< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
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In an attempt to cut down the header page,i've transferred some of the older news to Page1 post No.3.

http://www.oil-price.net/index.php?lang=en
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http://www.investegate.co.uk/Article.aspx?id=201111020700081674R
http://www.investegate.co.uk/Article.aspx?id=201111150700250723S
http://www.investegate.co.uk/Article.aspx?id=201112010705051251T
http://www.investegate.co.uk/Article.aspx?id=201201170700146472V
http://www.investegate.co.uk/Article.aspx?id=201201230701479690V
http://www.moneyam.com/action/news/showArticle?id=4323758
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http://www.moneyam.com/action/news/showArticle?id=4430164
http://www.investegate.co.uk/afren-plc-%28afr%29/rns/significant-new-seychelles-3d-seismic-programme/201212120700052973T/
http://www.investegate.co.uk/afren-plc--afr-/rns/2013-half-yearly-results/201308230700063334M/
http://www.investegate.co.uk/afren-plc--afr-/rns/ogo-drilling-and-resources-update/201311190700083404T/
http://www.investegate.co.uk/afren-plc--afr-/rns/trading-statement-and-operations-update/201401280700096280Y/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201405200700135209H/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201410300700116483V/
http://www.moneyam.com/action/news/showArticle?id=4942625
http://www.moneyam.com/action/news/showArticle?id=4943375

Wondering if AFR might hit some resistance at 123p or thereabouts, which on current progress would also coincide with the top of this trending channel in a few days time. It would be nice if this channel could be 'pierced' which may indicate an accelerated rise. Looking to add to my existing position in the region of 125p assuming progress is maintained. Fingers crossed, bad news or lack of good doesn't interfere with the plan!

Now were cooking. Could be news coming

Super !

I'm beginning to wonder if we're seeing a slight but significant change to the trend since July? A couple of observations:

1. There may be a mid-channel line within the current trend (dashed white trend lines) which might provide support higher up than I otherwise expected.

2. Has the trend already started to accelerate (unbroken light green trend lines)?

No way of finding out except wait and see. I am certainly of the opinion that support has now moved up to a minimum of 110p (rising).

Just read this via another BB ,should get an RNS today?
cyril

Afren on Okwok.

'Drilling of the Okwok-9 appraisal well commenced on 25 August 2010 using the GSF High Island Vll rig, and is expected to take 30 days to drill. The well has been optimally placed to confirm and define development requirements for the field, where its proximity to the Ebok central processing and storage facilities provides scope to leverage synergies and maximise cost efficiency of any future field development. The well will appraise the same D‟ series reservoirs on the eastern portion of the field that have already been established as oil bearing through previous drilling at Okwok, and are under development at the Ebok field. Afren management estimates STOIIP at the Okwok field of 225 mmbbls of which an estimated 70 mmbbls could be recoverable assuming a 32% recovery factor.'


JPM Caz on Okwok.

"Geology: Okwok is an undeveloped oil field located 50km offshore in 132ft of water, 15km east of Ebok. Oil has been encountered in the LD1 and D2 series of reservoirs. The Okwok-4ST1 well sampled 32 degree API crude, while Okwok-8 tested 27 API crude at a rate of 1.2 kbopd from the LD1 reservoir.
Afren estimates that Okwok holds in excess of 225 mmbo of OIP in the D2, LD1c, LD1d, and LD1e reservoirs. Afren estimates recoverable reserves in excess of 70 mmbo, assuming a 32% recovery factor. Upside exploration potential at the deeper Qua Iboe level could significantly increase reserves. Two prospects have been identified, each estimated to contain c. 200 mmbo OIP."



Afren have 114mboe prospective resources assigned to okwok.

JPM caz have okwok at 13p risked (50mmboe), 40p unrisked (150mmboe).

Okwok has not been independently appraised yet by NSAI, but afren estimates 2P reserves at 20mmboe.


Basically...Okwok could be much bigger than Ebok which would be nice for us all.

Not a fan of today's fall, but the possible new chanell and or mid channel support I was waffling on about last night still holds true. Having said that a further fall tomorrow will see the SP firmly back in the main channel and possibly a test of the existing uptrend support line.

Hey ho, thats the possible accelerated trend and mid-channel theory firmly booted into touch :(

Looking for support now from the longer term trend line, unfortunately AFR is something of a slave to the FTSE and tonights' close in the USA doesn't exactly inspire confidence for Monday. Hopefully, AFR will have some good news to report soon. It's also worth mentioning that the small SP decline over the last few days have been on a much reduced volume, fairly normal for a SP consolidating after a decent rise, especially a breakout.

