Source
http://www.oilbarrel.com/companies/details0/company/afren-plc.html
Company Statement
A unique African proposition
Afren is an independent oil and gas exploration and production company that was founded in 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.
Since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire and Ghana. The Group is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio.
Operations and Technology
Afren plc was founded in late 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.
Afren has consistently delivered on its differentiated strategy; since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio to fifteen assets across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo Brazzaville, Côte d’Ivoire and Ghana.
Afren has also built a management and advisory team with extensive industry experience in West Africa, and today employs over 180 staff across all disciplines with offices in London, Lagos and Abidjan.
The Company reached the first oil milestone in June 2008 from its Okoro Setu development in Nigeria two years from announcing the financing and production sharing agreement with its partner Amni in 2006 to jointly develop the Okoro and Setu fields located offshore Nigeria in OML112. The Company has now achieved full production of circa 21,000 bopd.
In April 2008, Afren announced an agreement with Oriental Energy Resources Limited to jointly develop the offshore Ebok field which was awarded to Oriental by the ExxonMobil / Nigerian National Petroleum Corporation Joint Venture. The venture provides Afren with access to a material discovered undeveloped opportunity, with the potential to add significant reserves and production to Afren’s existing portfolio. The Ebok field has mean estimated oil in place of 118 million barrels of oil, and the Company believes this asset represents a high quality development asset similar to the Okoro Setu project. Afren commenced a two well appraisal drilling programme in Q4 2008 and First Oil is targeted from Ebok in 2010. In addition, the Company has a collaborative agreement with Oriental to access similar discovered undeveloped opportunities from Majors in Nigeria.
A major transformational landmark in Afren’s growth during 2008 is the strategic acquisition of Devon Energy Corporation’s assets in Côte d’Ivoire which includes the producing Block CI-11, the Lion Gas Plant and the undeveloped Block CI-01. Afren now operates, together with partner PETROCI (the National Oil Company of Côte d’Ivoire) a fully integrated gas project that has not only delivered immediate production (approximately 5,200 boepd working interest oil, gas and NGL volumes) and associated revenues but also offers significant upside potential.
The company also has its eyes on West Africa’s fledgling gas development and LNG business. In January 2008, Afren signed a co-operation agreement with E.ON Ruhrgas and African LNG Holdings Limited to investigate the availability and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South Eastern regions. This agreement envisages that the partners will jointly develop, gather and monetise Nigeria's vast untapped gas resources for domestic and export purposes in line with the Nigerian Government's 2008 Gas Master Plan. The Gulf of Guinea in West Africa is estimated to contain over 200 trillion cubic feet of gas, more than 80 per cent of which lies in Nigeria. In March 2008 the company bagged interests in two Anambra Basin licences, OPL 907 and 917, which are home to existing gas and condensate discoveries.
In September 2008 Afren signed another gas monetization MoU, this time with Electricité de France (EDF) and Gasol to examine establishing a gas aggregation joint venture to identify and develop onshore and offshore stranded gas assets in West Africa. The JV will develop gas reserves, construct collection networks to aggregate the reserves and then deliver the gas to a central gas processing hub for domestic use and/or export via LNG.
Elsewhere in Nigeria, the Company is progressing with the development of the Eremor field. Development operations are expected to commence in 2009, with first oil anticipated in 2010. Of particular note is that Netherland Sewell Associates have credited the Eremor field with 4 million barrels of gross 2P recoverable reserves.
In Ghana, the Company has a 68% working interest and operatorship of the Keta Block. The play type is very similar to that successfully proven by recent drilling at the Jubilee and Odum discoveries and this success has confirmed Ghana's emergence as a major hydrocarbon province with world class prospectivity The Company in Q4 2008 completed drilling the Cuda-1x exploration well, the first well to target the Cuda prospect which is estimated to contain 325 mmbbls of mean prospective resources, the well was however plugged and abandoned and did not penetrate the primary Cretaceous objectives which remain of high potential but untested. The Company remains highly optimistic about the exploration potential of the Keta block, where several attractive prospects, in addition to Cuda have been identified.
