Tag Archive | "Ain Sifni"

Afren Resumes Operations at Barda Rash


By John Lee.

Afren has announced that, following an improvement in the security situation in the border region of the Kurdistan Region of Iraq, it has begun the process of returning staffing levels to normal at the Barda Rash field with a view to resuming drilling and production activities as soon as possible with the expectation that operations will be fully resumed by end October.

This follows the temporary and precautionary step of implementing a phased withdrawal of field personnel as announced on 8 August 2014.

Field operations at Ain Sifni, operated by Hunt Oil, have already resumed to normal levels.

Afren’s primary consideration is the safety and wellbeing of employees. The decision to resume full operations at Barda Rash has been made following a close monitoring of the situation and in close consultation with the relevant authorities.

(Source: Afren)

Posted in Oil & Gas, SecurityComments (0)

Afren Announces Half Yearly Results


By John Lee.

Afren have released their Half-yearly Results for the six months ended 30 June 2014 and an update on its operations year-to-date 2014, in accordance with the reporting requirements of the EU Transparency Directive.  Below is a summary of their Iraq operations and general financial results. Information contained within this release is un-audited and is subject to further review.

Kurdistan region of Iraq

Barda Rash

Post period end on 8 August 2014, Afren announced that it had taken the precautionary step to temporarily suspend operations at the Barda Rash field in light of heightened regional security related issues.  Working with our local security advisors, Afren implemented a phased withdrawal of non-essential personnel from the field.  Afren will continue to closely monitor events on the ground in consultation with our security team and the relevant authorities. It is expected that Afren will return to field operations as soon as it is prudent to do so. Given the relatively low production to date, the suspension is not expected to have a significant impact on the Group’s cash flow.

During 1H 2014, gross production at the field averaged 536 bopd.  As part of the second phase of development of the field, the BR-4 well tested at a combined rate for 7,850 bopd from two zones in the Triassic Kurra Chine formation. The BR-5 well, which reached total depth (TD) of 14,787 ft, is expected to demonstrate similar production capacity from the Kurra Chine reservoir as soon as drilling operations recommence. Multiple dispersion studies of the flared gas during testing of the BR-4 well indicated high levels of Sulphur Dioxide (SO2) would be released into the atmosphere at the planned sustained rates of 5,000 to 6,000 bopd. As a result, Afren has elected to limit production to circa 1,000 bopd whilst working with the Ministry of Natural Resources (MNR) to put an interim gas solution in place that will allow the production capacity of the wells to be fully utilised.  

Ain Sifni

The heightened security issues in the region have also led operator, Hunt Oil, to temporarily suspend operations on the Ain Sifni block. Hunt is monitoring events in order to determine when it will be able to restart operations at Simrit and Maqlub.

In November 2013 Hunt Oil declared commerciality on the Ain Sifni block and has submitted an FDP which is pending approval by the MNR. The Maqlub-1 well spudded by Hunt Oil in June 2013 has been drilled to TD in the Triassic and a testing programme is awaiting MNR approval.

Simrit-4 was spudded in early 2014 and to date has successfully tested 14 deg API quality crude oil from the Sargelu and Naokelekan formations using downhole pumps at rates of 6,200 bopd and 5,000 bopd respectively.  This well has been drilling ahead to test deeper Jurassic and Triassic objectives, drilling will continue as soon as operations recommence.

Financial highlights

 

1H 2014

1H 2013

Change

Realised oil price (US$/bbl)

108

104

4%

Net working interest production (bopd)(1)

33,488

44,712

(25%)

Revenue (US$m)(1)

565

797

(29%)

Gross profit (US$m)(1)

194

377

(49%)

Profit before tax (US$m)(1)

133

260

(49%)

Profit after tax (US$m)(1)

160

62

158%

Normalised profit before tax (US$m)(1) (2)

127

309

(59%)

Operating cash flow (US$m)(3)

354

564

(37%)

(1)   From continuing operations, for further details see Note 8 of the condensed financial statements                                                                                                                                                                            

(2)   See Note 4 of the condensed financial statements

(3)   Operating cash flow before movements in working capital

 

Operations Update

Production 1H 2014 (bopd)

 

Working
interest

Average gross production

Average net production

Okoro

50%

16,270

8,135

Ebok

79.7%(1)

29,300

23,337

OML 26

45%

3,764

1,694

Barda Rash

60%

536

322

Total

 

49,870

33,488

(1)  Afren’s net production includes its 50% economic interest plus additional barrels to recover costs of capital investment funded by Afren.

