RNS Number : 2686D
Afren PLC
30 November 2009
Afren plc
30 November, 2009
General Meeting
Following today's General Meeting (GM) of Afren Plc, convened by the notice of GM dated 11 November, 2009, the Board of Afren plc is pleased to announce that the resolutions proposed were duly passed by shareholders.
Commenting on Afren's activities in 2009, Chairman, Egbert Imomoh, opened the meeting with the following statement:
"Afren has made significant progress across all aspects of its core business, with a continued demonstration of both operational and strategic successes. Afren is still exceeding prior production guidance on the Okoro field in Nigeria. The Company has also recently delivered significant reserves growth, most notably through the ongoing appraisal of the Ebok field in Nigeria. In addition, in August 2009 Afren announced its entry into a farm-out agreement for the development of the Okwok field adjacent to its existing Ebok field. Together with significant appraisal success on Ebok, this has increased the resource potential of the broader Ebok-Okwok complex and expanded the scope of potential joint development synergies. The Company will commence first phase development drilling at the Ebok field post the completion of the Ebok VI well that is currently drilling. Over the period to 2011, Afren intends to drill a number of appraisal and exploration wells, targeting over 600 million barrels of oil equivalent, with 25 million recoverable barrels already proved to date with the Ebok-5 well.
"The net proceeds of the Placing will be used to fund potential acquisitions, an accelerated appraisal and development of the broader Ebok-Okwok complex, further appraisal and infill drilling of Afren's Côte d'Ivoire assets and infill drilling on the Okoro project in Nigeria.
"Afren also confirms that it intends to apply for listing of its ordinary shares ("Ordinary Shares") on the Official List of the UK Listing Authority (the "Official List") and to trading on the London Stock Exchange's main market for listed securities, to take effect on the 3rd of December 2009."
Contacts
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Afren plc
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+44 20 7451 9700
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Osman Shahenshah
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Chief Executive
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Galib Virani
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Head of Acquisitions and Investor Relations
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Pelham Public Relations
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+44 20 7337 1500
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James Henderson
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Mark Antelme
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This information is provided by RNS
The company news service from the London Stock Exchange
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