Business Afren Rises on Higher Oil Estimate at Nigerian Discovery- Bloomberg


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LequteMan

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Afren Plc (AFR), a U.K. energy explorer in Africa and Iraq, rose to a two-year high in London trading after finding more oil off Nigeria than previously forecast.

Afren climbed 8.1 percent to 161 pence, the highest closing price since July 2011.

The company more than tripled its estimate of recoverable oil at the Ogo prospect, drilled with Optimum Petroleum Development Ltd. and Lekoil Ltd. (LEK), to 774 million barrels from 202 million barrels. Nigeria, Africa’s biggest oil-producing nation, accounts for most of Afren’s sales, providing it with cash to invest elsewhere including South Africa and Kurdistan.

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