Despite the credit crunch, Afren has no plans to scale back its portfolio-building activities in Africa. In October 2008 the company entered a three-year strategic alliance with Japanese conglomerate Sojitz to jointly pursue material acquisition opportunities in Africa. To further align interests, Afren agreed to an investment of US$45 million by Sojitz in the form of loan notes. This alliance will enable Afren to take on larger projects on the continent by drawing on the financial muscle of Sojitz. The alliance will run for an initial period of (i) 3 years from the signing date or (ii) the date upon which Sojitz has invested a total of $500 million in the Joint Acquisitions. The Company also has a robust financial position with cash balances at 30 June 2008 of US$269 million and net debt of US$13 million.
The Company is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio of producing assets in Côte d’Ivoire and Nigeria, with significant future growth projected from current development projects together with a high impact exploration campaign and an active new ventures pipeline.
Geographical Spread
Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire, and Ghana
Board of Directors and Key Management
The Board
Egbert Imomoh Chairman
Osman Shahenshah Chief Executive
Shahid Ullah Chief Operating Officer
Constantine Ogunbiyi Executive Director
Guy Pas Non-Executive Director
Peter Bingham Non-Executive Director
John St. John Non-Executive Director
Senior Management
Patrick Cherlet Director of Operations
Iain Wright Technical Director
Nick Johnson Head of Exploration and New Ventures
Jeremy Whitlock Group Financial Controller
Galib Virani Head of Acquisitions and Investor Relations
Shirin Johri Group General Counsel
Company Address
Kinnaird House
1 Pall Mall East
London, United Kingdom SW1Y 5AU
Telephone: +44 (0)20 7451 9700
Facsimile: +44 (0)20 7451 9701
Email: info[at]afren.com
Website: http://www.afren.com
Additional Address/Key Contact
Afren Energy Resources
1st Floor, FABAC Centre
3b Ligali Ayorinde Street
Victoria Island
Lagos, Nigeria
T: +234 (1) 4610130-7
F: +234 (1) 4610139
Afren Côte d'Ivoire Ltd
Avenue Delafosse
Prolongee
RDC Residence Pelieu
04 B P 827 Abidjan 04
Côte d'Ivoire
T : +225 20 254 000
F : +225 20 226 229
Afren Energy Resources
1st Floor, The Octagon
13A, A.J. Marinho Drive
Victoria Island Annexe
Lagos
Nigeria
T: +234 (1) 4610130-7
F: +234 (1) 4610139
Investor Relations
Galib Virani
Head of Investor Relations
Email: IR@afren.com
Capital
446, 991,859 of Ordinary Shares outstanding
Nominated Brokers
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
www.jefferies.com
Morgan Stanley
20 Bank Street London E14 4AD
www.morganstanley.com
Nominated Advisors
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
www.jefferies.com
Major Shareholders
Lansdowne Partners 10.68
GLG Partners 4.87
Wellington Management 4.46
Standard Bank 4.29
JP Morgan Chase & Co 4.48
FMR Corp 3.62
Deutsche Bank 3.97
Credit Suisse Securities 6.61
Related News
29/12/08 - Afren Grows Production Base But Loses Dr Rilwanu Lukman To Nigerian Politics
Most Recent Statement
02/03/09 - Notice of Results
03/02/09 - Ebok Appraisal Drilling Programme
04/12/08 - Shareholding in the Company
01/12/08 - Total Voting Rights
24/11/08 - Price Monitoring Extension
20/11/08 - Ghana Farm-Down
To top
http://www.oilbarrel.com/companies/details0/company/afren-plc.html
Company Statement
A unique African proposition
Afren is an independent oil and gas exploration and production company that was founded in 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.
Since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire and Ghana. The Group is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio.
