Afren Plc Provides Q1 of 2012 Results for Tanga Block

Source: www.gulfoilandgas.com 5/15/2012, Location: Africa

Afren plc, announces its Interim Management Statement and financial results for the three months ended 31 March 2012 and an update on its operations to 15 May 2012, in accordance with the reporting requirements of the EU Transparency Directive. Information contained within this release is un-audited and is subject to further review.

Commenting on today’s IMS, Osman Shahenshah, Chief Executive of Afren plc, said:

“We have made an excellent start to our 2012 exploration campaign with significant discoveries at Okoro East, Ebok North fault Block and Ain Sifni. Group production during the first quarter was in line with our expectations, generating US$300.2 million of net operating cash flow. We look forward to continuing our exploration programme, with wells in Nigeria, the Nigeria-São Tomé & Principe JDZ , Congo, the Kurdistan region of Iraq and East Africa, targeting in excess of 630 million barrels of oil equivalent net to Afren.”

East Africa exploration
Tanga Block (Tanzania)
During Q4 2011, the partners acquired over 900 km of deepwater 2D seismic, the results of which have now been interpreted and integrated with existing data. In 2012, the partners intend to acquire 3D seismic data over the deepwater areas of the block ahead of exploration drilling on the Orpheus prospect from a shallow water location. The Company is in the process of securing a suitable jack up rig.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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