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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.