< "> 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

Afren plc (AFR LN)

Preliminary Results for the year ended 31 December 2008



London, 6 April, 2009. Afren plc ('Afren' or 'the Company'), the African oil and gas Independent, announces its unaudited preliminary results for the year ended 31 December 2008.




Highlights




Operational achievements

First organic production, with Okoro Setu successfully brought onstream

Current profitable and stable production base of over 26,000 working interest boepd (all Afren operated)

Outperforming asset base, with Okoro producing circa 47% above guidance and increase in CI-11 production by 10% since Afren assumed operatorship

Outcome of Ebok field appraisal (post year-end) transformational; a material 52 mmbbls oil development, with upside to 106 mmbbls and field production of up to 50,000 bopd, subject to financing, expected by end 2010

Financial

Total annual production of 1.3 mmboe (delay in Terminal Establishment Order for Okoro)

Revenue of US$42.5 million net of royalties (average oil price of US$48.1 per barrel before royalties)

Pre tax loss of US$56.0 million (2007: US$39.0 million)

100% take up of early Convertible Bonds conversion offer, removed US$70.9 million of debt from balance sheet

Total gross and net debt of US$405.2 million and US$287.4 million respectively

Balance of debt amortising, with US$86.1 million remaining to be repaid during 2009

Fully funded through current firm work programme

US$117.7 million cash on the balance sheet at year-end (subject to short term restrictions in Nigeria and Ghana)


Corporate

Strategic alliance with Sojitz Corporation to pursue joint acquisitions of scale

Partnerships established with the national oil companies of Ce d'Ivoire and Ghana

Continued progress on gas monetisation strategy; co-operation agreement entered into with E.ON Ruhrgas, Memorandum of Understanding with Electricitde France and two licences in Anambra Basin, Nigeria

Significant portfolio growth - completed the acquisition of seven assets across Nigeria and Ce d'Ivoire / Ghana (new country entries)

Outlook

Strongly cash generative production base with 43% operating netback at asset level at US$40 per barrel

Significant production hedged (100% of oil production from CI-11 at an average US$85 per barrel to mid 2012 and 14% of Okoro production at an average US$54 per barrel to end 2010)

Continue drive to identify cost efficiencies, with early evidence encouraging, including 10% headcount efficiencies post-period end

Fully funded through 2009 budgeted firm expenditure

Visible exit production of 65,000 boepd by end 2010, with material Ebok development

Active on-going discussions to further grow and diversify the portfolio, capitalising on established indigenous identity and adherence to Founders' strategy




Osman Shahenshah, Chief Executive of Afren Plc, commented:




'Throughout 2008 we have continued on the consistent growth trajectory set in previous years. Operationally, we achieved the important First Oil milestone and we are currently outperforming on our Okoro and CI-11 production expectations by over 47% and 10% respectively. We have responded proactively to the current environment with early encouraging signs from the cost deflation initiative. Afren is cash generative at the current low oil prices and is rapidly reducing its existing debt. Strategically, we have adhered to the Founders' strategy, continuing the partnership-based, acquisition led growth with the addition of seven assets in three countries and of these, two new country entries. Following the exceptional Ebok appraisal drilling results, 2009 is set to mark a new paradigm for Afren, with a visible 2010 exit production rate of over 65,000 barrels of oil equivalent per day.'


Looks very good to me.

06 April 2009




Gasol plc

('Gasol' or 'the Company')




Gasol in Joint Venture with SONAGAS




Gasol plc is pleased to announce that the Company is now in a direct joint venture agreement ('JVA') with Sociedad Nacional de Gas, GE ('SONAGAS'), the national gas company of Equatorial Guinea, after African Gas Development Corporation Limited ('AFGAS') assigned its rights and obligations under the JVA to Gasol as per the disclosure in the Company's June 2008 Admission Document.




Enquiries




Gasol plc
Tel: 020 7290 3300

Soumo Bose, Chief Executive Officer

Caroline Houry, Investor Relations



Pelham PR
Tel: 020 7337 1500

Alex Walters

Francesca Tuckett



Jefferies International Limited
Tel: 020 7029 8000

Jack Pryde

Oliver Griffiths









About Gasol




Gasol's strategy is to identify and develop commercially attractive opportunities in the gas sector, with initial focus on liquefied natural gas (LNG), sourced from Africa's Gulf of Guinea region.




Through the creation of a substantial value chain via a series of partnerships involving gas gathering, liquefaction and the shipment and regasification of LNG into high-value markets worldwide, Gasol aims to become the premier Africa-focused gas independent.




Gasol works in partnership with governments, energy majors, utilities and independents in Africa, the USA and Europe. Gasol is Afren's exclusive downstream liquefaction partner in developing an LNG monetisation strategy.




Further information is available from the Company's website: www.gasolplc.com








This information is provided by RNS
The company news service from the London Stock Exchange

END

This is also gr8t news all you afren fans should be in here to gr8t upside Afrens little cousin

Fasten your seatbelts.

Look at gas go !!!!!

Good morning, not so sure on any great gains today as i believe the results to be
solid. No great pieces of news to excite, but then hopefully i'm wrong. That said i'm comfortable with them.
cyril

Nice 237000 buy just gonr thro on afr

Theirs a lot of s/termers getting out, down over 1p at the minute. Allow the market time to settle down before getting a clear picture on how they view the results.
cyril

Theirs a lot of s/termers getting out, down over 1p at the minute. Allow the market time to settle down before getting a clear picture on how they view the results.
cyril

When is this rocket going to fire, bit of a damp squib at the moment? Early days.

i am not nearly clever enough to work out how good the figures were, but my impression was to be singularly unimpressed ...... it seems to me that AFR's one (major) saving grace is the Ebok field which has the potential to make the company a t/o target ..... we shall see

Usual nowadays thing...it drops on results.....they really have only just started production.....come back in a year or two and the figures will look a lot better !.

RF thats the market today, more short term for the majority of tradres, take profit and look for the next bargain. Of course the large institutions will mop up these with a long term view. 9.30am seems to tell the truer picture once the excitable have gone.That said i should have closed at least one of my positions, didn't see the drop quite so big.Those on the sidelines a great buying opportunity for long term.
aimho
cyril

Take out the short termers at a lower price to fill the big delayed orders, thats how it works.

i don't necessarily expect instant gratification, but sure as hell won't be hanging onto to these for a couple of years!

No, but the market will price this up ahead of good production !.

In fact, I've taken some profits this morning and bought back in at a lower price .

Good on you RF,nothing wrong in taking a profit,cynic as i stated many such as yourself will do just that and for now it looks to be the right decision. Perhaps a duel position holding l/term with some s/term on peaks/troughs,but to each is own.
cyril

i may be greed-driven and buy some more during the day .... i shall dwell on it

Because there is a market markdown this morning does not change the fact that Afren have hit the jackpot with their Ebok discovery, so my view remains the same 50p coming sooner or later and to support this : crude is now past the $53 mark !.

What a turnaround from this morning and every chance we could end up blue