Afren Shares Up on Interim Mgt Statement

The Simrit-3 well, exploring the eastern extent of the large scale Simrit anticline has reached a final maximum depth of 12,300 ft in the Triassic Kurra-Chine formation and has encountered hydrocarbon bearing intervals in the Cretaceous, Jurassic and Triassic reservoirs. A multi-zone testing programme will take place over the next three months to confirm the resource potential of the well.

Operator Hunt Oil is preparing to commence drilling operations on the Maqlub-1 well in May 2013 on the high potential Maqlub structure followed by the Maqlub-2 appraisal well. The Maqlub structure is located adjacent to the Barda Rash PSC and will be testing the Cretaceous, Jurassic and Triassic reservoirs.

Commenting on today's IMS, Osman Shahenshah (pictured), Chief Executive of Afren plc, said:

"Afren continues to deliver strong production from our greenfield developments offshore Nigeria.  Following the successful start to our 2013 E&A programme on Okwok, offshore Nigeria, and Simrit in the Kurdistan region of Iraq, we are currently drilling the West African Transform margin on OPL310 offshore Nigeria.

"The Group remains in a strong financial position supported by a growing production base, to optimally explore, appraise and develop our high quality portfolio and continue to create significant value for our shareholders."

(Sources: Afren, Yahoo)

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