LONDON May 20 London-listed oil explorer Afren
Plc reported first-quarter net production of 35,465
barrels of oil per day (bopd), lower than its target of 40,000
bopd this year.
Afren also reported a 30 percent fall in first-quarter sales
revenue due to a reduced share of production and liftings from
its Ebok field in Nigeria and lower realised average oil prices.
Shares in the company fell as much as 5.1 percent in morning
trade on the London Stock Exchange.
The company's main producing assets are in Nigeria but it
also operates in Kenya and Kurdistan.
Afren, which is targeting double-digit production growth
over the next five years, said analysis of 3D seismic data of
its Ogo oil field - the world's third largest discovery of 2013
- would begin shortly.
The oil explorer and producer reported a 44 percent fall in
pretax profit last year due to a number of field write-offs in
Kenya and Congo.
Shares in Afren were trading down 5 percent at 146.3 pence
at 0825 GMT on the London Stock Exchange.
(Reporting by Karolin Schaps and Roshni Menon)