< "> 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

it isn't.,.

http://www.rigzone.com/news/article.asp?a_id=114326&hmpn=1
Analysts Welcome Afren's Success at Okoro East
by Jon Mainwaring
|
Rigzone Staff
|
Tuesday, January 17, 2012
Oil and gas analysts who follow London-listed Afren were upbeat about the company's prospects Tuesday after it reported success at its Okoro East exploration well that is located offshore south-east Nigeria.
Afren, which is mainly focused on exploration and production in Africa, said that the company has made a new oil discovery at Okoro East well, having encountered 549 feet true vertical thickness (TVT) of net oil pay and 41 feet of net gas pay in "excellent quality reservoir sands".

The Okoro East exploration well was spud on Dec. 18 2011 and reached a total measured depth of 8.751 feet (8,016 feet of true vertical depth) with the jackup Transocean Adriatic IX (350' ILC).

The well successfully encountered oil in the Tertiary reservoir sands, equivalent to those that have been developed and are in production at the Okoro main field, in addition to the deeper, previously-unexplored reservoirs. The discovery of significant pay in these previously-unexplored zones "opens up further prospectivity at similar levels" on the main Okoro field and elsewhere on the block, said Afren.
Analysts who follow the firm reckon believes the discovered oil could be brought on line soon.
"We would expect Afren could develop the tertiary sands that are currently in production at the Okoro field relatively quickly, but the discovery in the deeper intervals could be large enough to be a stand alone development, in our view," said investment bank Citigroup in its research report on the company Tuesday.
Jefferies International – the New York-based banking group – noted that the existing infrastructure "provides opportunity for some quick tie-backs". "Afren currently has the 25,000 barrels of oil per day-capacity FPSO (floating production storage and offloading vessel) on the Okoro field," its analysts wrote Tuesday.
"The most recent production update stated current production was 17,000 bopd. In addition, the existing well head platform has two free well slots. This could allow the company to drill several production wells in the near term and tie it into existing facilities, increasing short term cash flows."
Meanwhile, analysts at fellow investment bank Credit Suisse agreed that at least part of the Okoro East discovery "can likely be monetized quickly using the two available slots on the existing Okoro platform".

A former engineer, Jon Mainwaring is an experienced business journalist who has written about the technology, engineering and energy industries. Email Jon at jmainwaring@rigzone.com.

Solid bounce off the 200 DMA would be nice. Might be tempted to take profit then.

just resting, on it's way again soon to 130+

was expecting a bit more blue here today - surprising - probably tomorrow instead - a pause for breath

How do you spell "ramping"?

I wouldn't wana be out of afr.......

lol baler - maybe slightly unsurprisingly i know what you mean!!!! lol

How long will it take to get the test results on this new discovery?

Not sure, thats what i'd like to know ,the sp could have another big leg up on that .

Talk of 2 or 3 weeks.,.

http://www.investegate.co.uk/Article.aspx?id=201201230701479690V

HIGHLIGHTS

Development and Operations



u Net group working interest production average of 19,200 boepd in 2011. Average production of 42,000 to 46,000 boepd expected in 2012

o Commissioning and ramp up of all 14 production wells associated with the initial phases of the Ebok field development successfully completed

o Approvals for the Barda Rash Field Development Plan received; First Oil expected in August 2012



Exploration and Appraisal activities



u Okoro East discovery starts 2012 exploration campaign (up to 15 wells) with significant discovery

o 549 ft net oil pay in excellent quality reservoir sands; well test programme underway

u Jebel Simrit-2 exploration well on Ain Sifni spudded end October 2011; drilling ahead on schedule

u Marianas semi-submersible drilling rig is due in Ghana imminently and will prepare to spud the Nunya-1x (formerly Cuda-2) exploration well

u Completed an Ocean Bottom Cable 3D seismic over the wider Ebok/Okwok/OML 115 area. Two exploration wells on Ebok North and OML 115 in 2012

u Surveys in Tanzania (Tanga) and Kenya (L17/L18) completed. Exploration drilling in 2012







Corporate Acquisitions and Group Financials



u Acquisition of 60 per cent. and 20 per cent. interest in the Barda Rash and Ain Sifni PSC's respectively, increases 2P and 2C resources from 136 mmboe to 1,026 mmboe (at a cost of US$0.66 per 2C bbl)

u Completion of FHN's acquisition of a 45 per cent. interest in OML26 onshore Nigeria

o Two producing fields (2P and 2C resources of 184 mmbbls), three undeveloped fields (2C resources of 144 mmboe) and significant exploration upside (615 mmboe)

u 2011 sales of US$600 million expected (circa 50% increase on 2010)

u 2011 full year capital expenditure on budget of US$550 million; 2012 budget of US$450 to US$500 million

u Net debt approximately US$548 million



Osman Shahenshah, Chief Executive of Afren, commented:

"In 2012 we successfully commissioned the initial phases of the Ebok development in Nigeria. We have increased our 2P and 2C resources base by 650 per cent. at a cost of US$0.66 per barrel to 1,026 mmboe, with the acquisition of Barda Rash and Ain Sifni in the Kurdistan region of Iraq and saw First Hydrocarbon Nigeria complete its acquisition of OML 26 in Nigeria.