Finance Review

 

1. Results for the period

Profit after tax from continuing activities increased in the period to US$160 million (1H 2013: US$62 million). This was a consequence of various factors:

Revenue

Revenue for the period was US$565 million (1H 2013: US$797 million). This reflects a decrease in sales volumes offset by an increase in the average realised oil price.

Total working interest production from continuing operations for the period decreased from 44,712 boepd in 1H 2013 to 33,488 bopd during 1H 2014. This was primarily due to a reduced share of production and liftings from the Ebok field following the achievement of cost recovery in the period. Post cost recovery, Afren continues to fund 100% of the capital expenditure at Ebok and recovers this from field revenues.  

The fall in sales volume was partially offset by a 4% increase in the average realised oil price to US$107.6/bbl (1H 2013: US$103.6/bbl). The average Brent price for the period was US$109.0/bbl (1H 2013: US$110.0/bbl).

Cost of sales

Cost of sales for the period was 12% lower at US$371 million (1H 2013: US$420 million). The decrease was largely due to lower net working interest production, partly offset by higher depreciation cost per barrel driven by recent investment in the Group’s producing fields to progress their development.

Finance charges and financial instruments

Finance costs for the period were in line with the corresponding period of the prior year at US$37 million (1H 2013: US$38 million).  During the period, the Group recognised a loss of US$9 million (1H 2013: US$27 million) relating to crude oil hedging contracts and interest rate swaps.

Tax

An income tax credit of US$27 million occurred for the period whereas an income tax charge of US$198 million is shown for the corresponding period of 2013. This change is largely the consequence of the award during the second half of 2013 of a five-year tax exemption to the subsidiary holding the Ebok asset. This five-year tax exemption was back-dated to 2011 and will cease in May 2016.

2. Hedging and hedging strategy

At 30 June 2014, crude oil hedges covering approximately 4.8 million barrels are in place for the period 1 July 2014 to 31 December 2015, providing minimum floor prices on these volumes of between US$90-US$95/bbl before premiums.

As in prior periods, the policy of the Group is to protect its minimum cash flow requirement against a sustained downturn in oil prices. As such the maximum amount of working interest Afren would seek to protect with these arrangements is between 25-35% of estimated production for a rolling period of 18 to 24 months forward.

3. Cash flow, financing and capital structure

Operating cash flow before movements in working capital for the period was US$354 million (1H 2013: US$564 million). Of this, US$266 million (1H 2013: US$384 million) has been used to fund the Group’s investment in development, appraisal and exploration activities.

Gross debt as at 30 June 2014 was US$1,153 million (30 June 2013: US$1,178 million) excluding finance leases. Cash at bank as at 30 June 2014 was US$433 million, resulting in net debt (excluding finance leases) of US$720 million (30 June 2013: cash of US$588 million; net debt of US$590 million).

 4. Development, appraisal and exploration activities

The Group invested US$56 million in exploration and evaluation assets in 1H 2014 (1H 2013: US$166 million). Of this expenditure, US$21 million related to Nigeria and  other West African assets  (including US$11 million for a 3D seismic survey on OPL 310 covering 2,716km2), testing and drilling at Ain Sifni in the Kurdistan region of Iraq (US$18 million), and seismic and other pre-drilling activities in East Africa (total of US$17 million).

Additions to oil and gas assets, excluding transfers from Intangible exploration and evaluation assets, was US$271 million. This largely related to the continued development at Ebok (US$145 million).

In the context of the precautionary step taken to temporarily suspend operations at the Barda Rash project as described in the Operations Update, management has considered the carrying value of the Barda Rash field which is considered to be a cash generating unit (“CGU”). No impairment to the carrying value was identified; however the recoverable amount of the CGU remains sensitive to key assumptions including proven and probable reserves, realised oil price, delays in the capital programme and discount rate.

5. Related party transactions

There have been no material changes to the level or nature of related party transactions since the 2013 Annual Report and Accounts which is available at www.afren.com.

