Afren Climbs After ‘Significant’ Oil Find in Kurdistan
Stock Chart for Afren PLC (AFR)
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.
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