|Public (LSE: AFR)|
|Industry||Oil and Gas|
|Founder||Osman Shahenshah (Chief Executive)
Egbert Imomoh (Chairman)
|Headquarters||London, United Kingdom|
|Revenue||US$1,644.3 million (2013)|
|US$491.0 million (2013)|
|US$474.8 million (2013)|
Afren plc is an international independent oil exploration and production company. It is listed on the London Stock Exchange.
Since the Initial Public Offering in March 2005, Afren has rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Republic of the Congo, Côte d'Ivoire, Ghana and Iraqi Kurdistan.
In March 2015, Afren reported lenders approved a three month payment deferral for a $300 million debt facility. Afren said it won a payment deferral for a $50 million amortization payment for a $300 million Ebok debt facility that was due January 31.
On March 4, 2015 Afren defaulted on its 2016 bonds after refusing to make a $15 million interest payment in order to preserve cash for an ongoing capital structure review.
On March 12, 2015 Afren inked a recapitalization plan with its lenders Thursday to secure $300 million in funding. They entered the deal with noteholders under its 2016 , 2019 and 2020 notes and a majority of the lenders under its existing $300 million Ebok credit facility. The agreement will result in $300 million of net total funding before the end of June 2015.
The Group is currently producing circa 22,000 barrels (3,500 m3) of oil equivalent per day from its current portfolio.
Okoro Setu Fields (OML 112)
The Okoro Field ("Okoro") and Setu Field ("Setu") are two oil fields located in OML 112 in shallow water offshore Nigeria, which were originally awarded to Amni - a well established indigenous oil company - in 1993 as part of the Nigerian government's indigenous licensing programme. First oil was achieved during June 2008 when production from the first two production wells drilled commenced at a rate in excess of 3,000 barrels (480 m3) of oil per day from each well. A further five wells were subsequently drilled, completed and brought onstream. The wells drilled were a mixture of horizontal and highly deviated penetrations of the reservoir intervals. The field is currently producing at a rate of 22,000 bbl/d (3,500 m3/d) from all seven wells.
Ebok is an undeveloped oil field located in OML 67, 50 km offshore in 135 ft (41 m) of water in Nigeria's prolific south eastern producing area. The field was discovered by the ExxonMobil / NNPC JV in 1968 (M-QQ1 (Ebok-1)), and two subsequent appraisal wells were drilled in 1970 (Ebok-2 and Ebok-3). First oil was originally targeted in H2 2010 but was subsequently pushed back to February 2011.
- "Afren plc : Preliminary Results 2013". afren.com. Retrieved 22 March 2015.
- "Afren plc : About Afren". afren.com. Retrieved 22 March 2015.
- Wigglesworth, Robin (September 18, 2012). "Africa: Funding on the frontier - FT.com". Financial Times. Retrieved 20 September 2012.
- How Afren rewrote the rules on developing Africa's oil wealth Daily Finance, 13 February 2011
- "Breathing room for Afren on $300 million debt payment". Petro Global News. Retrieved 3 March 2015.
- "Cash-strapped Afren defaults on $15 million interest payment". Petro Global News. Retrieved 5 March 2015.
- "Afren unveils $300 million funding plan after ‘painful year’". Petro Global News. Retrieved 16 March 2015.
- Company Overview
- Okoru Overview
- Ebok Overview
- "Ebok start-up pushed back on floater delay". upstreamonline.com. Retrieved 22 March 2015.