LAGOS — A team of experts from Morgan Stanley, Merril Lynch and Alliance Beinstein is in the country to assess operations of Afren Oil Nigeria, especially its Ebok project which would start production by end of year.

This is coming at a time the company’s revenue for the last nine months of the year hit $312.2 million, a reflection in increased lifting in the thrid quarter of the year as well as higher price realisation from its Okoro field.

Chairman of the company, Mr. Egbert Imomoh, who disclosed news of the experts’ presence in Nigeria, said the development would help raise the company’s profile on the global scale.

He said: “We were delighted to welcome analysts from some of the world’s leading investment houses to see our facilities and witness first hand the remarkable achievements of the Ebok project.

“The Ebok field lies in a prolific area of the Gulf of Guinea, North of the world class Exxon Mobil Zafiro field. We were pleased to be able to report that production at Ebok Phase 1 is responding in line with prognosis to water injection and is being steadily increased. Elsewhere at Ebok, we have a number of additional production wells that will be brought onstream by year end.”

“The Company remains in a strong position financially, with significant cash resources available and a profitable and growing production base underpinning an internally funded forward work programme.”

He said the company’s revenue for the first nine months of the year has hit the $312.2 million mark, against the $265.7 million recorded within the same period in the last financial year.

He also put profit for the period at $113 million, against the $75 million that accrued to the company last year.