6. Principal risks to 2014 performance

The principal risks and uncertainties faced by the Group were documented in the Annual Report and Accounts for the year ended 31 December 2013. The Directors consider the risks the Group faces to remain the same for the remainder of 2014.  Following the suspension of two principal executives and two associate directors, the Directors consider there is a heightened risk of disruption including due to possible loss of staff, potential difficulties in relationships with partners, providers of finance and other stakeholders.

 7. Going concern

As stated in Note 1 to the condensed financial information, the Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, being a period of not less than twelve months from the date of this report. Accordingly, they continue to adopt the going concern assumption in preparing the condensed financial information.

8. Financial outlook and strategy

Afren’s financial strategy continues to be to achieve a balance of operational cash flow with longer-term financing to support the Group’s on-going appraisal and development activities.

 

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Afren Announce Full Year Results


By John Lee.

Afren have announced their full year results for 2013, highlighting what they describe as record revenues and cash flows, production ahead of guidance, continued exploration success and significant balance sheet strength.

Included here are the company results for their work in the Kurdish region of Iraq. You can see more detail on the company’s 2013 results, including details of their operations in Africa, here.

·      Strong production of 47,112 boepd drives record revenue (US$1.6 billion) and cash flow (US$1.2 billion); 2014E gross production expected to average 62,000 bopd (approximately 40,000 bopd net)

·      Targeting double digit growth in net production over the next five years

·      201% 2P reserves replacement ratio in 2013; including Okwok 2P reserves addition of 46.6 mmbbls (26.4 mmbbls net)

·      Ogo – the third largest global discovery in 2013; P50 resources estimated at 774 mmboe; moving forward with appraisal programme

·      Large existing opportunity set; allocating 2014 capex (estimated US$845m) to highest cash return projects and further exploration drilling

·      12 month E&A campaign targeting over 1,200 mmboe in net prospective resources

·      Net debt of US$739 million; balance sheet strengthened with extended debt maturity, lower cost of debt and improved deferred tax position

·      Award of five-year tax exemption in relation to Ebok

 

Financial overview
FY 2013 FY 2012 Change (%)
Revenue (US$m) 1,644 1,571 5%
Gross profit (US$m) 643 791 -19%
Profit before tax (US$m)* 318 569 -44%
Profit after tax (US$m)* 475 189 151%
Normalised profit before tax (US$m)** 483 637 -24%
Cash flow from operations (US$m) 1,216 974 25%
Net working interest production (boepd) 47,112 43,830 8%
Realised oil price (US$/bbl) 106 108 -2%
Net debt (US$m) 739 561 32%
Gearing 41% 39%
* From continuing operations.** Normalised profit before tax is reconciled to statutory profit before tax in note 8 of the attached financial information. 

Commenting today, Osman Shahenshah, Chief Executive, said:

 “2013 has been another excellent year for Afren, with a combination of record revenues and cash flows, production ahead of guidance and industry leading exploration success. The highlight of our exploration campaign was the play opening discovery at Ogo, offshore Nigeria, one of the largest global discoveries in 2013. We have continued to grow and de-risk our portfolio with a 2P reserves replacement ratio of 201%.  Looking ahead, we will maintain our strategy of allocating capital to the highest cash return opportunities that will provide the necessary funding to continue to de-risk our material resource base. Supported by a strengthened balance sheet, a track record of project delivery and exploration success, we are well placed to continue to create significant value for our shareholders.”

Kurdistan Region of Iraq

Barda Rash
Working interest 60%
Operator Afren
Gross 2P certified reserves 190 mmbbls*
Gross contingent resources 1,243 mmbbls*
Gross production 639 bopd
Work programme Production and development
* Source: RPS Energy. Reserves and Resources remaining as at 31 December 2012, adjusted for 2013 production.

 

A world-class development project

The Barda Rash PSC is 55 km north-west of Erbil, and holds the 14,015 mmbbls STOIIP and 1,433 mmbbls gross recoverable Barda Rash oil field. The field is defined as an elongated anticline with surface expression of 20 km length and up to 7 km width. The reservoirs are fractured carbonates of various depositional settings.

In 2009, the BR-1 discovery well was drilled to 5,535 ft and successfully encountered oil in Cretaceous to Jurassic reservoirs. Well tests were carried out on the Jurassic Mus and Adaiyah formations, each yielding rates of around 3,200 bopd, with a subsequent extended test of the BR-1 well producing 440,000 barrels of 30° to 32° API oil over a three-month period. During this time, oil was trucked from onsite storage and sent to local refineries. Two further wells were drilled at the field in 2010, BR-2 and BR-3, both encountering oil full-to-base in all reservoirs. The field is defined by 326 km2 of good quality 3D seismic data.

