< "> 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

7th-May-2011 13:54Source: BSE
Mercator Lines - Update on FPU Project
With reference to earlier announcement regarding signing of 7 year contract to charter out Floating Production Unit to M/s Afren PLC, UK at their EBOK field in Nigeria; through Company's subsidiary in Singapore, Mercator Lines Ltd has now informed BSE that the Company successfully commissioned the Floating Production Unit (oil production has started).

The commissioning of the contract will substantially add to the consolidated revenues of the group over a period of 7 years

http://www.moneycontrol.com/stocks/stock_market/corp_notices.php?autono=432174

Additional Listing

Application has been made to the UK Listing Authority and the London Stock Exchange for the admission of an Additional Listing of 5,200,000 ordinary shares of one penny each in Afren plc, to the Official List, for these securities to be admitted to trading on the London Stock Exchange's main market for listed securities. The application has been made in connection with the exercise of warrants over 5,200,000 ordinary shares. These shares will rank pari passu with the existing issued ordinary shares of the company.

http://www.bloomberg.com/news/2011-05-11/nigeria-s-senate-plans-to-pass-delayed-oil-industry-reform-bill-next-week.html

http://www.tullowoil.com/index.asp?pageid=432

Tullow expected to drillBlock 10A in Sept.? A 20% stake for AFR.

JPMorgan: reiterated overweight. TP raised to 195 from 170

another nice little update
Ebok field output ahead of expectations, says Afren

Full RNS added to the header.

Ebok (Nigeria) - production from Phase 1 has been steadily increased to a sustained flow rate in excess of 17,000 bopd, ahead of guidance

u Okoro (Nigeria) - gross production increased to 21,000 bopd; near field Okoro look-a-like exploration target identified

u< strong> Okwok (Nigeria) - work progressing to determine optimal development solution; gross recoverable resource estimate increased to 51.8 mmbblsu Keta Block (Ghana) - ongoing studies showing potential of Turonian intervals, leading to increase in gross prospective resources to over 1.4 billion bblsu Active near term exploration and appraisal drilling campaign targeting net prospective resources in excess of 630 mmbbls Commenting on today's IMS, Osman Shahenshah, Chief Executive of Afren plc, said:

"We are very pleased to have increased production at the Ebok field to current levels in excess of 17,000 bopd, ahead of pre start-up expectations. Together with the recent infill drilling at Okoro, group wide operated production is over 40,000 boepd (approximately 30,000 boepd net to Afren). The Company will be drilling a number of high impact wells across both West and East Africa, and together with a strong acquisitions pipeline, Afren is very well positioned as we move towards the second half

How on earth is this only 150p ?...

Much of the news was already available along with market sentiment is imo the reason, they need to start proving up those 1.4bbo,as low confirmed reserves(for a company with this M/Cap)?>

Could afford to have a little top up on this one, don't think i'll be sorry.,.

Liberum summary note:
"Few surprises in Afrens IMS. Working interest production for Q1 2011 was 9,700 bbls/day, reflecting the achievement of cost recovery in Okoro.
Phase 2 of the EBOK development is progressing as expected. EBOK gross production is currently is 17,000 bbls/day and we expect Afren to achieve the 35,000 bbls/day target once Phase 2 is complete. East African exploration acreage looks increasingly promising and we view the farm-in to the Tanzanian Tanga licence, contiguous to the two Kenyan licences already held by Afren, as an improvement to the portfolio. Management have disclosed the Gross P50 resources for this licence as 200 mmboe. It has just finished a 2D seismic acquisition, calling the early results encouraging, and expects to commence drilling by year end.
There appear to be few catalysts in the near term. The next newsflow looks like either a licence acquisition in Nigeria from an Oil Major or results from the Keta well in Ghana due in Q3 (up to 70p if successful).
Overall the IMS contains little new and we do not expect to change our numbers significantly on the back of it.
Our PT remains at 167p. HOLD."

Morgan Stanley view:
Minor operational issues (CI-11 unrest & Ebok delays) impacted 1Q production (~10kboed) but FY11 production guidance unchanged at 40kboed. We believe the market materially under appreciates and undervalues the strength of the core asset base and upside potential that exists across the portfolio. With production at Ebok already ahead of expectations and set to ramp-up yet further in 2Q; plus an exciting 2H drilling campaign ahead we reiterate our OW & 215p PT.
Valuation: Afren continues to trade at an unwarranted discount to Core NAV and is one of the cheapest stocks we cover. Our Core and Base NAV remain broadly unchanged at 159p/sh and 214p/sh, representing +7% and +45% upside, respectively.
Catalysts: Looking forward to a 2H11 weighted exploration programme 1) Cuda prospect (3Q11, Ghana, 325mboe, unrisked ~72p/sh); 2) Okwok (2H11, Nigeria, 70mboe, 27p/sh unrisked; and 3) Ebok D2 (Nigeria, 35mboe, ~11p/sh unrisked, 2H11). Elsewhere, a farm-down of Afrens 70% interest in OPL-310 is on going with a result also expected in 2H11.

steady eddy today - good stuff - 200 + q3 or slightly earlier imo

Questor in the Sunday Telegraph says 'Buy':

http://www.telegraph.co.uk/finance/markets/questor/8526728/Questor-share-tip-Afren-targets-high-impact-drilling.html

Am tempted to sell on monday and buy back at a slightly lower price (145p?) Am not convinced this temporary down trend is over yet.

Sell half

I'm sticking in no matter what till at least AGM 06th June then may (hopefully) consider taking profits.

HC
the above 2 comments both have merit.
as does yours.
145 is below short term weekly 50% retracement.
good luck to you on whatever you decide.
regards
jkd

I'm with you Chris, possibly follow Ald's advice but quite likely to stay put. All depends on how it looks on the day.,.

Not sure and depends on your entry point, but graph is making me nervous particularly as the market in general seems to be getting soggy.

I don't know why the chart is making you nervous the SP is making higher highs and at the very least finding support at 145p in a consolidation pattern, one could also argue the SP is making higher lows, what more could you want from a chart? I don't see the market as 'soggy' but in a consolidation period.