< "> 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

Dougie Youngson, analyst at Arbuthnot, says Afrens (LON:AFR) production down grade is not surprising given that Ebok, where there was a delay in start-up during first half, is in that tricky tinkering phase which all fields have at the beginning.

Youngson continues to rate Afren a strong buy, with a target price of 209p.

He says key reasons to plump for Afren include strong production growth; a healthy pipeline of potential acquisitions (which he expects to see action on during the 2011 year); and an East African exploration portfolio that has huge upside potential.

Youngson expects the market to focus on the production downgrade today. But he is sticking to his guns: Afren continues to be our top pick on the main board. It has a strong long term investment case, with a major uplift in production this year, acquisition growth and potentially some interesting exploration in East Africa

FT Comment

Most oil companies could expect a substantial share price fall after downgrading their average 2011 production estimates by a third, as Afrens peer Premier Oil can attest after a smaller proportionate downgrade earlier this month. The fact Afrens shares rose bear testament to investors strong nerves. The downgrade is due to difficulties inherent in a company with exposure to Nigerias capricious politics. Despite the delays, Afren said its fields there would be producing nearly 50,000 boepd by the end of the year bolstering cash flow and helping fund its increasing focus on exploration. Its nine well programme in the second half is among the most ambitious in the sector, with wells close to producing fields in Nigeria offering relatively low risk mixed with more prospective plays in Tanzania and Kenya. Trading at 7 times 2011 earnings, compared with Premier on 12 times and Tullow Oil on 23 times, Afren could prove good value for those with steady nerves

Adding thr following presentaion to the header to allow some editting.

http://www.afren.com/download.axd?id=1317

what is the incentive to invest in AFR with production targets downgraded and not much upside for investors in this Nigerian run company?

long term hold, secure investment.......bit like ore or des.,.

Afren has received government approval to assume operatorship and increase its interest in Block 1101, onshore Madagascar, to 90%.

A revised work programme has also been agreed.

Block 1101 is located on the eastern flank of the Ambilobe basin in northern Madagascar.

The block encompasses an area of approximately 14,900 sq km onshore and lies next to ExxonMobil's Ampasindava block.

Afren has increased its overall participation in Block 1101 to a 90% operated interest through the reassignment of a 50% interest previously held by Candax Energy, which retains a 10% interest.

Government approvals for the reassignment have been received and a revised work programme agreed with OMNIS, the state oil and gas agency.

CEO Osman Shahenshah said: "We see tremendous prospectivity in Madagascar and now, as operator, are keen to explore our high potential acreage.

"We are grateful to OMNIS and the Malagasy authorities for their endorsement and approval of this transaction and extended work program.

"We look forward to collaborating with our hosts and partner Candax in the ongoing exploration at Block 1101, and to further establishing Afren's long term commitment to this exciting exploration play."

Looks like the '140p brigade' may be right.

Certainly struggling to appreciate a bit of positive news!

http://www.investegate.co.uk/Article.aspx?id=201107271647012128L

http://www.investegate.co.uk/Article.aspx?id=201107271647132130L

http://www.bloomberg.com/news/2011-07-27/afren-pays-588-million-for-kurdish-fields-expands-from-africa.html

Now it's the time to buy... good plans to expand into Kurdistan.

i agree and just bought a few more at 137 .... fall probably triggered by heavy breach of 200 dma, but surely overdone

You know there is a bookrunning process this am cynic?

Yeah, buyers are moving in strongly... very good opportunity... bought some myself at 137.5p

With the US being forced to cut back on military spending Iraq is soon going to be controlled by some nasty people who will not be working with Western companies.

Strange that anyone should be getting into Iraq just when its starting to look dark on the horizon.

Perhaps Afren have not been watching the TV about US Debt and cutbacks.


Now, I can understand the selling companies, best get something for it before US forces are totally gone and the country falls into the abyss............

says he who sold out awhile back.....

87.3 million new shares to be sold, plus an increase in debt. Will be interesting to see where the sp ends up at the end of the day.

Good luck to those in - chart says "na".

Harry.yes my thoughts,at what price the placing?

"The Placing is being conducted, subject to the satisfaction of certain conditions, through an accelerated book-building process to be carried out by Merrill Lynch International ("BofA Merrill Lynch") and Morgan Stanley Securities Limited ("Morgan Stanley"), acting as global co-ordinators and joint bookrunners (together the "Joint Bookrunners"). The identity of Placees and the basis of the allocations are at the discretion of Afren and the Joint Bookrunners. The number of Placing Shares and the price at which the Placing Shares are to be placed (the "Placing Price") will be agreed by Afren with the Joint Bookrunners at the close of the book-building process. Details of the number of Placing Shares and the Placing Price will be announced as soon as practicable after the close of the book-building process.

The Placing Shares will be issued credited as fully paid and will rank pari passu with existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares. The Placing will be made on a non pre-emptive basis.

The Company will apply for admission of the Placing Shares to the Official List of the UK Listing Authority (the "Official List") and to trading on the London Stock Exchange's main market for listed securities ("Main Market") (together, the "Admission"). It is expected that Admission will take place and that trading will commence on or around 2 August 2011. "

All good here long term 8-)