Afren sees profits jump 180 per cent

Afren, the Africa-focused oil company, says full-year profits nearly tripled in 2011, and a 'significant' discovery has been made at its Okoro site, offshore Nigeria.

Profits before tax came in at $221m, 180% up on the previous year's figure of $79m. Turnover came in at $597m, up from the $319m of the prior year.

Since the year's end, the company's biggest news has been a large discovery at its Okoro East exploration well off Nigeria's Atlantic coast.

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The group's Chief Executive, Osman Shahenshah, said:

"We have a visible production trajectory to 100,000 barrels of oil equivalent per day by 2017 and a mature capital structure that will internally fund both organic and inorganic opportunities.

"Since the company was listed in 2005, we have demonstrated strategic foresight and taken significant positions in Nigeria, East Africa and the Kurdistan region of Iraq, at a cost of entry highly accretive to our shareholders, coupled with a strong track record of operational delivery."

Afren shares had gained 2.8% by 08:31.

BS