We have started our 2012 exploration campaign with a significant discovery offshore Nigeria, through the Okoro East Exploration well. The multi well drilling campaign in Ghana, Nigeria, the Joint Development Zone of Nigeria São Tomé and Príncipe, Tanzania, Kenya and the Kurdistan region of Iraq, has the potential to materially transform and increase our discovered resource base."

RNS Number : 9690V
Afren PLC
23 January 2012



Afren plc (AFR LN)

Trading statement and operations update

Initial phases of Ebok development successfully completed

Significant discovery offshore Nigeria

London, 23 January 2012 - Afren plc ("Afren" or the "Company") issues the following trading statement and operations update, in advance of the Company's 2011 full year results which are scheduled for release on 27 March 2012. Information contained within this release is un-audited and is subject to further review.

HIGHLIGHTS

Development and Operations



u Net group working interest production average of 19,200 boepd in 2011. Average production of 42,000 to 46,000 boepd expected in 2012

o Commissioning and ramp up of all 14 production wells associated with the initial phases of the Ebok field development successfully completed

o Approvals for the Barda Rash Field Development Plan received; First Oil expected in August 2012



Exploration and Appraisal activities



u Okoro East discovery starts 2012 exploration campaign (up to 15 wells) with significant discovery

o 549 ft net oil pay in excellent quality reservoir sands; well test programme underway

u Jebel Simrit-2 exploration well on Ain Sifni spudded end October 2011; drilling ahead on schedule

u Marianas semi-submersible drilling rig is due in Ghana imminently and will prepare to spud the Nunya-1x (formerly Cuda-2) exploration well

u Completed an Ocean Bottom Cable 3D seismic over the wider Ebok/Okwok/OML 115 area. Two exploration wells on Ebok North and OML 115 in 2012

u Surveys in Tanzania (Tanga) and Kenya (L17/L18) completed. Exploration drilling in 2012







Corporate Acquisitions and Group Financials



u Acquisition of 60 per cent. and 20 per cent. interest in the Barda Rash and Ain Sifni PSC's respectively, increases 2P and 2C resources from 136 mmboe to 1,026 mmboe (at a cost of US$0.66 per 2C bbl)

u Completion of FHN's acquisition of a 45 per cent. interest in OML26 onshore Nigeria

o Two producing fields (2P and 2C resources of 184 mmbbls), three undeveloped fields (2C resources of 144 mmboe) and significant exploration upside (615 mmboe)

u 2011 sales of US$600 million expected (circa 50% increase on 2010)

u 2011 full year capital expenditure on budget of US$550 million; 2012 budget of US$450 to US$500 million

u Net debt approximately US$548 million



Osman Shahenshah, Chief Executive of Afren, commented:

"In 2012 we successfully commissioned the initial phases of the Ebok development in Nigeria. We have increased our 2P and 2C resources base by 650 per cent. at a cost of US$0.66 per barrel to 1,026 mmboe, with the acquisition of Barda Rash and Ain Sifni in the Kurdistan region of Iraq and saw First Hydrocarbon Nigeria complete its acquisition of OML 26 in Nigeria.

We have started our 2012 exploration campaign with a significant discovery offshore Nigeria, through the Okoro East Exploration well. The multi well drilling campaign in Ghana, Nigeria, the Joint Development Zone of Nigeria São Tomé and Príncipe, Tanzania, Kenya and the Kurdistan region of Iraq, has the potential to materially transform and increase our discovered resource base."



Capital Markets' Morning



Afren will today be hosting a Capital Markets' Morning for analysts and institutional investors. The presentation materials are available on www.afren.com and the playback will be available from 14:00 GMT.

Fantastic news... why is sp down???

my thoughts too,

prob selling on the news and switching into FI stocks ..... i think production may be a bit lower than forecast too

The forecast is the average.....many will have mixed that up with current production and this new discovery should send the sp back up....I bet some people were cursing this morning with stoplosses being broken......luckily mine were a long way down !....unfairly knocked down in my view....

AFR tends to react to the POO which is down,check top line of post 1(header.

200 dma is at 119, and albeit that it is currently on a down trend, it may well provide a support and bounce point

Tenuous. Now 115.95p