< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
http://www.investegate.co.uk/afren-plc--afr-/rns/2012-full-year-results/201303250700107200A/

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
http://www.ft.com/home/uk

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
http://www.investegate.co.uk/Article.aspx?id=201204170700164488B
http://www.investegate.co.uk/Article.aspx?id=201205140700212304D
http://www.investegate.co.uk/Article.aspx?id=201205210700407032D
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

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

so glad i not only held faith but actually topped up a couple of weeks back (as posted here!)

The easy steps are drop back to 121p today then 128 to 130p tomorrow or monday.,.

Bb, nope, think I'll go to the top of the class for spot on technical analysis.

Must admit, I doubled the size if my position last week through impatience at 121p, I really should listen to myself more!!

well done pth and all.
looks like im not going to get my "buy in" price that i had been looking for.will now have to be patient and look for another opportunity.not going to chase.
regards
jkd

Jkd, I don't think you need to worry about chasing this stock, unlike the flaky E&P companies that are rising dramatically on mostly hype. AFR is building a cracking portfolio of production, proven resources and high impact exploration. I've averaged up again today.

Like this, "especially transformational deal"
cyril
http://www.thisislondon.co.uk/standard-business/article-23890178-british-airways-shares-take-off-in-the-slipstream-of-its-improving-american-rivals.do


West Africa-focused Afren was the star performer on the mid-tier after striking a transformational deal. Its subsidiary, First Hydrocarbons Nigeria, has snapped up a 45% interest in an onshore licence from Shell, Total and Agip.

Afren's long gestating big deal' has finally arrived and it delivers on every level: reserves, exploration upside and major production growth, said Dougie Youngson, an analyst at Arbuthnot Securities. The broker is a strong buyer of Afren's shares and reckons that further deals could be in the pipeline. Afren, which is popular with retail punters, surged 8.3p to 124.4p.

I do like that one cyril.,.

afren sailing away today all aboard

This woun't do us any harm either.
cyril

Oil Price 'to Exceed $100 Next Year'The world's largest investment bank Goldman Sachs on Tuesday predicted the oil price will surpass US$100 per barrel next year, citing increasing demand for crude oil rather than the weak dollar as the main reason.

Goldman Sachs predicted that demand for crude oil will rise for the next three decades, with consumption growing thanks to the continued economic recovery next year. It said production by members of the Organization of the Petroleum Exporting Countries is also likely to rise

not impossible, but then $ is forecast to continue weakening too

knock knock let me in!! LoL
still waiting.might hit heavy seas and come back to port.
regards and good luck to all
jkd

Lovely ,this is making up for my dog Taylor Wimpy.

cynic with production ramping up next month sp should reach 200p by year end.... then we could see a move to 500p by end of 2011.