In 2012, we commenced the phased development of the field, initially targeting the development of light oil reserves. Having begun an extensive testing programme at the BR-1 well in July 2012, and establishing oil rates in excess of 6,000 bopd of 28° to 32° API oil, as well as obtaining valuable information on the production characteristics of the Mus/Adaiyah reservoir, we initiated production operations in August 2012. In July 2013, we commenced preliminary crude oil sales from the Barda Rash PSC to the local market. Gross production at the field averaged 639 bopd during 2013.

2014 outlook

Afren has now moved to the second phase of development on the field, which involves drilling new wells to increase production capacity and acquiring modern log and core data to better understand and delineate the field.

The Partners commenced drilling on the BR-5 well in Q1 2013 using the Romfor-23 drilling rig which is currently operating at circa 14,436 ft. They also commenced drilling the BR-4 well in May 2013, using the Viking I-10 rig. The well reached a total depth of 13,800 ft.

As part of an ongoing programme BR-4 has tested two horizons in the Triassic Kurra Chine formation at 6,100 bopd and 1,750 bopd respectively. The BR-5 well has intersected a similar hydrocarbon-bearing sequence in the Kurra Chine formation and will be tested in due course. Flow lines and facilities will be updated to bring BR-4 and BR-5 into production during 2014.

 

Kurdistan region of IraqAin Sifni
Working interest 20%
Operator Hunt Oil Middle East Ltd
Gross contingent resources 42 mmbbls*
Work programme Development
* Source: RPS Energy. Resources remaining as at 9 June 2011.

 

Overview

The Ain Sifni PSC is located 70 km north-west of Erbil, and is operated by Hunt Oil Middle East Limited. Drilled on the crest of the Simrit anticline in 2010, the JS-1 discovery well logged continuous oil from 3,642 ft to 10,072 ft in Cretaceous and Jurassic reservoirs. Triassic reservoir targets were not penetrated by the well and no oil water contact was established.

On 17 April 2012, the Group announced that the Simrit-2 exploration well had successfully encountered an estimated 1,342 ft of net oil in Cretaceous, Jurassic and Triassic age reservoirs. The well was initially drilled to its prognosed total measured depth of 12,139 ft but was subsequently deepened to a revised total depth of 12,467 ft to test additional zones of prospectivity.

The Partners completed drilling on the Simrit-2 exploration well in July 2012. The objective of the well was to test the western extent of the Simrit anticline, a large-scale east to west trending structure located on the northern part of the Ain Sifni PSC. Analysis of data collected over the deepened section of well indicated the continual presence of light oil shows, and extended the estimated oil shows encountered by the well to 1,509 ft throughout Cretaceous, Jurassic and Triassic age reservoirs.

Following the conclusion of drilling operations at Simrit-2, a comprehensive well test programme was undertaken. Operator Hunt Oil completed the Simrit-2 Extended Well Test (EWT) programme during the second half of 2013. Produced crude was trucked to local markets. The Simrit-3 well, exploring the eastern extent of the large scale Simrit anticline, tested a cumulative rate of 6,293 bopd. The well has been configured as a produced water disposal well.

2014 outlook

In June 2013, operator Hunt Oil spudded the Maqlub-1 well testing the high potential Maqlub structure to the south of the block and is currently drilling ahead in the Jurassic reservoirs. To date hydrocarbons have been encountered in the Cretaceous and Jurassic reservoirs as confirmed by wireline, Logging While Drilling (LWD), cuttings and gas data.

Operator Hunt has submitted a declaration of commerciality on the block. Simrit-4 was spudded in early 2014. This well will target the Jurassic and Triassic reservoirs.

Following the success at Simrit, the Partners expect further growth in reserves and resources at Ain Sifni in 2014.

 

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Afren Expects Resource Upgrade


By John Lee.

Shares in Afren rose by more than 5 percent on Tuesday morning following a positive trading update.

