< "> 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

StockMarketWire.com
First half pre-tax profit at oil and gas explorer and developer Afren fell by 42% to $43.7m in the six months to the end of June.

Turnover was down by 25% at $161.0m and gross profits fell by 18.4% to $79.2m.

Normalised after-tax profits fell by by 52.1% to $26.1m.

CEO Osman Shahenshah said: "Afren continues to make good operational progress, with reservoir performance and drilling results at our Ebok and Okoro fields at the upper end of expectations.

"Whilst first half production volumes were impacted by periods of non-reservoir related facilities down time, we are now ramping up production towards our targeted 50,000 boepd exit rate.

"We are delighted to have acquired, post the period end, a high quality portfolio of assets in, and gain entry into the Kurdistan region of Iraq.

"The acquisition is consistent with our strategy of acquiring low cost barrels, increases our 2P and 2C recoverable reserves and resources base by over 700% at a cost of under $1 per barrel and means that Afren is now strategically positioned in two of the world's most prolific oil producing countries in Nigeria and Iraq."

http://www.bloomberg.com/news/2011-08-30/afren-drills-more-wells-sees-930-million-barrels-of-resources.html


Afren Plc (AFR), the U.K. oil and gas explorer focused on Africa and Kurdistan, is targeting 930 million barrels of resources by the end of next year as it drills more wells.

The company now plans to drill 14 wells following acquisitions of fields in the Iraqi region of Kurdistan, from nine wells announced in July, Chief Executive Officer Osman Shahenshah said by phone. It will invest more than $1 billion in Kurdish projects and plans to increase output to 180,000 barrels of oil equivalent a day net to the company in 2018, up from 25,000 barrels expected this year.

We have an active program across East Africa, West Africa and now Kurdistan, Shahenshah said in phone interview today. The companys most promising exploration wells are in Kurdistan, Nigeria, Ghana and Tanzania, he said.

Afren is in talks with Royal Dutch Shell Plc (RDSA) and other companies producing oil in Nigeria over possible field acquisitions with as much as 200 million barrels of resources, he said. The company is ramping up output at its deposits in Africa and plans to reach 50,000 barrels a day by the end of the year.

Afren shares rose as much as 7.2 percent to 102.4 pence in London and traded at 99.55 pence at 9:02 a.m. local time.

The second half sees a sharp increase in production and exploration activity making Afren highly attractive, Richard Griffith, a London-based analyst at Evolution Securities Ltd., wrote in an e-mailed report.

The company plans to develop the Barda Rash field in Kurdistan in three phases. The first two will require a $135 million investment and will reach production of 35,000 barrels a day in 2012. The third will raise output to 125,000 barrels of oil a day by 2017, London-based Afren said today in statement.

The risk of funding natural gas rather than oil is very low, because we have three wells in the field that have already discovered flow of fantastic oil, Shahenshah said.

Afren first-half net income shrank to $20.7 million, less than half the profit in the same period a year earlier, because of production disruptions in Nigeria, the company also said.

Bank of America Merrill Lynch said the results should bring comfort to investors.

"The 30 percent drop in the shares month-to-date (one of the weakest in our coverage) does not reflect the improving outlook for the company," it said. "The Ebok field ramp-up remains key to the story near term and management appears to be making good progress."
http://uk.reuters.com/article/2011/08/30/afren-results-idUKL4E7JU16E20110830

Interim figures are pretty poor though and had the sp not already tanked from c170p, then I would have expected it to do so now.

Regards production
13000bpd H1 poor but
25000bpd 2011
which makes 37000bpd H2
Start 2012 on 50000bpd

Collins Stewart upgrades Afren from hold to buy, target price cut from 175p to 135p.

From little acorns do mighty oaks grow. 8-) `2012`

Can't wait that long

`Good things come to he who waits`!

Regards brokers HARRYCAT
All buys in the last few days after results
RBS target 2.00
Evolution target 2.10
UBS target 2.05
Citi target 1.58

Not in the real World

Ramp up in production from 13000 to 60000boepd from H1 2011 TO 2012
Company undervalued at these prices
Aldwickk get in the real world

Cheers derwent. Only saw the C. Stewart note, but I only use them as a guide as they all seem to arrive at their target price from different calculations. Just extra info really, not to be taken as gospel.

I've added this useful link for oil prices,also gold silver and copper. At the top of the header post 1.

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

which type of oil is AFR producing.... $28 price differential between Brent and WTI.

having read their recent results statement it would appear to be Brent.

Halifax it is brent.

steady buying today

Seems like it is happy trading around the 1 level for a while. A bit surprised it hasn't bounced further up, but maybe the extra risk of being in Kurdistan is limiting the sp.

chart looks promising