< "> 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

According to Platts, Shell will announce successful buyers next week."

http://allafrica.com/stories/201101140858.html

StockMarketWire.com
Afren maintained excellent production performance at its operations in Nigeria and Ce d'Ivoire in 2010.

And the firm said it also advanced the Ebok development, with first oil currently targeted for February.

CEO Osman Shahenshah described 2010 as a defining year for the company.

He said: "We continue to add reserves to the Ebok/Okwok/OML 115 complex, having recently successfully established the commerciality of the Okwok field.

"Importantly, we have announced the acquisition of Shell, Total and ENI's stake in OML 26, Nigeria, through our indigenous partner First Hydrocarbon Nigeria.

"This ground breaking acquisition is materially accretive and crystallises our Nigerian acquisition strategy, where we expect further opportunities.

"The acquisition of Black Marlin Energy has opened up a new core area for us in east Africa, significantly increasing our exposure across the full cycle E&P value chain and allowing us to leverage our west African production base and pursue multiple high impact exploration opportunities.

"Looking forward we have a nine well exploration and appraisal drilling programme in 2011 targeting an estimated 600 mmboe net resources and we expect further accretive acquisitions."

Cheers harry,here's the RNS with highlights.

Afren plc (AFR LN)

Trading statement and operations update

London, 26 January 2011 - Afren plc ("Afren" or the "Company"), issues the following trading statement and operations update, in advance of the Company's 2010 full year results which are scheduled for release on 29 March 2011. Information contained within this release is un-audited and is subject to further review.

Highlights

u Net working interest production averaged approximately 14,320boepd in 2010, and is expected to average circa 40,000 boepd in 2011 with an exit rate of 55,000 boepd

u Ebok field development at an advanced stage

o Phase 1 and Phase 2 wellhead platforms installed; pipelines in place

o Three Phase 1 production wells tested at combined rate of 12,500 bopd, supporting the Company's guidance of 15,000 bopd from five wells in Phase 1

o Production facilities all in transit to field location; currently targeted to come onstream February 2010

u Okwok field confirmed as a commercial development project

u Acquisition of OML 26 onshore Nigeria by First Hydrocarbon Nigeria (FHN)

o 184 mmbbls gross recoverable reserves at the Ogini and Isoko fields

o 144 mmboe gross contingent and 615 mmboe gross prospective upside

o Phased work programme estimated to increase production up to 50,000 bopd

o Transitioning of operational control is advanced withrequisite approvals anticipated shortly

u Acquisition of Black Marlin Energy established core presence in East African rift and coastal basins

o Four new country entries with multiple high impact exploration targets

u Full year 2010 capital expenditure of approximately US$410 million; forecast capital expenditure in 2011 of approximately US$410 million

u Net debt at 31 December 2010 approximately US$142 million; cash at bank approximately US$140 million

u Up to 9 exploration and appraisal wells planned in 2011 targeting an estimated 600 mmboe net resources



Osman Shahenshah, Chief Executive of Afren plc commented:

"2010 was a defining year for Afren. We maintained excellent production performance at our operations in Nigeria and Ce d'Ivoire and have advanced the Ebok development, with first oil currently targeted for February. We continue to add reserves to the Ebok/Okwok/OML 115 complex, having recently successfully established the commerciality of the Okwok field. Importantly, we have announced the acquisition of Shell, Total and ENI's stake in OML 26, Nigeria, through our indigenous partner First Hydrocarbon Nigeria. This ground breaking acquisition is materially accretive and crystallises our Nigerian acquisition strategy, where we expect further opportunities. The acquisition of Black Marlin Energy has opened up a new core area for us in East Africa, significantly increasing our exposure across the full cycle E&P value chain and allowing us to leverage our West African production base and pursue multiple high impact exploration opportunities. Looking forward we have a nine well exploration and appraisal drilling programme in 2011 targeting an estimated 600 mmboe net resources and we expect further accretive acquisitions."

The MOPU is finally on it's way,been anchoted up at Cape Town for several weeks.In place to meet the Feb 1st production from E-Bok,seems to be the plan?

decided to take a good profit as today's news did not add anything not included in the sp, political risk weighs heavily in Africa at the moment.

There is no political risk for Afren at the moment.....great share to keep....there was bound to be a pullback after all the rises....sooner or later...it'll go up again....

rf don't be an ostrich are you aware of what is happening in Tunisia and Egypt, Nigeria has been beset with political problems over the years especially in the Niger delta and you should be aware of the unrest in Ivory Coast.

Broker finnCap has kept its 'sell' rating on Afren after the Africa-focused oil group reported "shockingly weak production numbers" which demonstrate a faster-than-expected decline in its current producing assets.

Group production for 2010 averaged approximately 14,320 barrels daily (boepd), 15% below finnCap's forecasts. The Okoro field contributed 11,200boepd and the CI-11 produced 2,400boepd, both figures were 16% lower than estimates. The Lion Gas Plant was in line with 720boepd.

"Disappointing production numbers from both the Okoro field and block CI-11 drive further downgrades and come just months after we last slashed our estimates," says analyst WillAmstein. Afren's production guidance for 2011 is 40,000boepd and in line with finnCap's forecasts, "although we will have to revise our underlying estimates to take into account the weak Okoro and CI-11 numbers."

With the shares trading close to 50% above the finnCap's 100p target price, the broker reiterates its 'sell' recommendation.

Not sure if sp is going to dive or not.,.

StockMarketWire.com
Afren has announced the successful pricing of its offering of $450m aggregate principal amount of its 11.5% senior secured notes due 2016.

Afren intends to use the proceeds to repay certain indebtedness and for general corporate purposes.

Closing and funding are expected to take place on or about 3 February.

hali - though you are right in one respect, problems in nigeria are nothing to do with what is going on in egypt and tunisia

Today's Times.


Tiddler to watch

Afren, up p at 145p, raised $450 million by selling five-year bonds, largely to bigger American investors. Goldman Sachs, Deutsche Bank and BNP Paribas were joint bookrunners. The mid-cap explorer, which is looking for oil in Nigeria and elsewhere in Africa, is expected to use the cash raised to buy oilfields from big producers.

Possibly time to dip into AFR? Strong bounce on the chart and oil nudging $100 p/b.

Also 1st production from E-Bok this month,as per web site.

This morning:
Afren started with buy rating at Deutsche, target price 185p

i wonder if friend hali will venture back in .... i'ld guess he'll wait for 165 to be broken with impetus if he has any thought to do so

my ave, is 86p so quite happy to stay around.

Something pushing it up this morn. What could it be? Shell just have to wait and see. hehe.

post 1530 will have helped and of course production start is imminent ..... it's just a damn good oily with plenty of real stuff instead of just blue sky, and it has lagged somewhat in recent months

Bought some on opening.....fab share to trade.....great rises across the board....for your isas check out GGL....

Notice NT bailed last week, bet he is back in today. Glad I kept the faith. This is the longest hold I have ever held on a spread bet.