Afren delivers positive update on Ain Sifni Block

Africa-focused oil and gas group Afren has reported positive test results from the Simrit-2 well on the Ain Sifni Block (20%) in the Kurdistan region of Iraq.

Africa-focused oil and gas group Afren has reported positive test results from the Simrit-2 well on the Ain Sifni Block (20%) in the Kurdistan region of Iraq.

The on-going testing programme on the well, which is operated by Hunt Oil Middle East, has delivered incremental flow rates of 5,368 barrels of oil per day (bopd), with a cumulative rate of 18,952 bopd from six of the 12 zones tested.

Osman Shahenshah, Chief Executive of Afren, said: "The latest test results on the Simrit-2 exploration well continue to suggest excellent production capability and the transformational potential of this discovery to Afren.

"The Simrit-3 well is drilling ahead and confirms the eastern extent of the large scale Simrit anticline."

Afren has a 20% interest in the blockm Hunt Oil Middle East 60%, and the Kurdistan regional government owns the remaining 20%.

NR

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
The FTSE 100 has clawed back above 7,000 – how much higher can it go?
UK stockmarkets

The FTSE 100 has clawed back above 7,000 – how much higher can it go?

The FTSE 100 index has risen to over 7,000 for the first time in over a year – it now sits just above where it was in 1999. But its era of neglect cou…
19 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021