Afren predicts record revenue

Afren: the company is expecting to post record financial results for 2012

London-listed company Afren is expecting record financial results for 2012 as it revealed output during the year was in line with its previous guidance.

The company has forecast for sales revenue to total about $1.5 billion for the 12 months to 31 December, an increase of 151% compared to 2011, having achieved an average realised oil price of $107 per barrel.

The company’s forecast came as it said output during 2012 averaged 42,830 barrels of oil equivalent per day which it said was driven by year-on-year increase in net production from the Ebok and Okoro fields, off Nigeria.

Also providing a boost to production last year was the start-up of the Okoro field…

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