LONDON, March 25 Nigeria-focused oil firm Afren
said it will acquire an additional 10 percent stake in
its partially-owned Nigerian unit for $37 million, in a deal
which will boost its reserves by almost a third.
Afren said on Monday that the deal, which arose due to a put
option and is subject to the approval of its shareholders, would
take its stake in First Hydrocarbon Nigeria to 54.8 percent.
The company's proved plus probable reserves -- an estimate
of recoverable oil and gas -- will rise by 29 percent to around
270 million barrels of oil equivalent as a result of the deal.
Afren also posted a 169 percent jump in annual pretax profit
to $594 million, in line with analyst expectations, after more
than doubling oil output in 2012.
The company, whose main producing assets are in Nigeria but
which also operates in Kenya and Kurdistan, guided that it would
produce between 40,000 and 47,000 barrels of oil equivalent per
day this year, in line with a forecast made in January.