LONDON (Alliance News) - Afren PLC Tuesday said developments at its projects offshore Nigeria are on schedule and reiterated it is on track to deliver its production guidance for 2015.
At the Ebok field in offshore Nigeria, Afren and its partner, Oriental Energy Resources Ltd, are expecting its work programme at the Ebok central fault block extension to be completed by the end of 2015, which is targeting both producing and undeveloped reservoirs, it said in a statement.
The work programme at the Ebok central fault block extension will include the development of nine new wells, it said in a statement.
At the nearby North Fault block, Afren and Oriental continue to progress the project and are expecting a third new producing well at the site to be completed by the middle of December. The programme at the block will see up to five additional wells by the end of 2015, it said in a statement.
Afren remains on track to deliver net production between 32,000 barrels of oil per day to 36,000 barrles of oil per day for 2015 from the Ebok field, which is at the lower end of its guidance, it said in a statement.
"Afren is expecting to deliver strong production and cash flow growth in 2015 and beyond," said interim Chief Executive Toby Hayward.
At the Ameena East project, also in partnership with Oriental in offshore Nigeria, the company has begun its drilling campaign, with one well currently being drilled aimed at targeting the prospects 65 million barrels of estimated resources. The drilling campaign at Ameena East is due to be completed in December.
Drilling at the Ebok Deep, to the north of the Ameena East prospect, is due to start in the fourth quarter, targeting 50 million barrels of estimated resources.
"We are pleased to have commenced our drilling campaign at the Ameena East prospect and are excited about the potential there and at Ebok Deep," added Hayward.
Afren shares were down 1.2% to 81.50 pence per share Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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