Operations and Technology
Afren plc was founded in late 2004 with the vision to become the premier pan-African independent exploration and production company, through a differentiated strategy based on a strong African representation in the Board and management, partnering with indigenous companies, partnering with National Oil Companies and Governments as well as finding a solution to the vast untapped gas resources in the Gulf of Guinea.
Afren has consistently delivered on its differentiated strategy; since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio to fifteen assets across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo Brazzaville, Côte d’Ivoire and Ghana.
Afren has also built a management and advisory team with extensive industry experience in West Africa, and today employs over 180 staff across all disciplines with offices in London, Lagos and Abidjan.
The Company reached the first oil milestone in June 2008 from its Okoro Setu development in Nigeria two years from announcing the financing and production sharing agreement with its partner Amni in 2006 to jointly develop the Okoro and Setu fields located offshore Nigeria in OML112. The Company has now achieved full production of circa 21,000 bopd.
In April 2008, Afren announced an agreement with Oriental Energy Resources Limited to jointly develop the offshore Ebok field which was awarded to Oriental by the ExxonMobil / Nigerian National Petroleum Corporation Joint Venture. The venture provides Afren with access to a material discovered undeveloped opportunity, with the potential to add significant reserves and production to Afren’s existing portfolio. The Ebok field has mean estimated oil in place of 118 million barrels of oil, and the Company believes this asset represents a high quality development asset similar to the Okoro Setu project. Afren commenced a two well appraisal drilling programme in Q4 2008 and First Oil is targeted from Ebok in 2010. In addition, the Company has a collaborative agreement with Oriental to access similar discovered undeveloped opportunities from Majors in Nigeria.
A major transformational landmark in Afren’s growth during 2008 is the strategic acquisition of Devon Energy Corporation’s assets in Côte d’Ivoire which includes the producing Block CI-11, the Lion Gas Plant and the undeveloped Block CI-01. Afren now operates, together with partner PETROCI (the National Oil Company of Côte d’Ivoire) a fully integrated gas project that has not only delivered immediate production (approximately 5,200 boepd working interest oil, gas and NGL volumes) and associated revenues but also offers significant upside potential.
The company also has its eyes on West Africa’s fledgling gas development and LNG business. In January 2008, Afren signed a co-operation agreement with E.ON Ruhrgas and African LNG Holdings Limited to investigate the availability and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South Eastern regions. This agreement envisages that the partners will jointly develop, gather and monetise Nigeria's vast untapped gas resources for domestic and export purposes in line with the Nigerian Government's 2008 Gas Master Plan. The Gulf of Guinea in West Africa is estimated to contain over 200 trillion cubic feet of gas, more than 80 per cent of which lies in Nigeria. In March 2008 the company bagged interests in two Anambra Basin licences, OPL 907 and 917, which are home to existing gas and condensate discoveries.
In September 2008 Afren signed another gas monetization MoU, this time with Electricité de France (EDF) and Gasol to examine establishing a gas aggregation joint venture to identify and develop onshore and offshore stranded gas assets in West Africa. The JV will develop gas reserves, construct collection networks to aggregate the reserves and then deliver the gas to a central gas processing hub for domestic use and/or export via LNG.
Elsewhere in Nigeria, the Company is progressing with the development of the Eremor field. Development operations are expected to commence in 2009, with first oil anticipated in 2010. Of particular note is that Netherland Sewell Associates have credited the Eremor field with 4 million barrels of gross 2P recoverable reserves.
In Ghana, the Company has a 68% working interest and operatorship of the Keta Block. The play type is very similar to that successfully proven by recent drilling at the Jubilee and Odum discoveries and this success has confirmed Ghana's emergence as a major hydrocarbon province with world class prospectivity The Company in Q4 2008 completed drilling the Cuda-1x exploration well, the first well to target the Cuda prospect which is estimated to contain 325 mmbbls of mean prospective resources, the well was however plugged and abandoned and did not penetrate the primary Cretaceous objectives which remain of high potential but untested. The Company remains highly optimistic about the exploration potential of the Keta block, where several attractive prospects, in addition to Cuda have been identified.
