Bloomberg News

Afren Rises Most in a Month Amid Takeover Speculation

July 19, 2012

Afren Plc (AFR), a U.K.-based explorer focused on Nigeria and Iraq, rose to a two-month high in London after an exploration well in the Iraqi region of Kurdistan flowed oil.

Afren jumped 7.7 percent to 128 pence, the highest since May 3. The stock is up 49 percent this year, valuing the London- based company at 1.4 billion pounds ($2.2 billion).

The Simrit-2 exploration well flowed at a rate of 13,548 barrels of oil a day from three out of 12 zones to be tested, Afren said today in a statement. It was extended to a depth of 3,800 meters (12,468 feet) and the total net oil pay increased to 460 meters.

“Another excellent result on the Kurdish block acquired last year,” Stuart Joyner, head of oil and gas analysis at Investec Bank Plc, said in an e-mailed report.

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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