phase 1 and acceleration of Phase 2 planning, with first oil expected in October 2010.
- Net working interest 2P reserves and contingent resources of 113 mmboe, independently certified by Netherland Sewell & Associates, Inc (NSAI).
- Acquisition of interests in the Okwok field, OPL 310 and OML 115 (post period end) in Nigeria, expanding Afren’s footprint around the core Ebok development and increasing exposure to the prolific West African Upper Cretaceous fairway.
- Strengthened balance sheet with gearing significantly reduced and continued debt repayment (US$148 million in 2009).
- Listing on the Main Board of the London Stock Exchange with FTSE 250 Index inclusion achieved in March 2010.
- For more information click here