Afren Expects To Report 151% Surge In FY12 Revenues - Quick Facts
By RTT News, January 21, 2013, 02:24:00 AM EDT
(RTTNews.com) - Africa-focused oil and gas company Afren Plc (AFR.L, AFRNF.PK) on Monday said it expects a 151 percent increase in sales revenues for fiscal 2012, benefited by higher sales volumes together with continued strength in commodity prices.
In its trading statement and operations update in advance of the full-year results, the company said it expects total revenue for 2012 to be about $1.50 billion, compared to $597 million in 2011. Sales volumes increased principally due to increased production from the Ebok and Okoro fields offshore Nigeria.
Full-year net production was in line with guidance at 42,830 barrels of oil equivalent per day or boepd. Realized commodity prices were in line with the previous year. The company realized an average oil price of $107/bbl, and average gas price of $5.85/mcf.
Capital expenditure was $520 million for the year. Afren said it made three significant exploration discoveries in 2012.
The company is scheduled to release full-year results on March 25.
Looking ahead for fiscal 2013, the company said its net production is estimated to average between 40,000 boepd to 47,000 boepd, excluding Barda Rash. the company forecast 2013 capital expenditure of approximately $620 million
Chief Executive Osman Shahenshah said, "2012 saw record production and financial performance combined with significant exploration success in Nigeria and the Kurdistan region of Iraq. In 2013 we expect to further grow our reserves base through a multi-well exploration and appraisal drilling campaign in both established and new basins, while continuing to grow our production base. There is much to look forward to in 2013 and beyond."