Advertisement
UK markets close in 1 hour 35 minutes

  • FTSE 100

    8,166.75
    +45.51 (+0.56%)
     

  • FTSE 250

    20,004.87
    +78.28 (+0.39%)
     

  • AIM

    767.06
    +2.08 (+0.27%)
     

  • GBP/EUR

    1.1691
    +0.0007 (+0.06%)
     

  • GBP/USD

    1.2496
    -0.0028 (-0.23%)
     

  • Bitcoin GBP

    46,624.41
    +748.49 (+1.63%)
     

  • CMC Crypto 200

    1,261.99
    -8.76 (-0.69%)
     

  • S&P 500

    5,036.28
    +17.89 (+0.36%)
     

  • DOW

    38,020.08
    +116.79 (+0.31%)
     

  • CRUDE OIL

    78.76
    -0.24 (-0.30%)
     

  • GOLD FUTURES

    2,299.40
    -11.60 (-0.50%)
     

  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     

  • HANG SENG

    18,207.13
    +444.10 (+2.50%)
     

  • DAX

    17,947.49
    +15.32 (+0.09%)
     

  • CAC 40

    7,930.45
    -54.48 (-0.68%)
     
Money:

Best UK mortgage deals of the week

The cheapest home loans available now

Afren shares jump on "giant" Nigeria oil find

Reuters - UK Focus

LONDON, Nov 19 (Reuters) - Africa-focused oil firm Afren said on Tuesday an exploration well in an under-explored offshore Nigerian basin had found far more oil than expected, driving the company's stock up 9 percent.

Analysts at UBS (Xetra: UB0BL6 - news) called the discovery "giant", adding it "looks to be one of the most important made in West Africa in recent history," in a note sent to clients.

Results from the Ogo-1 well, drilled in partnership with fellow independents Optimum and Lekoil, suggest an initial resource estimate of 774 million barrels of oil equivalent (mmboe), well above pre-drill expectations of 202 Mmboe.

Afren (LSE: AFR.L - news) has a 22.86 percent participating interest in the block. Optimum has 60 percent and Lekoil 17.14 percent.

Shares in Afren rose 9 percent in early trade before steadying up 7.2 percent at 15.97 pounds ($25.76) at 0844 GMT.