Afren ... weighing options in Kurdistan
Afren evaluating options for Iraqi Kurdistan field
, January 12, 2015
British oil and gas producer Afren slashed its resource estimates for its oilfield in Barda Rash in Iraqi Kurdistan and said it was exploring options for the asset.
Afren shares plunged as much as 28 per cent and were the biggest losers on the London Stock Exchange.
An annual reserves review is expected to show that gross proven plus probable (2P) reserves of 190 million barrels of oil (mmbbls) have been eliminated and a drastic fall in contingent resources to around 250 mmbbls from 1,243 mmbbls.
"We are naturally disappointed with the CPR (Competent Person's Report) and will now consider our strategic options for Barda Rash," said Toby Hayward, interim chief executive.
Afren said wells at the field had produced more water cuts than expected and that it had suffered from operational problems with drilling the complex fractured reservoirs. -- Reuters
