< "> 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

harry lets see the 50000 bopd before we get too excited.

Does that qualify as a 'Pennant' formation on the graph?

Afren oil explorer says output ahead of target
Mon Jan 2, 2012 10:25am GMT Print | Single Page [-] Text [+]

1 of 1Full Size
BRUSSELS (Reuters) - Energy exploration firm Afren said production at its Ebok field, offshore Nigeria, had reached around 40,000 barrels per day (bpd), taking its end-2011 net output to some 55,400 barrels of oil equivalent per day (boepd), ahead of target.

An output rate above the year-end goal of 50,000 boepd has been sustained since December 19, it said, as a result of operations in Ivory Coast as well as Ebok and Okoro in Nigeria.

"The group is in a strong position with aggregate net working interest production of 55,400 boepd going into 2012," Osman Shahenshah, chief executive of Afren, said in a statement on Monday.

He added the company's forthcoming drilling campaign in Ghana, Nigeria, the Joint Development Zone of Nigeria Sao Tome and Principe, Tanzania, Kenya and the Kurdistan region of Iraq had the potential "to materially transform and increase our discovered resource base".

In Nigeria, output at the Ebok field has increased to a stabilised rate of around 40,000 bpd following the commissioning and ramp-up of all production wells associated with the initial phases of the development.

In addition, gross production on the Ogini and Isoko fields, onshore Nigeria, has nearly doubled to around 10,500 bpd from 6,000 bpd following technical changes at the start of December.

Over the course of last year, Afren's share price lost close to half its value, reaching a low below 75 pence in November. A December rally took it to 85.70 pence by the end of 2011, around 15 percent above the November trough.
http://af.reuters.com/article/investingNews/idAFJOE80101U20120102?feedType=RSS&feedName=investingNews

good news :-))

Nice ,,should head back over the pound now ..

Liberum note:
"Afren yesterday announced that with Ebok now fully onstream, group production rate achieved by end 2011 was 55,400 boepd. This is 10% ahead of company guidance and our forecast of 50,000 boepd. Management had twice lowered this guidance over 2011. Given the significant share price underperformance relative to its peers the market was clearly sceptical Ebok would be developed in time or that guidance would be met.
There was a further encouraging update on FHN. Since the completion of the OML 26 acquisition on the 1st December, production has nearly doubled from 6,000 boepd to 10,500 boepd. Cash flows should materially increase, and focus will now shift to Afren's exploration campaign and Kurdistan. The Iraqi region still remains a concern but could be a source of significant growth should the political environment improve. At 86p the shares are good value, trading on c. 2x 2012 debt-adjusted cash flow. Given the positive update we expect them to react strongly this morning. With a 116p price target we reiterate our BUY recommendation."

Credit Suisse upgrade note.
"Upgrading to Outperform as Afren offers an improved risk/reward profile. With production from the Ebok field in Nigeria now stabilised at c40kbpd, we believe that a material 2012 drilling programme with a comfortable balance sheet offers an attractive entry point. Ramp-up delays at Ebok were not due to reservoir issues and with production now stabilised, we think that the problems are behind us. We remove our 15% risking on the Ebok field to arrive at our new target price of 130p/sh (from 114p/sh).
Comfortable financial position, but stable Ebok production in 2012 is important to de-lever Afren’s balance sheet beyond. We expect Afren to have $305m cash at end-2011. Going forward, Afren is dependent on strong cashflows from Ebok to reduce its end-2011E net debt of $581m. On our $105/bbl Brent estimate for 2012, we expect Afren to generate CFO of $903m and with its $305m cash position, it would be sufficient to fund $845m of 2012 cash uses. The potential worst case scenario remains if the banks scale back their reserve based lending facility that could restrict Afren’s growth plans.
Material resource upside potential. Up to 15 wells in 2012 offer a balance of high-risk, high-impact exploration (Keta in Ghana, OPL30 in Nigeria) and lower risk exploration/appraisal (Jebel Simrit wells in the Kurdish region of Iraq, Ebok/Okwok/OML115 wells in Nigeria). The 2012 programme is worth 28p/sh on our risked NAV with a blue sky upside of 170p/sh.

glad i bought a few more first thing this morning

Nice to have a cash pile ready for opportunity's like this , a Cynic

indeed, though i have to keep reminding myself that caution (banking profits!) during 2012 must be the mantra

please keep reminding me of that fact cyners....happy new year to all, hope you had a good time at the wolley:)

we did indeed, not least celebrating that the original owner has now bought back the place (+ 6 others) following the demise of the vile von essen and his "evil empire"

i have had 2 further bites of the cherry today, and though the 2nd one looked expensive, it's now very comfortably in the money and the order book looks very strong ..... all in all, a cracking start to the year

i have to keep reminding myself that caution (banking profits!) during 2012 must be the mantra .

this is the most important statement you'll hear this year.

thanks cynic for that.

yep good reminder ref banking profits - would expect some more blue here tomorrow

we need to change the header title for afr - it should read:

tullow - is this the next AFREN lol :-)))

just to show that i do try to follow my own discipline and advice, have banked today profits on dow and goog (but left aap running)

http://www.macquarie.com/dafiles/Internet/mgl/msg/iConference/documents/Europe/ExplorersAgenda.pdf

Explorers Conference this coming Monday - 9th January 2012.

Andaz Hotel, London.

Macquarie Connections.

Kurdistan, Mena, Frontier, Poland, South America, SE Asia, North Sea, Africa.

Breakfast & Welcome address 8.20 - 8.30am.

Kurdistan (Great Eastern Room).
Genel Energy 8.40am.
Afren 9.05am.
DNO 9.30am.
Western Zagros 9.55am.

http://www.macquarie.com/dafiles/Internet/mgl/msg/iConference/documents/Europe/ExplorersAgenda.pdf

another good day at the ranch ...... GKP = whizz and suddenly AFR = bang, then add PFC to that too!

Be good to finish above 1.08 today.

http://www.investegate.co.uk/Article.aspx?id=201201091151382177V