New Discovery Boosts Prospects For Upstream And For Afren

BMI View: Afren's Okoro East discovery underlines Nigeria's high prospectivity. However, large-scale exploration continues to be hampered by both security risks and uncertainty surrounding the Petroleum Industry Bill. While Afren's share price has fallen after its lower-than-expected 2011 production alarmed investors, BMI would argue that the markets have failed to price-in this latest discovery and, consequently, there is potential for a bounce on the back of the company's latest operational update.

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