Petroleum Africa
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Thursday, May 22, 2014
Afren’s Q1 figures were down about 13% with 35,465 bpod compared to Q1 2013’s 40,000 bopd, with the company’s share price falling 6% on May 20. Oriel Securities analyst Dragan Trajkov said, “We see the results on the negative side.”
The company’s main assets are in Nigeria, although it does operate in Kenya and Kurdistan. Afren reported a 30% fall in Q1 sales revenue as a result of reduced share of production and liftings from its Ebok field in Nigeria and lower realized average oil prices. Revenue from continuing operations fell to $269 million from $386 million a year earlier. Average net production at Ebok – its main producing asset – fell to 25,971 bopd down from 33,513 bopd a year earlier.
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