The FTSE 250-listed company managed to make a profit of $475 million in 2013, up from $189 million in 2012, thanks to record revenue, cash flow and production.
Despite a lower realised oil price for the year, revenue jumped 5% over the year to $1.6 billion.
Afren’s record revenue was driven by production from the Ebok and Okoro fields offshore Nigeria, with production increasing to 47,111 barrels of oil equivalent per day.
Profit before tax dropped for the year thanks in large to impairment books in the year and payments made on residual profit on the fields.
The company is working to push production even higher to ensure this growth is continued with development work in offshore and onshore Nigeria.
Afren is set to install...
