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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

Update on Incident in Nigeria
London, 18 November 2010 - "Further to the announcement made on 8 November regarding a security breach offshore Nigeria, Afren plc (Afren) is pleased to announce that the seven contractors being held hostage have all been released unharmed."

That's good news for families and such and Afren as well....

Great news as you say RF for the families and comes just prior to 1st production from E-Bok along with results from Olwok.
cyril

Holding up well today (unfortunately) eager to add. Patience required I guess.

seems to be some "hidden" buying going on here, RNS coming ?

i think AFR has a lot of mileage left and that, for no obvious reason, has been rather overlooked

great news this morning!!!

Yes and here it is,i will add to header later on.
cyril

RNS Number : 6959W
Afren PLC
24 November 2010

Afren plc (AFR LN)


Okwok-9 Appraisal Well Update

London, 24 November 2010 - Afren plc ("Afren" or the "Company"), issues the following update post completion of the Okwok-9 appraisal well, drilled at the Okwok field offshore south east Nigeria.

Highlights

u Well results in line with pre-drill expectations and consistent with Afren's subsurface model

u Okwok-9 encountered a total of 35 ft of net oil pay in the D2 reservoir sands



u Tested 31 API oil at sustained rates



u Commercial viability established; development options under consideration include stand-alone or satellite tie back to the Ebok production facilities


Background


The Okwok-9 appraisal well was spudded on 25 August 2010, and reached a total measured depth of 8,083 ft. The well was completed over a 35 ft interval of good quality D2 reservoir (average porosity 30%) and flowed 31 API crude oil. The well was flowed for 48 hours and shut in for a 54 hour build-up. The final build-up pressure was equal to the initial reservoir pressure, indicating no depletion. The 48 hour flow test was designed to establish a connected reservoir volume, and also to quantify reservoir permeability and heterogeneity.



Post completion update



Analysis has been undertaken of the log and test data acquired from the Okwok-9 well, and together with the seismic data, indicates that the primary objective of establishing the minimum economic field size in order to commercially develop the Okwok field, estimated by management at 25 million barrels, has been met. Furthermore, information obtained from the well is consistent with, and supports, Afren's subsurface model for the field. The results suggest that well productivity under a development completion scenario from a horizontal well would be consistent with production rates typically expected in the area of between 2,000 bopd to 4,000 bopd per well.



Work is now focused on defining the next steps in the ongoing evaluation of the field, and in particular working up conceptual development solutions that may include stand-alone options and also development as a satellite to the nearby Ebok field.

Osman Shahenshah, Chief Executive of Afren, commented:
"The Okwok-9 appraisal well has successfully achieved its pre drill objectives. With commercial viability of the Okwok development now established, we are considering development options, including either a stand-alone development or tie back to Ebok production facilities."

Alhaji Mohammed Indimi, Chairman of Oriental, commented:

"The Okwok-9 appraisal well has met our pre-drill expectations. With First Oil on Ebok fast approaching, the Oriental-Afren partnership is on its way to developing a major production hub in the Ebok/Okwok/OML 115 area."

Should be 150p...not 126p....

it is certainly very annoying that that stock cannot acquire "stellar status" and roar ahead on the inkling of good news ..... never mind, it's showing steady increase, which is more than can be said for many of the joke companies that others here like to rave about.

Part of J P Morgan broker note:
"We make no changes to our model on the back of the results but believe the news is positive, as it continues to derisk Afrens core Ebok/Okwok/OML 115 area. Despite a strong 2010 TSR of 47%, we remain with our OW on Afren. Our core NAV is 103p, and our RENAV is 164p. Activity levels are due to ramp up in 2011 with ongoing low risk appraisal/exploration in Nigeria and higher impact exploration in Ghana and East Africa planned. We do not make any changes to our core NAV on the well result, which was inline with expectations, as we already included value for 20 mmbo (gross) for Okwok. However, the fact that the data supports Afrens subsurface model is clearly positive for further upside potential in the area, not only at Okwok but also at OML 115."

Part of Citi Group broker note:
"Next Steps Work is underway to further evaluate the field and to work up conceptual development solutions that may include a standalone project or a satellite tie-back to the Ebok development c15km to the West. 1st oil from Phase I of the Ebok development is expected before year-end. While it is still early days, we believe Afren will look to drill another appraisal well at Okwok in 2H 2011. Note in 1Q 2011, Afren will also be drilling an exploration well targeting a 60mmbbl prospect on the nearby OML-115 licence (4p risked, 16p unrisked).
Valuation We have included 4p in our valuation for the 20mmbbl of oil which had already been discovered at Okwok. This mornings update adds further confidence to our core Okwok valuation while also further de-risking some of the remaining upside potential associated with the deeper Qua Iboe, Biafra and Isonga formations (7p risked, 11p unrisked) which we expect the company to target in 2H 2011. Recognising the positives of this mornings update, we maintain our 1.22 NAV (yet to be updated for the OML 26 acquisition)."

From today's Telegraph:

http://www.telegraph.co.uk/finance/markets/questor/8157880/Questor-share-tip-Afren-confirms-scale-of-Nigerian-field.html

extracted from that Questor article .....

Afren's financial position remains strong, with net debt at September 30 being $64.2m (40.7m) and cash in the bank of $166.2m....... The shares are trading on a December 2010 earnings multiple of 24.3 times, but increasing production next year means the multiple falls to 5.6 in 2011.
Although there is some risk with all explorers, the company's management has been delivering on its strategy. The shares remain a buy for their increasing production and exploration upside, as the company has a significant drilling programme planned for 2011.

One of the least risky stocks with upside,.....and that's in Nigerian waters.....

what is the chart telling us?

Current results already priced in & sideways trading until next news due?

News of a prioroty loan,looks like they're transferring debt from ome source to another,i hjink?
cyril

Stockmarket is down,...but one or two are rising : AFR,COV and XEL this morning....

resistance at 1.30, are we expecting any news before XMAS and get an early xmas present or will be after ? Any views ?