AFR continues to retrace and it's beginning to look if the trendline support will be broken tomorrow (unless there is a positive news release which will cause a bounce) otherwise support from the breakout level of 110p will surely be tested.

AXA have recently increased their stake by 8 million shares to a holding of 11%, which if nothing else takes a few more shares out of circulation for the time being!

pth
agree with you ;-)
long term target 180sh. depending of course on where it was bought.naturally that shouldnt really matter but it does. currently i am flat but looking for opportunity to buy in. so must add caveat target 180sh is once it breaks up above 121 sh and holds. it may not of course. so a little bit,or a lot of ? defence and money management is now in order to try to keep current holders in their position. as in contrast to my position for example who is a non holder but would like to be. my strategy will most likely be different to those that already hold.
as a non holder i am looking at the high of last week. having retreated from a long term fibbo 61.8% retracement resistance level. added to which the weekly bar chart looks to be saying top, if only temporarily.i am looking for a retreat in price to a support level at say 100sh where i may be able to buy in on a small rally with a tightish stop loss just in case i am wrong.all just my opinion as always.
good luck to you and all holders.
regards
jkd

intresting article in Telegraph today ref 2 guys being jailed for dodgy dealing and the bank wanting to claim money back that their company invested in Afren

Afren plc (AFR LN)



Ebok MOPU Sail Away


London, 20 October 2010 - Afren plc (Afren) and its partner Oriental Energy Resources (Oriental), announce the Naming and Sail Away Ceremony for the Ebok Mobile Offshore Production Unit (MOPU) at the Gulf Copper Yard in Galveston, Texas.



The Veer Prem MOPU will be the crude oil production and processing facility at the Ebok field development located offshore south east Nigeria. The facility is a former jack-up drilling rig that has been successfully converted to a MOPU by removing the drilling package and replacing it with a newly fabricated processing module. Work undertaken has also included the installation of new accommodation and a helideck. It has been prepared with an initial oil production capacity of 50,000 bopd, water injection capacity of 25,000 bwpd and gas lift/injection capacity of 9/6 mmcfd. Crude oil produced and processed at the MOPU will then be stored on the 1.2 million barrel capacity Floating Storage Offloading vessel (FSO), which will accommodate regular sales offtake by tankers up to VLCC size. The facility has been designed to allow for on site expansion and upgrade to also accommodate production from any future additional development phases at the field.



The advantages of using a converted jack up is that the installation will not require a derrick barge, and can therefore be installed whilst development drilling and well testing operations are in progress. Furthermore, opting for the MOPU/FSO development configuration has provided cost savings compared to alternative Floating Production Storage Offloading vessel (FPSO) options that were previously considered. It is planned that the MOPU and FSO will become a central facility for the broader Ebok/Okwok/OML 115 area, allowing for the economical and rapid tie back of production from any future developments in the surrounding area.



Both the MOPU and FSO are expected to arrive on location during November, with production start up remaining on track by year end.





Osman Shahenshah, Chief Executive of Afren plc, commented:



"The Veer Prem MOPU Sail Away Ceremony marks a successful conclusion of the refurbishment and fabrication of the remaining key piece of production infrastructure required at the Ebok development. It represents a significant further step towards first oil at the project, and establishing a production hub for the broader Ebok/Okwok/OML 115 area. We are grateful for the ongoing support from our partner, Oriental, and for the excellent work that Mercator has undertaken in delivering both the MOPU and FSO."



Alhaji Mohammed Indimi, Chairman of Oriental, commented:



"We at Oriental are extremely pleased with the continued progress we are making towards first oil at Ebok. The MOPU Sail Away is another milestone in the project and further endorsement of the successful Oriental/Afren partnership."



cyril

i thought "sail away" must be a revamp of rod stewart's classic

edited by Moneyam original story subject to a court case

Can't see this legal case having much effect on company, I think the AFR stake is something in the region of 6m.

Had a good luck at the chart again this evening and drew the following conclusions:

1. The longer term trendline acted as support once more.
2. I'm pretty sure that I have posted previously a stocks inclination to retest a break out level which the SP has more or less done recently (breakout at 110p - retest to 112p).
3. Each of the down days have been on reduced volumes, rises on greater volumes. This reinforces the retrace subsequent to a breakout.

All we need now is the surge post breakout.

going to surge to 125 in nice easy steps.....

I'd prefer 185, fillyerboots

greedy boy.,.

5000bopd production and potential of 800mbo?

cyril



Afren plc (AFR LN)

First Hydrocarbon Nigeria has today announced the acquisition of an interest in OML 26 in Nigeria.

