Amities . l have been discreetly buying this stock since it was 39p . And the more i learn the bolder are the positions i take . .....Floated in Dec 2004 it was oversubscribed and before costs the required $15 million was raised. At the helm is ex BP head of Global exploration and Resavoir management . Furthermore a success story at Global Expo . Now Nick Johnstone wants to set up on his own . And after speaking to him l am not at all surprised . He is like a "Who s Who " of the hydrocarbon world ...He has ALL the prerequisites for success so why work for some other lackey ! .. namely connections from his ertwhistle employers . He has assembled a first class management team from ex colleauges at BP ; and is his business model is simple . AFR farms in on "Big Oils " inception upstream ; and with its scale of economy it works closely with "Big oils" fields on the look out for excellent workovers oppertunities .... Already lt has via a complicated j/v a percentage of the Sao Tome and Principe acreage -Located between the oil rich waters of Nigeria and those of Sao Tome and operated by Texaco / Chevron and Esso; and believed by many to be the new North sea . . 3D Seismic testing and magnetic graphic imagery and satellite imaging has located a labyrinth of channels leading to a main resavoir which is believed to14-15 mmbbls of oil and which would leave AFR with its share of 120/140 million barrels for NO cash outlay .To ensure early cash generation Afren has entered into a production sharing agreement in the developed Ogedeh field { adjacent to the BP operated Olowi marin field which is believed to yield 180 mmbbloe. Furthernore AFR has agreed to drill the lbekelia project for Ascent resources which is expected to produce 2,500 b/pdoe to satisfy AFR percentile share ,ln addition it is a believed resouce of several years . .. , .Not a bad start for a company with little more than six months in the making . ....and well worthy of investigation !! .....@+ J

thought it was somewhere in Q4 (or Q3).... and that was just for the start.... they were trying to ramp it all up so that they were in full production by early 2008....

so it's more like Q1 or Q2 2008 that i am waiting for..... for full production....

"The Field Development Plan is on schedule to be submitted to the Government of Nigeria in January to commence a fast-track development programme in Q3 2007. Afren and our co-venturers AMNI remain on track for production of 15-20,000 bopd by early 2008"

http://www.afren.com/press.asp

From oilbarrel.com:

Thursday 22nd February 2007, 9.00am to 1.00pm
followed by buffet luncheon

Venue: The Brewery, Chiswell Street, London, EC1

In association with BDO Stoy Hayward

The companies presenting are:

Afren Plc

Geopark Holdings Ltd

Gulfsands Petroleum Plc

Heritage Oil Corp

PetroLatina Energy Plc

Salinas Energy Ltd

http://www.oilbarrel.com/home.html

.

Good post aldwickk
Jack brent posted it on advfn but later removed it .

Yes agreed, good post.

I wonder why jb did that?

I dont go over there a lot.

Copyright, i may do the same.

Feel free to pull it now, I am sure a link will show up.

.

Chevron lifts lid on Obo discovery

By Upstream staff


Chevron has finally acknowledged that last May's wildcat Obo 1 in the Joint Development Zone between Nigeria and Sao Tome & Principe was an oil discovery.

However, country manager Tim Parson, speaking at the weekend in Sao Tome, said the quantity of oil did not justify commercial production.

He said further exploration is planned 'very soon' to prove up the potential of Block 1, in which the US supermajor has a 51% operating stake alongside ExxonMobil (40%) and Norwegian-Nigerian tie-up Dangote-Energy Equity Resources (9%).

Last year, the partners revealed that the probe, drilled by Tansocean drillship Deepwater Discovery in a water depth of 1720 metres, hit 150 feet of hydrocarbons amid industry speculation that the well was deliberatley sunk off-structure to determine the aerial extent of the targeted play.

Indications that a world-class discovery had been found were initially backed by public statements issued by Nigerian Energy Minister Edmund Daukoru, but neither government officials nor company executives have subsequently said anything about the tight-holed probe.

The consortium paid a total of $123 million for the block, believed to be one of the most prospective in the JDZ, which is managed by the Abuja-based Joint Development Authority, set up by the governments of Nigeria and Sao Tome.

Please see below comment on Afren from todays morning note from Ambrian.

