Afren well hits water, shares drop

Shares in oil firm Afren took a hit after the company reported 'disappointing' results from its Nunya 1x eploration well in the Keta block offshore Ghana.

The well, in which Afren has a 35% stake, encountered thick and high quality but water bearing reservoirs.

Osman Shahenshah, Chief Executive of Afren, said: "Whilst the Nunya-1x exploration well result is disappointing, it was the first well to test the Upper Cretaceous play on the Keta block and as such has provided important data with which to calibrate and further enhance our understanding of this under-explored block in what still remains a very high potential basin.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

"We continue to make excellent progress with our wider exploration programme, which has already yielded two significant discoveries year to date, and look forward next to the results of the Ebok North Fault Block exploration well which has spudded in Nigeria and is drilling ahead towards target."

The share price fell 5.96% to 134.20p by 16:27.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.