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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.

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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

Well done, And not selling for sometime another wise decision.

the wisdom will be known after the event, but on balance, i reckon this company should really fly, albeit that it spent a long time on the runway

mind you, AFR has been put in the deep shade by XEL as far as i am concerned, which i bought in march and again in may 2010 .... that is now showing a (paper!) profit of just over 3-fold

cynic re 'albeit that it spent a long time on the runway'
you should be so lucky, some of my oilies are still in the hangar with no pilot in sight.
2517

but then i would almost certainly have dumped those

I tend to buy early stage, when the price is low and the patience of Job is required, although I admit to taking some profit en route to (hopefully) much larger gains, as recently as last week I sold nearly half my holding in LGO for 4.5p having paid 1.95p for them. BPC bought @ 4.3p is another with huge potential imo, and then there's my dog section of SER, PCI & PET, promised I wouldn't mention them again. Ha! Ha! Good Luck All.
2517

there's often a very good reason why certain companies have little value - what it says on the tin!

Goerge lol (post 1387)

Off topic: Must admit the mention of SER rankles with me somewhat. Everytime the thread I created pops up I am reminded that crap management let a golden opportunity escape by not realising the CBM potential. I guess i was both stupid and lucky, stupid not to sell when I had a 50% profit at 12p and lucky to dump at break even when 8p. I doubt those heights will ever be scaled again!

Anyway, another consolidation day for AFR following last week's rise, eyes down for tomorrow's update and fingers crossed it doesn't disappoint. Interesting broker updates today, which are generally based on the 'now' rather than the tomorrow, if AFR have anything good to say in their own update, I would expect to see further upgrades in fairly short order. My own target remains 185p, which I will stick to, especially if it gets there with some oomph, although I suspect it may be a longer journey.

Not an easy decision but I closed my SB @ 133.6 + 28.9. To good a profit to turn down, can easily get back in see how it goes tomorrow.

Good move CC. Now 129p.

Cheers Harry, will adopt a trailing Limit Buy :O)

Seems the interim report has been delayed until Thursday,makes one wonder why?
cyril

Cyril

Apparently there has always been some confusion over 26th or 28th, so not sure if it has been delayed or not - I was expecting it today, but I guess another few days won't hurt.

presumably the Virini Prem and the MOPU have yet to arrive.

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

Limit Buy (SB) @133.9

.

oh dear if they like it you know what to do.

As previously mentioned, SPs often retest old resistance following a breakout. The SP having broken through the top of the last trading channel has returned to test for the second time. If the update doesn't inspire tomorrow I imagine the SP will fall back into this channel and may possibly find support at 123p or thereabouts - hopefully the new support will do the job! Guess we'll find out in the morning.

Well here it is.
cyril

Interim Management Statement

London, 28 October 2010 - Afren plc ("Afren" or the "Company"), issues the following Interim Management Statement, in respect of the period 1 July 2010 to 28 October 2010, in accordance with the reporting requirements of the EU Transparency Directive. Information contained within this release is un-audited and is subject to further review.

Highlights

u Stable net production of 16,101 boepd to 30 September 2010

u Acquisition of a 45% interest in OML 26 from Shell Production Development Company of Nigeria Ltd., Total E&P Nigeria Ltd., and Nigeria Agip Oil Company, by First Hydrocarbon Nigeria

u Ebok development progressing, with first oil expected by year end

u Okwok appraisal ongoing - 35 ft of good quality pay encountered in the D2 reservoir; flowed 31 API crude oil at constrained rates intended to ensure integrity of the completion

u Acquisition of Black Marlin Energy completed - multi well exploration campaign defined through to end 2012

u Exploration drilling on OML 115 now scheduled for early 2011 (60 mmbbls Ufon prospect to be drilled)

u Infill drilling at the Okoro field by year end expected to add incremental gross rates of between 3,000 bopd to 5,000 bopd



Osman Shahenshah, Chief Executive of Afren Plc commented:

"2010 has, so far, been a year of unprecedented activity for Afren with portfolio growth across the full cycle E&P value chain. In Nigeria, Afren's support of First Hydrocarbon Nigeria's acquisition of a 45% stake in OML 26 from the operating subsidiaries of Shell, Total and ENI marks an important milestone in our long term commitment to the indigenous oil and gas sector. This acquisition is materially accretive to Afren's NAV, and is a strong endorsement to Afren's long term strategy. Our existing platform of producing assets continues to underpin the business, providing the strong foundations upon which we have been able to grow. The Ebok field development is progressing well with first oil expected by year end. Having also now completed the acquisition of Black Marlin, opening up a new core area for us in East Africa, we are preparing to enter an active exploration phase, with multiple wells scheduled in 2011."

Well, I can't say i was over the moon with today's statement, I guess I was hoping for a bit more that would maintain the SP's upward momentum. Once it dropped back into the channel, I decided to close all of my SB positions for a net gain of +33. Overall, I'm quite disappointed that the SP didn't quite match my expectations this week, but I do believe in AFR and had I held shares rather than SBs I wouldn't have sold.