London, 21 October 2010 - First Hydrocarbon Nigeria ("FHN"), the indigenous Nigerian upstream oil and gas company in which Afren plc ("Afren" or the "Company") holds a 45% interest, has today announced the reaching of Definitive Agreements with Shell Petroleum Development Company of Nigeria Ltd ("SPDC"), Total E&P Nigeria Ltd ("Total") and Nigeria Agip Oil Company ("NAOC") (together called the "Assignors"), for the acquisition of OML 26, Delta State onshore Nigeria.

Highlights



u FHN26 Limited, a subsidiary of First Hydrocarbon Nigeria (together "FHN") has acquired a 45% interest in OML 26, that includes two producing and three proved undeveloped assets with significant exploration upside



u Independently certified recoverable reserves and contingent resources of 184 mmbbls



u Additional exploration potential of 615 mmboe gross unrisked prospective resources



u Current combined gross production of approximately 5,000 bopd; a phased work programme, including facilities upgrade, has been defined to increase production to 40,000 bopd over four years



u FHN will make a net investment of US$187.5 million in OML 26, which includes both the acquisition cost and FHN's equity share of the phased development



u Afren has agreed terms with BNP Paribas for a US$130 million credit facility towards the acquisition cost



u FHN will assume operatorship, with Afren acting as Technical Service Provider to FHN



FHN has today announced the acquisition of a 45% interest in OML 26, which holds two producing and three undeveloped assets, from the Assignors in Nigeria. Total independently certified recoverable reserves and contingent resources are 184 million barrels.



Significant additional exploration potential has also been defined on OML 26, with estimates of 615 mmboe gross unrisked prospective resources across multiple prospects, that will continue to be worked up in parallel to and integrated with the development plans.



The Ogini and Isoko fields are currently producing approximately 5,000 bopd gross from a limited number of currently active drainage points, with several wells currently shut in. Existing flow station capacity for the fields is currently 30,000 bopd. Combined STOIIP is 777 mmbbls and cumulative gross production to date from Ogini and Isoko is 73.9 mmbbls (46.8 mmbbls and 27.1 mmbbls respectively).



Forward work programme

A three phase field re-development has been defined for the Ogini and Isoko fields. Production is expected to increase to 40,000 bopd, following the first two phases over four years. This will include the drilling of 21 production wells and existing well locations will be expanded to accommodate multi-well clusters. Workovers and side-tracking of existing production wells will also be undertaken along with de-bottlenecking of existing production handling and export facilities. Gas lift and other pressure support methods as deemed appropriate will also be implemented. The Initial Investment will include the first phase development targeting a 2P reserves base of 40.7 mmbbls, expected to be completed by the end of 2013. Capex for phases two and three will be supported by existing field cash flows.



Further, Afren will provide technical and operational management services to FHN under an agreed set of terms. Transition planning is underway between the SPDC team and FHN and its Technical Services Provider Afren, who will operationally work together in order to ensure the smooth transfer of operational control.



Afren has agreed terms with BNP Paribas for a US$130 million credit facility towards the acquisition cost. The facility has a term of six years. The acquisition is subject to regulatory and customary approvals.



Osman Shahenshah, Chief Executive of Afren, commented:

"Afren's support of First Hydrocarbon Nigeria's acquisition of a 45 % stake in OML 26, marks an important milestone in our long-term commitment to the indigenous oil and gas sector in Nigeria.



With an established technical and operational track record, in particular gained through the successful Okoro and Ebok greenfield developments, Afren is very well placed to continue to lend its support to indigenous operators. As Technical Services Provider, we look forward to working with FHN, to safely and efficiently develop OML 26. This acquisition is materially accretive to Afren's NAV, and is a strong endorsement to Afren's long term strategy, of working with indigenous companies to reactivate fallow assets held by the major international oil companies in Nigeria, and further builds on our unique position in sub Saharan Africa's largest oil and gas province."



Chief (Dr) Oladele Fajemirokun, Director of FHN, commented:

"First Hydrocarbon Nigeria, an indigenous company, was established in 2009 with a vision of expanding local upstream ownership and significantly adding to Nigeria's production base. We are very pleased to have reached our first ground breaking agreement with SPDC, Total and Nigeria Agip Oil Company on the acquisition of their interests in OML 26 in Nigeria.



Our partner and Technical Services Provider, Afren, has a long established operational track record in Nigeria, having successfully worked with several indigenous companies. Together with our partner, we will optimally develop the fallow fields within OML 26, while seeking to acquire and develop further discovered but undeveloped, under producing and shut-in fields, thereby significantly adding to Nigeria's indigenous production base."

think i'll go to the top of the class.......125 first thing...lol

What about the easy step's ? apart from that you were spot on ...... lol