The company made the following statement on its operations in Iraqi Kurdistan:

On the Ain Sifni block in Kurdistan, following the world class discovery with the Simrit-2 exploration well 1,509 feet of net oil pay and an aggregate flow rate of 19,641 bopd achieved, drilling was concluded on the Simrit-3 well, confirming the eastern extent of the Simrit anticline and achieving a cumulative test rate of 6,293 bopd. A declaration of commerciality has been submitted to the authorities and a resource upgrade is expected shortly.

Commenting today, Osman Shahenshah (pictured), Chief Executive of Afren plc, said:

2013 has been another exceptional year for Afren, with a combination of record financial results, production ahead of guidance and industry leading exploration success. The play opening Ogo discovery in Nigeria was one of the largest global discoveries in 2013, and will be followed by further appraisal and exploration drilling.

“At the same time we will continue to allocate capital to the highest cash return projects. This will provide the necessary funding to continue to de-risk our material exploration opportunity set. With industry leading positions in three key global oil and gas regions, Nigeria, the Kurdistan region of Iraq and East Africa, we remain focused on maximising value for our shareholders.

(Sources: Afren, Yahoo!)

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Afren Updates on Iraqi Operations


By John Lee.

Shares in Afren were trading up more than 3 percent on Thursday afternoon following the release of the company’s Interim Management Statement, which included the following update on its Iraqi operations:

Barda Rash

On 8 July 2013 Afren commenced preliminary crude oil sales from the Barda Rash PSC to the local market. Gross average production has been ramped up from the initial 1,300 bopd to approximately 2,000 bopd currently.

The Partners commenced drilling on the BR-5 well in Q1 2013 using the Romfor-23 drilling rig which is currently drilling ahead at around 11,266 ft. The Partners also commenced drilling the BR-4 in May using the Viking I-10 rig, which is currently drilling ahead at around 10,853 ft. The wells are testing the Cretaceous, Jurassic and Triassic reservoirs previously identified on the structure.

Ain Sifni

During the first half of 2013, Operator Hunt Oil completed testing of the Simrit-2 well with aggregate flow rates of 19,641 bopd achieved from the planned Drill Stem Test (DST) programme. The Mus/Adaiyah reservoirs are currently being produced as part of an Extended Well Test (EWT) programme to better understand reservoir performance. Produced crude is being trucked to local markets.

The Simrit-3 well, exploring the eastern extent of the large scale Simrit anticline reached a final maximum depth of 12,300 ft in the Triassic Kurra-Chine formation in 1H 2013 encountering hydrocarbon bearing intervals in the Cretaceous, Jurassic and Triassic reservoirs. A multi-zone testing programme has been completed and the well has been configured as a produced water disposal well.

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Afren Updates on Kurdistan Operations


By John Lee.

As part of its half-year results, Afren has issued the following update on its operations in Iraqi Kurdistan:

Barda Rash

Approximately 18,800 barrels of oil were held in storage during 1H 2013. Preliminary crude oil sales to the local market have commenced with initial sales of 1,300 bopd achieved since 8 July 2013. Production is planned to be initially ramped up to 5,000 as the surface facilities and well performance are stabilised and continuity of sales monitored.

The Partners commenced drilling on the BR-5 well in March 2013 using the Romfor-23 drilling rig which is currently drilling ahead at around 7,200 ft and commenced drilling the BR-4 in May using the Viking I-10 rig, which is currently drilling ahead at around 10,200 ft. The wells will test the Cretaceous, Jurassic and Triassic reservoirs previously identified on the structure.

Ain Sifni

During the first half of 2013, Operator Hunt Oil completed testing of the Simrit-2 well with aggregate flow rates of 19,641 bopd achieved from the planned Drill Stem Test (DST) programme. The well is currently being completed for an Extended Well Test (EWT) in the Jurassic age, Mus/Adaiyah reservoirs.

Produced crude is expected to be trucked to local markets. The Simrit-3 well, exploring the eastern extent of the large scale Simrit anticline reached a final maximum depth of 12,300 ft in the Triassic Kurra-Chine formation in 1H 2013 encountering hydrocarbon bearing intervals in the Cretaceous, Jurassic and Triassic reservoirs.

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Afren Shares Up on Interim Mgt Statement


Shares in Afren have risen more than 5 percent since the publication of its Interim Management Statement on Thursday.

