Afren hits production target, sees double-digit growth next 5 years

LONDON, Jan 28 (Reuters) - Nigeria-focused oil firm Afren (Berlin: A2J.BE - news) posted oil output slightly above it 2013 target and said it foresaw double-digit production growth over the next five years.

The company expected 2014 gross production of 62,000 barrels of oil equivalent per day (boepd), up on the 59,926 in 2013, but that net production to Afren (LSE: AFR.L - news) would stand at 40,000 boepd, lower than the 47,112 boepd in 2013.

The firm said the lower net figure was due to extension work at its Ebok field in Nigeria that would close the site for about 20 days as well as ongoing regional developments in Kurdistan.

The company, whose main producing assets are in Nigeria, but which also operates in Kenya and Kurdistan, said on Tuesday that its Ogo oil discovery in Nigeria, with an estimated 774 million barrels of oil equivalent, was one of the largest discoveries in the world.

The Ogo discovery was made last year and was labeled "giant" by analysts at the time.

The company said in October that output would be at the top end of its range after a step-up in production at its Ebok field in Nigeria, its main producing asset.

Overall, 2013 production came in at the top of its annual guidance of 40,000 to 47,000 boepd.

Afren's market cap stood at 1.58 billion pounds ($2.62 billion).