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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best houses for sale with annexes
The best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
By Natasha Langan Published
-
Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
By Emily Hohler Published