Afren (AIM:AFR) Mkt Cap: 101m Price: 53p N/R
Meeting with Company - Our confidence is boosted
After meeting Afrens CEO Brian OCathain, we feel that the company offers a potentially very exciting opportunity, both in terms of a near-term producer as well as giving investors significant exposure to West Africa (unusual for a company of its size).
The company has an exceptionally strong board, which has enabled it to secure interest in several extremely prospective deals. It has avoided bidding in competition with other companies at auction, using management contacts to secure private transactions at lower cost. The companys chairman is Dr Rilwanu Lukman, who as a former President of OPEC (five terms), Secretary-General of OPEC (nine sessions) and former Special Adviser to the Nigerian President for Oil & Gas has an almost unrivalled knowledge of the African hydrocarbon sector as well as the key movers who operate within it.
Moreover, given his former positions, he carries significant clout which can only benefit Afren in its pursuit of further acquisitions. CEO Brian OCathain joined from Tullow Oil (where his division purchased Energy Africa) and brings with him a strong corporate ability as well as significant industry experience.
In terms of the companys current assets, it is involved in projects in Nigeria, the Republic of Congo (ROC), the Joint Development Zone (JDZ), Gabon and Angola. The companys first project came in the JDZ, where it has a 4.41% interest in Block 1. For a company of Afrens size to have any involvement in this region is impressive, and is testament to managements ability. The companys partners in the block are Chevron, Exxon and a local partner. The first well (Obo-1) drilled on the prospect was successful, encountering 150ft of net oil & gas in 1Q06. Prospective risked resources stand in the region of 1bn boe. Further drilling could occur in 2H07.
Elsewhere, the company intends to drill its Doungou well on the La Noumbi block in the ROC (where the company has a 14% interest) before the end of 1H07. This block is adjacent to the 300m bbl MBoundi field. Afrens partners in this project are Maurel et Prom (48.5%) and Burren Energy (37.5%).
In Gabon Afren has a 12.86% interest in two offshore blocks (Themis Marin and Iris Marin). An initial exploration well is expected on Themis Marin in 2Q07.
In Nigeria, the company has interests in two blocks (ONL 112 and ONL 90). Afren plans to commence development drilling on its Okoro and Setu fields in ONL 112 in August this year, with the first oil in the region of 18-20,000bopd expected by early 2008. In ONL 90, the company plans to drill its Ogedeh field towards the end of 2007 or early 2008. In both blocks Afren will receive 50% of profit oil after paying for development costs.
The companys capex in 2007 is expected to be in the region of US$150m, which management believes will take it through to first production in 2008. As of the end of 2006, the company had US$30m in cash and sees itself as easily able to meet its costs for the year ahead. Part of these costs will be met by debt, and the company is in the final stages of raising a further US$150m to this end.
To date the company has raised in the region of 19m since listing via fundraisings. It also raised US$75m through a convertible in July 2006. All these funds have been raised for specific campaigns and demonstrate not only the companys ability to seek out exciting opportunities, but also its skill to secure the funds to finalise them.
Comment
We believe that Afren represents perhaps the most varied and impressive AIM oil & gas company operating in West Africa. The company is also close to first production, as well as being a partner in several deals of potentially company-making size. With so few companies on AIM operating in the region capably, it seems that Afrens combination of strong industry knowledge and technical expertise gives it a vital edge.
Afrens perception as a local company (ie, staffed by locals) has enabled it to maintain a lower profile and minimises the risk of involvement in the huge hydrocarbons potential of Nigeria. There is no disputing the extensive country risk associated with Nigeria, highlighted by persistent attacks on oil installations and the kidnapping of oil industry personnel. However, this is largely a political backlash against international majors.
Whilst we have no official coverage of the company and can therefore offer no recommendation, we believe that it represents one of the best opportunities currently available on AIM for exposure to West African reserves and production. We would advise that investors keep an eye out for the reserves update of the companys Nigerian assets, as well as the upcoming drilling campaigns in ROC and Gabon, all of which could have a material effect on the share price.

Attention

Regardez vous!

As you say en Angleterre, eit is not over till le fat lady sings, nes pas?

We shall see by 2008 mes enfants.

Zut alors !

I am always more lucid with a bottle of finest Chardonnay inside me!

Bonjour mes amis.

IC Buy

Bull Points
Less than a year away from production
Experienced West African operator
Exploration upside in West Africa
Potential for acquisitions

Bear Points
Weak dollar dragging valuation
Political risk in West Africa

...........................................Broker Jeffries currently values Afren at 89p a share, while house broker Bridgewell is slightly more conservative in setting the valuation at 80p. That may be because there'll be volatility, as well as number crunching over the year, as the oil price and the dollar fluctuate. But Afren should rise above all that. Buy.

I can not provide a link to this copyrighted article, but here are the nuts and bolts.

Just read the same article myself in a newsagent (i am tight lol). Personally I think the price target of 80-89 is a little low, considering this is the only oil exploration co. on the AIM that's expecting to begin production this year (as far as I'm aware) and given the absolutely top-notch management team (ex-OPEC Chairman and ex-BP exploration manager). I personally have a lot of confidence in the long-term potential of this company and its one Im prepared to sit on for a while.

Moi aussi.

IIRC they liken AFR to an early Paladin Resources.

If it grows in a similar fashion to Paladin, that will do me nicely, and you are correct Monsieur, it has to be;

A prise long terme d'achat

Seawallwalker ; Slt mon pote . Bon matins mon ami ..Je vois vos messages avoir pris quelche chose d'une savuer Gallique .Merci pour ta lettere. Bravo, tu t'en es tres bien . Un bon conseil -saiser la balle au bond.!!! ....... .. ln restating the facts -AFR has all neccassary prerequisites for success - Such as well known lucrative acreage , an expirienced and prestigious ultra successful " in the know" board, and senior management, with both access to funds as needed and finally AFR are ideally located to the markets of both the USA and Europe . ... Only one variable on the negative side and this should not be underplayed - geopolitics -; and that being the behavoir of insurgents causing more than a little concern and uncertainty in this region . eg ,,what with kidnappings and destruction of pipelines . and rebels hiving of oil themselves. .However Nigerian army is making sounds to clean up this mess in the northern delta .....thus allowing a whole plethora of junior oilees to mine without fear of rebels destroying newly built infrastructure.........................@+ J bien amicalment ...Lastly i cant personally see ANY similarities with Palladin ; but would be quite happy if AFR reach such lofty heights in terms of s/p .......Bonne chance

TheFrenchConnection . Oest le chapeau de ma tante ? Bonjour mon vieil ami , oavez-vous ? Assez de ceci et ce et des affaires arries, rllement je pas l'une ou l'autre len mon vieux compagnon ! Comme vous je serai tr heureux de voir une croissance semblable avec le cours d'actions cependant. La bonne chance toi aussi, et ne sont pas un ranger.

Suite bonne mes amis.

Tellement maintenant nous

Se de wiol onous allons cette semaine.

Bonne chance chacun

Those online translaters are very good if you want to make out you understand French, LOL