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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Can I shield my ISAs from inheritance tax?Many investors and savers will be wondering if there’s anything they can do to protect their ISAs from inheritance tax, especially as pensions will become liable for the levy from April 2027. We reveal the options available to ISA customers
-
What is the average salary by age – and how do you compare?Are you making more than your peers? We look at the average salary by age to see how much the typical Brit earns at different stages of their life
