Afren records gross production of 60,000 barrels



London stock exchange listed Afren, has issued its latest operations update which reveals that it expects to deliver record financial results for 2013. The update showed it achieved sales revenue of around US$1.65 billion and operating cash flow in excess of US$1.1 billion.
The company says this was driven by a year-on-year 14% increase in like-for-like net production, principally from the Ebok on oil mining lease (OML) 67 offshore and Okoro fields on OML 113 shallow offshore. Afren recorded total gross production of 59,926 boepd in 2013, with net production of 47,112 boepd.
Afren and its partners will commence development of the Okoro Further Field Development, Ebok North Fault Block and Okwok (also on OML 67) in 2014. These are all expected to generate high margin cash flow for the Company.
Afren is expecting gross production of approximately 62,000 bopd in 2014 (approximately 40,000 bopd net to Afren), a small increase over 2013, but this takes into account the shut down that will occur during the installation of an additional platform, as well as cost recovery on Ebok. The arrival of a rig on onshore OML 26 will also add to the slow-down in production.

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