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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Afren | LSE:AFR | London | Ordinary Share | GB00B0672758 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.785 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFR
RNS Number : 0828C
Afren PLC
26 April 2012
Afren plc (AFR LN)
Annual Financial Report and Notice of General Meeting
London 26 April 2012 Following the release on 27 March 2012 of Afren plc's ("Afren" or the "Company") preliminary full year results for the year ended 31 December 2011 (the "Preliminary Announcement"), the Company announces it has published its Annual Report and Accounts for 2011 (the "Annual Report and Accounts").
The Company's 2012 Annual General Meeting will be held at the offices of White & Case LLP, 5 Old Broad Street, London, EC2N 1DW on Wednesday 6 June 2012 at 11.00 am. Copies of the Annual Report and Accounts and the Notice of the Annual General Meeting 2012 are available to view on the Company's website at www.afren.com.
In accordance with Disclosure and Transparency Rule 6.3.5(2) (b) additional information is set out in the appendices to this announcement. The Preliminary Announcement included a set of condensed financial statements and a fair review of the development and performance of the business and the position of the Company and the group.
Pursuant to Listing Rule 9.6.1, copies of each of the Annual Report and Accounts, the Notice of the Company's 2012 Annual General Meeting and the form of proxy in relation to the 2012 Annual General Meeting will shortly be available for inspection on the National Storage Mechanism which can be accessed at http://www.morningstar.co.uk/uk/NSM.
For further information contact:
Afren plc (+44 20 7864 Pelham Bell Pottinger (+44 20 7861 3232) 3700) Andrew Dymond James Henderson Investor Relations Mark Antelme ======================= =========================================
Notes to Editors
Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and constituent of the Financial Times Stock Exchange Index of the leading 250 UK listed companies. Afren has a portfolio of 29 assets across 12 countries spanning the full cycle E&P value chain. Afren is currently producing from its assets offshore Nigeria and Cote d'Ivoire and holds further interests in the Kurdistan region of Iraq, Ghana, Nigeria, Cote d'Ivoire, Congo Brazzaville, the Joint Development Zone of Nigeria - Sao Tome & Principe, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa.
For more information please refer to www.afren.com. Appendix A: Directors' Responsibility Statement
The following Directors' Responsibility Statement is extracted from page 82 of the Annual Report and Accounts.
Directors' Responsibility Statement
I confirm to the best of my knowledge:
1. The financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
2. The management report, which is incorporated into the Directors' Report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
By order of the Board
Osman Shahenshah
Chief Executive
27 March 2012
Appendix B: Principal Risks and Uncertainties
The following description of principal risks and uncertainties is extracted from pages 22 and 24 of the Annual Report and Accounts.
Principal Risks and Uncertainties
We have identified the following principal risks and uncertainties in relation to the Group's financial and operational performance in 2011.
Key risk Description and impact How do we manage it? -------------- ------------------------------------------------------------ ------------------------------------------------------------ OPERATIONAL RISK ------------------------------------------------------------------------------------------------------------------------------------------ Field delivery * Field delivery risk applies to all phases of the E&P * All operations are subject to risk reviews to risk cycle from seismic acquisition through to production identify as early as possible potential risks to operations. At each phase the mitigating measures delivery. will be different, however failure to control risks will manifest itself as project delays, cost overruns high production costs, early field decommissioning * Our engineers analyse results from appraisal and and ultimately lower than expected reserves. development wells and determine the appropriate course of action in terms of drilling programme and facility design. * All projects are closely monitored to ensure the project delivers against plan and to enable actions to be taken to maintain progress. * Project finances are monitored against budget to minimise overruns. * Production operations are closely monitored to ensure that unplanned downtime is minimised and that operating costs are tightly controlled. * Actual production is regularly checked against the annual production forecast. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Exploration failure * Exploration activities can be capital intensive and * A dedicated team has been established under the may involve a high degree of risk. Sustained leadership of the new Exploration Director, to exploration failure will impact the growth and upside exploit the exploration portfolio. potential of the Company. * Exploration assets are subject to a rigorous peer review process. * Exploration risk is evaluated for each prospect by looking in detail at how to de-risk the key elements of the subsurface data, source rock, reservoir, trapping and seal mechanisms, etc. Prospects are subsequently ranked and budgets approved. * Exploration costs are funded by planned operational cash flows in 2012. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Environmental / * As Afren's activities expand there is a continuing * Afren has a comprehensive EHSS management system with safety focus on preventing major pollution and/or an annual independent audit programme to ensure incidents significant loss of life due to systems or equipment effective implementation. failure. We have implemented EHSS management systems based on best industry practice at both the corporate and country level. * Dedicated EHSS teams in each area of operation. * Contingency plans in place. