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Afren Climbs After ‘Significant’ Oil Find in Kurdistan

Published: April 17, 2012 | 9:06 am
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Afren Plc (AFR), a U.K. explorer that operates in Africa and the Middle East, jumped to a 9-month high in London after reporting a “significant” oil discovery in the Kurdistan region of Iraq.

Afren climbed as much as 11 percent to 149.70 pence, the highest since July, and traded at 144 pence at 9:14 a.m. U.K. time. The shares have surged 68 percent this year.

The Simrit-2 exploration well on the Ain Sifni block encountered an estimated 409 meters (1,342 feet) of net oil pay, the London-based company said today in a statement.

The results suggest the Ain Sifni block has the potential to be “transformational for Afren,” Chief Executive Officer Osman Shahenshah said in the statement.

Afren has a 20 percent interest in the block and Hunt Oil Co. is the operator.

businessweek

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