In the statement, the company gave the following update on its operations in Iraqi Kurdistan:

Barda Rash

As part of the phased development of the field, Afren initiated production operations in August 2012 producing its first cargo of sales specification oil to tank. Initial storage capacity limits during the early phases of start-up at the field led the Group to restrict flow-to-tank from the well. To date, approximately 18,800 barrels is held in storage at the field and first sales are expected shortly.

Afren has commenced Phase 2 operations on the field which will involve new wells to increase production capacity, evaluate new field areas and acquire modern log and core data to better understand and delineate the field. The Partners commenced drilling on the BR-5 well in March 2013 using the Romfor-23 drilling rig which is currently drilling ahead at around 6,200 ft. The BR-4 well will be drilled using the Viking I-10 rig and is expected to spud in May 2013. The wells will be drilled to test the Cretaceous, Jurassic and Triassic reservoirs identified in the previous wells drilled on the structure.

Ain Sifni

Testing of the Simrit-2 well is now complete with aggregate flow rates of 19,641 bopd achieved from the planned Drill Stem Test (DST) programme. The well is currently being completed for an Extended Well Test (EWT) in the Jurassic age, Mus/Adaiyah reservoirs. Produced crude is expected to be trucked to local markets.

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Afren Shares Up on Trading Statement


By John Lee.

Afren plc‘s trading statement and operations update includes the following review of its activities in Iraqi Kurdistan. Shares in the company closed up 2.7 percent:

Barda Rash

Having commenced an extensive testing programme at the BR-1 well in July 2012 and establishing oil rates in excess of 6,000 bopd of 28° to 32° API oil, as well as obtaining valuable information on the production characteristics of the Mus/Adiayah reservoir, the Company initiated production in August 2012 and has produced its first cargo of sales specification oil to tank.

Initial storage capacity limits during the early phases of start-up at the field led the Company to restrict flow-to-tank from the well to approximately 18,800 barrels as at end 2012. The work-over and testing operations on the existing Barda Rash well-stock is continuing.

The Viking I-10 rig has also been contracted to commence the first of two new wells to be drilled on the block by Afren which will target additional prospectivity while also enhancing the production capacity of the field.

Ain Sifni

On 17 April 2012, the Company announced that the Simrit-2 exploration well had successfully encountered an estimated 1,342 ft of net oil pay in Cretaceous, Jurassic and Triassic age reservoirs. The well was initially drilled to its prognosed total measured depth of 12,139 ft but was subsequently deepened to a revised total depth of 12,467 ft to test additional zones of prospectivity.

The Partners completed drilling on the Simrit-2 exploration well in July 2012. The objective of the well was to test the western extent of the Simrit aniticline, a large scale east to west trending structure located on the northern part of the Ain Sifni PSC. Analysis of data collected over the deepened section of well indicated the continual presence of light oil shows, and extended the estimated net oil pay encountered by the well to 1,509 ft throughout Cretaceous, Jurassic and Triassic age reservoirs. No oil water contact was encountered in the target reservoirs.

Following the conclusion of drilling operations at Simrit-2, a comprehensive well test programme was undertaken. The Partners intend to undertake up to 12 separate drill stem tests (“DSTs”) in total, and announced on 26 July 2012 that the first batch of three DSTs in the Triassic age Kurra Chine formation had yielded an aggregate flow rate of 13,584 bopd of 39° API oil. Operator Hunt Oil Middle East (“Hunt Oil”) has re-commenced testing operations after an extensive rig acceptance process for the Hitech-3 rig.

On 12 September 2012, Afren announced that exploration drilling had commenced at the East Simrit prospect (Simrit-3 well). The Simrit-3 well is located approximately 10 km east of the successful Simrit-2 discovery well, and is exploring the eastern extent of the large scale Simrit anticline. The operator Hunt Oil is planning to drill a further three exploration wells in 2013.

Commenting today, Osman Shahenshah (pictured), Chief Executive of Afren plc, said:

2012 saw record production and financial performance combined with significant exploration success in Nigeria and the Kurdistan region of Iraq. In 2013 we expect to further grow our reserves base through a multi-well exploration and appraisal drilling campaign in both established and new basins, while continuing to grow our production base. 

“We are financially well positioned with robust cash flows, a strong balance sheet and the necessary financial capacity and flexibility to optimally explore and develop our high quality portfolio of growth opportunities well into the future.  There is much to look forward to in 2013 and beyond.

(Source: Afren)

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