< "> 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

Sorry lied. not sussex. near oxted surrey. I get lost down there. see web site

Yesterday's UK analyst .com



Afren (AFR)

Historically, Afren has been more associated with its production activities rather than its exploration potential, which, it has to be said, has been somewhat lacking - up until now. All in all, ten wells are being targeted in 2011, with net resources of 630 million barrels up for grabs. The expansion of Afren's exploration acreage began back in August 2010, with the acquisition of Black Marlin. The acquisition provided Afren with exposure to an exploration portfolio across Ethiopia, Kenya, Madagascar and the Seychelles, and a net prospective resource base of 1,287 million barrels of oil equivalent. The acquisition also opened up East Africa to Afren, the company having previously been confined to West Africa. This was followed up in March 2011 when Afren acquired a 74% operating interest in the Tanga Block, located offshore Tanzania, from Petrodel, which retains 26%. The area comprises large scale targets with three significant prospects suggesting aggregate 1.4 billion barrel potential, taking Afren's net prospective upside up to almost 3.5 billion barrels, worthy of any aspiring mid-tier player.

However, the next move seems to have spooked the markets, and the shares have been punished in the recent sell-off. Late in July Afren announced the acquisition of a 60% participating interest in the Barda Rash PSC (production sharing contract) and 20% participating interest in the Ain Sifni PSC, both of which are located in Kurdistan, for a consideration of $588.25 million. The deal added 890 million barrels of 2C resources plus 1,074 million barrels of unrisked resources, while the development plan for the two fields comprises three phases which will see 125,000 barrels of oil per day (bopd) of gross production by the end of 2017. Whilst the deal is "consistent with Afren's strategy of acquiring low cost barrels in areas of strategic advantage," it does stray from the original game plan of being an Africa-focused E&P play. The assets are located in a region of above average political risk - albeit one where conditions are improving - and will require a significant increase in Afren's development and exploration spending going forward.

However, the terms of the deal appear to be in line with Afren's value-delivering acquisition strategy. In terms of production and resources, the acquisition looks transformative for Afren. "The pro-forma impact on independently certified net 2C resources for the Company is substantial and, if converted as planned, could have a significant impact on net 2P reserves," notes the company (2P reserves currently stand at 136 million barrels). The company is targeting net production of 40,000 bopd in 2011, but incremental production from the Ebok and Okwok assets should see gross production rise to 100,000 bopd by the end of 2012. With 75,000 bopd (net working interest basis) targeted within five years from Barda Rash alone, and "with the potential to incrementally boost field output further over the medium to longer term," this is potentially a major coup for Afren. Although a slight deviation from Afren's usual hunting ground, the metrics look great and the shares look oversold.

Having sold out,i'm tempted to buy back at this level? I'll probably wait to see how the market pans out. A little snippet i just came across,

S&P 500 has given buy signal.100% correct over past 20 yrs,when 80% of stocks fall below 200 day ma.This holds for next 2 wks and 6 months,average 5% and 15%

surely that can't be quite right or else the collapse in 2008 would not have been so severe

I wish i had sold out ,this is a long term hold for me ,dammed if you do and dammed if you don't.

has 140 been breached????? ...........:(( lol, fill yr boots me hearties.,.

Has my 140 / 170 trading range gone ? just a bit. Anarchy on the streets and 2nd ending of the world.

Cheap as chips.
In a years time could double or even treble from 87p

Going long as well.....big risk as this might or might not be the bottom....anyway...in with a tarzan shout.....

Here we go ,,dead cat bounce or the bottom ???

Crude price still dropping. Dcb, imo.

Dependent on fed meet tonight

Crumbs !...some blue.....not used to that.....

nice to be able to buy in below recent placing price of 135p

http://www.oil-price.net/index.php?lang=en

End of the world again ?

No worries... buy more.

I am . :)

.

ISN works for 3 out of 4 largest UK independents

Written by David Ellison on August 19th, 2011

Afren now ranked 3rd in UK main board peer group

After the entry of ISN client, Afren plc (AFR.L), into the Kurdistan region of Iraq, they are now ranked 3rd amongst UK independent oil companies by last reported net 2p and 2C reserves.

The acquisition of Kurdistans Barda Rash and Ain Sifni assets increase Afrens recoverable reserves from 136 mmboe to 1,026 mmboe.

ISN continue to provide IT support and consultancy to Afren at their London HQ as well as Houston, Lagos and their African production well sites.

ISN are currently working on a drilling comms project for Tullow Oil plc Ghana (TLW.L), the UKs largest independent, equipping the Sedco Energy rig with VSAT and IT systems.

ISN has worked with 4th ranked Premier Oil plc (PMO.L) for a number of years on a range of IT and comms projects.

Many congratulations to Afren on their newest acquisitions and continued growth!


http://www.isnsolutions.co.uk/news/2011/08/isn-works-for-3-out-of-4-largest-uk-independents/