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Afren Rises After Completing Nigerian Oil Asset Purchase

Nov. 14 (Bloomberg) -- Afren Plc, a U.K. explorer of oil and gas focused on Africa, rose in London after completing the delayed purchase of an interest in a Nigerian oil field from Royal Dutch Shell Plc.

Afren gained 0.8 percent to close at 86.45 pence. The shares are down 32 percent in the year.

First Hydrocarbon Nigeria, which is 45 percent-owned by Afren, said today it agreed to develop the OML 26 block in the Niger River Delta with Nigerian Petroleum Development Co.

The partners agreed to acquire the asset last year. The completion was delayed because of bureaucracy, Afren Chief Executive Officer Osman Shahenshah said earlier this month.

Afren advanced 15 percent on Nov. 11 after Exxon Mobil Corp. agreed to explore fields in Kurdistan, where Afren also has interests.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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