Afren 1H Pretax Profit $133m; Working Interest Output 33.5kbbl/d
2014-08-29 06:15:47.833 GMT
By Benjamin Dow
Aug. 29 (Bloomberg) -- 1H pretax falls vs $260m year ago;
normalized pretax profit $127m vs $309m year ago.
* Production down vs 44.7kbbl/d mainly due to reduced share of
liftings from Ebok field after completion of cost recovery
* 1H revenue $565m falls vs $797m y/y; oper. cash flow $354m
down vs $564m year ago
* No misstatements yet identified as part of investigation;
existing carrying values of relevant assets unimpaired
* Barda Rash suspended operations not expected to have
significant impact on cash flow
* 3 producing wells to be brought on line at Ebok in 2H;
exploration well to begin drilling in 4Q, targeting 50mbbl
of oil gross mean resources
* Webcast 9:00am U.K.
* NOTE: Co. fell 10% yesterday; co. said it suspended 2 assoc.
directors from board
Link to statement:NSN NB20R43HBS3K<GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Benjamin Dow
2014-08-29 06:15:47.833 GMT
By Benjamin Dow
Aug. 29 (Bloomberg) -- 1H pretax falls vs $260m year ago;
normalized pretax profit $127m vs $309m year ago.
* Production down vs 44.7kbbl/d mainly due to reduced share of
liftings from Ebok field after completion of cost recovery
* 1H revenue $565m falls vs $797m y/y; oper. cash flow $354m
down vs $564m year ago
* No misstatements yet identified as part of investigation;
existing carrying values of relevant assets unimpaired
* Barda Rash suspended operations not expected to have
significant impact on cash flow
* 3 producing wells to be brought on line at Ebok in 2H;
exploration well to begin drilling in 4Q, targeting 50mbbl
of oil gross mean resources
* Webcast 9:00am U.K.
* NOTE: Co. fell 10% yesterday; co. said it suspended 2 assoc.
directors from board
Link to statement:NSN NB20R43HBS3K<GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Benjamin Dow