Afren shares up on production announcement
The FTSE 250 oil company Afren has seen its share price edge higher in morning trading following the announcement that it expects to hits production target of 50,000 barrels of oil per day by the end of 2011.
The FTSE 250 oil company Afren has seen its share price edge higher in morning trading following the announcement that it expects to hits production target of 50,000 barrels of oil per day by the end of 2011.
The company, which has significant operations in west and east Africa, as well as in the Kurdistan region of Iraq saw revenues rise from $265.7m in the first nine months of 2010 to $312.2m at the some point this year.
Profits before tax rose to $113m compared to $75.3m in 2010.
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
Commenting on today's results Afren's chief executive Osman Shahenshah said: "The company remains in a strong position financially, with significant cash resources available and a profitable and growing production base underpinning an internally funded forward work programme."
At 11.20am shares were trading up 0.93% at 87.25p. Over the last 12 months however Afren has lost 31% of its value.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published