Despite the credit crunch, Afren has no plans to scale back its portfolio-building activities in Africa. In October 2008 the company entered a three-year strategic alliance with Japanese conglomerate Sojitz to jointly pursue material acquisition opportunities in Africa. To further align interests, Afren agreed to an investment of US$45 million by Sojitz in the form of loan notes. This alliance will enable Afren to take on larger projects on the continent by drawing on the financial muscle of Sojitz. The alliance will run for an initial period of (i) 3 years from the signing date or (ii) the date upon which Sojitz has invested a total of $500 million in the Joint Acquisitions. The Company also has a robust financial position with cash balances at 30 June 2008 of US$269 million and net debt of US$13 million.
The Company is currently producing circa 25,000 barrels of oil equivalent per day from its current portfolio of producing assets in Côte d’Ivoire and Nigeria, with significant future growth projected from current development projects together with a high impact exploration campaign and an active new ventures pipeline.
Geographical Spread
Nigeria, São Tomé & Príncipe JDZ, Gabon, Congo, Côte d'Ivoire, and Ghana
Board of Directors and Key Management
The Board
Egbert Imomoh Chairman
Osman Shahenshah Chief Executive
Shahid Ullah Chief Operating Officer
Constantine Ogunbiyi Executive Director
Guy Pas Non-Executive Director
Peter Bingham Non-Executive Director
John St. John Non-Executive Director
Senior Management
Patrick Cherlet Director of Operations
Iain Wright Technical Director
Nick Johnson Head of Exploration and New Ventures
Jeremy Whitlock Group Financial Controller
Galib Virani Head of Acquisitions and Investor Relations
Shirin Johri Group General Counsel
Company Address
Kinnaird House
1 Pall Mall East
London, United Kingdom SW1Y 5AU
Telephone: +44 (0)20 7451 9700
Facsimile: +44 (0)20 7451 9701
Email: info[at]afren.com
Website: http://www.afren.com
Additional Address/Key Contact
Afren Energy Resources
1st Floor, FABAC Centre
3b Ligali Ayorinde Street
Victoria Island
Lagos, Nigeria
T: +234 (1) 4610130-7
F: +234 (1) 4610139
Afren Côte d'Ivoire Ltd
Avenue Delafosse
Prolongee
RDC Residence Pelieu
04 B P 827 Abidjan 04
Côte d'Ivoire
T : +225 20 254 000
F : +225 20 226 229
Afren Energy Resources
1st Floor, The Octagon
13A, A.J. Marinho Drive
Victoria Island Annexe
Lagos
Nigeria
T: +234 (1) 4610130-7
F: +234 (1) 4610139
Investor Relations
Galib Virani
Head of Investor Relations
Email: IR@afren.com
Capital
446, 991,859 of Ordinary Shares outstanding
Nominated Brokers
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
www.jefferies.com
Morgan Stanley
20 Bank Street London E14 4AD
www.morganstanley.com
Nominated Advisors
Jefferies International Ltd
Vintners Place
68 Upper Thames Street
London EC4V 3BJ
www.jefferies.com
Major Shareholders
Lansdowne Partners 10.68
GLG Partners 4.87
Wellington Management 4.46
Standard Bank 4.29
JP Morgan Chase & Co 4.48
FMR Corp 3.62
Deutsche Bank 3.97
Credit Suisse Securities 6.61
Related News
29/12/08 - Afren Grows Production Base But Loses Dr Rilwanu Lukman To Nigerian Politics
Most Recent Statement
02/03/09 - Notice of Results
03/02/09 - Ebok Appraisal Drilling Programme
04/12/08 - Shareholding in the Company
01/12/08 - Total Voting Rights
24/11/08 - Price Monitoring Extension
20/11/08 - Ghana Farm-Down
To top