Company Profile For Afren Plc

Afren Plc (AFRE.L) (London Stock Exchange)

sector: Energy · industry: Oil & Gas Exploration & Production ·

As of 8:21pm IST

89.75GBp

Price Change

-2.25

Percent Change

-2.45%

Analyst Recommendations

Overview

Afren Plc (Afren) is an independent oil and gas exploration, development and production company. During the year ended December 31, 2008, Afren participated in two exploration wells: one as a deepwater operator, drilling the Cuda prospect on the Keta Block in Ghana and also participating (on a non-operated basis) in the ICM-1 well on the Iris Marin permit, offshore Gabon. In September 2008, the Company completed the acquisition of Devon Energy Corporation's interests in Cote d'Ivoire. The acquisition comprised a 47.96% working interest and operatorship of the producing Block CI-11; a direct 65% interest and operatorship (with rights over an additional 15% interest) in the undeveloped Block CI-01, and a 100% interest in the onshore Lion Gas Plant. In July 2009, the Company announced the establishment of First Hydrocarbon Nigeria Company Limited (FHN).

Quick Financial Synopsis

BRIEF: For the six months ended 30 June 2009, Afren Plc's revenues totaled $155.2M, up from $0. Net loss increased 44% to $38.5M. Revenues reflects the presence of sales from Nigeria, Cote d'Ivoire and West Africa regions. Higher loss reflects an increase in cost of sales, increased expense on derivative financial instruments, a decrease in investment revenue, an increase in finance costs and the presence of share of loss of an associate.