Afren and Lekoil rise on new oil discovery

Suzie Neuwirth
AFREN’S and Lekoil’s share prices soared yesterday, after the oil explorers announced a new discovery in offshore Nigeria.

Afren has a 40 per cent economic interest in the well, while Lekoil and Nigerian oil explorer Optimum have a 30 per cent stake each.

“Based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates, with some high-potential zones still to be drilled,” said Osman Shahenshah, chief executive of Afren. “We look forward to working with our partners to realise the full potential of [the well] and our additional prospects on the license.”

Afren’s shares closed 7.2 per cent higher at 130.48p and Lekoil’s shares closed 9.6 per cent higher at 38.38p.