< "> 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
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

I'm getting two different prices between Money AM and City Index ??....

live price is currently 147.0/147.20

how can finn cap recommend sell nov 24th

Looking good here ,i've held these for over a year now , no intention of selling either.

StockMarketWire.com
Afren downgraded to hold from buy at Collins Stewart

Harry to be honest,i'm tossing up on whether to at least top slice and load up my sobstantial AGQ holdings which is also Isable? Trouble is,production news is imminent,decisions, decisions?
cyril

Depends on your appetite for risk. AFR has a market cap of 1,352m & AGQ 111m, so not really a comparable investment. Also depends on your time scale. I would expect AFR to be a reasonably safe investment in 2011. My local high street broker is recommending that it's customers hold AFR as part of a balanced portfolio, though most of their customers are not active traders, so it's a medium term recommendation.

just had a quick look at AGQ ..... farty little company with (so far) minimal silver .... much better companies than that in which to put your money

Harry thanks,agree on keeping some,as far as AGQ is oincerned just started minung Silver,which is being shorted big time,but making a serious rerating on the cards,plus
early 2011 a lot more positive news flow.
cyril
GL

News at last.
cyril

Ebok field development update

London, 23 December 2010 - Afren plc ("Afren" or the "Company"), issues the following update on development activities for the Ebok field, located offshore south east Nigeria.

Highlights

u Flow tests to date on three producers on the Central Fault Block have delivered a constrained aggregate rate of 12,500 bopd

u Test data confirms initial Phase 1 production expectation of 15,000 bopd should be exceeded, with more than 35,000 bopd from Phases 1 and 2 anticipated by end Q2 2011

u 24[deg] API crude and excellent reservoir properties demonstrated

u The well head platform for Phase 1 has been successfully installed in the field

u Installation of the well head platform for Phase 2 has been accelerated and will be completed in the next few weeks

u All pipelines are on site in the field and will be installed in the next few weeks

u Other facilities in transit to field location with immediate installation and commissioning expected upon arrival in January 2011

Phase 1 development drilling update

The Adriatic lX jack up drilling unit is currently drilling at the Ebok field, where production testing has been undertaken on three of the five horizontal production wells as part of the Phase 1 development. The test results demonstrate excellent reservoir properties with porosity of between 30% to 35% and multi Darcy permeability. The wells flowed 24[deg] API oil.

The test results undertaken to date have delivered a constrained aggregate rate of 12,500 bopd. Together with the remaining production wells, these results provide confirmation that the Company's production expectation of 15,000 bopd from Phase 1 should be exceeded.

Facilities update and production start up

The Ebok Floating Storage and Offloading vessel (FSO) set sail from the Yulian shipyard in Shenzhen, China, on 2 December 2010 and is currently in transit to the field location. Departure and expected arrival time at the field location will coincide with the Mobile Offshore Production Unit (MOPU), which is expected to arrive in late January 2011. The vessel was converted from an existing tanker, and has a storage capacity of 1.2 million barrels and will accommodate regular crude offtake by tankers up to Very Large Crude Carrier (VLCC) size.

The MOPU, which has undergone refurbishment at the Gulf Copper shipyard in Galveston, USA, has been converted from an existing jack up drilling rig by removing the drilling package and replacing it with a newly fabricated processing module capable of producing 50,000 bopd, installing new accommodation quarters for up to 30 crew and a new helideck.

Phase 2 development update

Installation of the Ebok Phase 2 wellhead platform, at the West Fault Block location, is currently underway and expected to be completed in the next few weeks. Development drilling, incorporating four horizontal production wells and up to two water injection wells, is set to commence in early February 2011 with the GSF High Island Vll jack up drilling rig once infill drilling operations on the Okoro field have completed. Production start up from Phase 2 is currently expected in early March 2011, with a combined production of more than 35,000 bopd from Phases 1 and 2 expected by end Q2 2011.

Osman Shahenshah, Chief Executive of Afren, commented:

"The Ebok well tests undertaken to date provide confirmation of Phase 1 production expectations of more than 15,000 bopd and have demonstrated excellent reservoir characteristics. Development work is at an advanced stage, and following installation and commissioning of the production and storage facilities at the Ebok field in January 2011, Phase 1 production start up is expected during February 2011, thereby establishing a new production hub for Nigeria."

Production alittle later than expected,but a positive RNS overall.
cyril

YES!!!!

Broken through 1.50 would be nice to hold on to this level.,.

at peak this afternoon was selling for 1.54 and 1.55 buy....something brewing!!!!

Through 1.50 now upwards and hold. Very nice looking chart.

cynic have you thought of top slicing?

no, though it's a bit annoying that sp is struggling to hold above the psychological 150 ..... if i top-sliced anything is should be either PMO or XEL where i am positively obese as opposed to significantly o'weight

Don't think you would dare at this stage of the game.,.

Morgan Stanley : AFR reiterated overweight, tp raised to 185 from 150

Yes, market has been tempting sellers, move-up to 175 would be nice, because with further news 200p is a distinct possibility.