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Unfulfilled work/PSC * Loss of production interest or exploration licence * The operations, finance and legal functions jointly obligations due to incomplete fulfilment of PSC obligations. monitor compliance with licence obligations. * Maintenance of good open working relationships with local governments in the countries of operation. -------------- ------------------------------------------------------------ ------------------------------------------------------------ EXTERNAL RISK ------------------------------------------------------------------------------------------------------------------------------------------ Geo-political risk * The countries in which Afren operates face political, * Ongoing monitoring and close liaison on the ground to socio-economic and legal uncertainties. monitor the situation from an Afren safety and security perspective. * 2011 has seen some ethnic tension and public protests in Nigeria. These events have not impacted Afren * Contingency plans in place. operations. * In Cote d'Ivoire there was civil disruption throughout 2010 and 2011 following the disputed election. The situation ultimately ended with the change in government in mid 2011. The country is gradually returning to a state of peace and stability. * In the Kurdistan region of Iraq there are geopolitical and legal uncertainties, particularly associated with the licensing framework and ability to export. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Security incidents * Afren continues to operate in regions where * Dedicated security teams in each area of operation. kidnapping, piracy and criminal attacks are commonplace. * Robust security management programme. * As we move into exploration activities in East Africa and development in the Kurdistan region of Iraq, * Security risk assessments for each asset and management of security risks will continue to be a operation. major strand in our risk management programme. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Host community * Our operations both on and offshore have the * Afren has a tried and tested system for managing action potential for interruption by our host communities if community affairs which is applied to all operations. relationships are not well established. * Dedicated community affairs teams are in place where required. * Contingency plans in place. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Oil price volatility * Oil prices can fluctuate significantly. * The policy of the Group is to protect its minimum cash flow requirements in the context of a sustained downturn in oil prices. * The Group strategy to manage oil price risk is to hedge between 20-30% of the production curve by using financial instruments which allow the Group to protect the downside risk. -------------- ------------------------------------------------------------ ------------------------------------------------------------ STRATEGIC RISK -------------- ------------------------------------------------------------ ------------------------------------------------------------ Bribery and corruption * 2010 saw the introduction of the UK Anti-bribery and * Afren has implemented a Code of Business Conduct Corruption Act. As an oil and gas operator working in across all its operations. Africa, Afren is potentially exposed to accusations of poor practise in this important area of business. * An independent whistle-blowing hotline has been established to enable concerns about poor practise to be voiced without the fear of reprisal. * Additional policy and processes have been established to meet the stringent requirements of the UK anti-bribery and corruption legislation. * Audit and Risk Committee in place to review governance and internal controls. * Risk Management function working with key functions in the business. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Management of growth * As the business continues to grow, so does the * All acquisitions are subject to thorough due requirement for competent personnel with the right diligence in order to deliver an attractive skills in the right place at the right time. Failure integration plan. to manage either organic growth or to integrate acquisitions will result in delays and other impacts on key objectives. * Remuneration policies are designed to incentivise, motivate and retain key employees as well as to attract new personnel as and when required. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Loss of key employees * Loss of knowledge and skills to the Group in * Succession planning is considered on a Group-wide particular in countries of operation. basis, taking into account the development of the executive and senior management. * Intensified competition for human talent in Africa and the Middle East. * Remuneration policies are designed to incentivise, motivate and retain key employees including Directors. * Inability to attract required quality of personnel to fill vacancies. * Salaries and reward of senior executives, including Directors, set at competitive levels using * Afren has continued through 2011 to minimise the third-party benchmarks. staff turnover rate and to recruit highly talented individuals when required. -------------- ------------------------------------------------------------ ------------------------------------------------------------ FINANCIAL RISK -------------- ------------------------------------------------------------ ------------------------------------------------------------ Taxation and other * There is a risk that future changes impact our * Our financial and legal teams monitor current legislation profitability. legislation and proposed changes and incorporate changes these into our working practices. * Maintenance of good open working relationships with local authorities in the countries of operation. -------------- ------------------------------------------------------------ ------------------------------------------------------------ Treasury management * The availability of financing to maintain the ongoing * The Group has utilised a number of sources of capital operations of the business is key. to supplement cash generated from operations, through the bond issues in January 2011 and in February 2012 and an equity placing in July 2011. The Group will continue to optimise its capital structure during 2012 to provide further financial flexibility to fund the Group's operational requirements. * The Group continues to manage its expenditure and monitor cash flows to ensure that future cash requirements are appropriately controlled. -------------- ------------------------------------------------------------ ------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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