Amities . l have been discreetly buying this stock since it was 39p . And the more i learn the bolder are the positions i take . .....Floated in Dec 2004 it was oversubscribed and before costs the required $15 million was raised. At the helm is ex BP head of Global exploration and Resavoir management . Furthermore a success story at Global Expo . Now Nick Johnstone wants to set up on his own . And after speaking to him l am not at all surprised . He is like a "Who s Who " of the hydrocarbon world ...He has ALL the prerequisites for success so why work for some other lackey ! .. namely connections from his ertwhistle employers . He has assembled a first class management team from ex colleauges at BP ; and is his business model is simple . AFR farms in on "Big Oils " inception upstream ; and with its scale of economy it works closely with "Big oils" fields on the look out for excellent workovers oppertunities .... Already lt has via a complicated j/v a percentage of the Sao Tome and Principe acreage -Located between the oil rich waters of Nigeria and those of Sao Tome and operated by Texaco / Chevron and Esso; and believed by many to be the new North sea . . 3D Seismic testing and magnetic graphic imagery and satellite imaging has located a labyrinth of channels leading to a main resavoir which is believed to14-15 mmbbls of oil and which would leave AFR with its share of 120/140 million barrels for NO cash outlay .To ensure early cash generation Afren has entered into a production sharing agreement in the developed Ogedeh field { adjacent to the BP operated Olowi marin field which is believed to yield 180 mmbbloe. Furthernore AFR has agreed to drill the lbekelia project for Ascent resources which is expected to produce 2,500 b/pdoe to satisfy AFR percentile share ,ln addition it is a believed resouce of several years . .. , .Not a bad start for a company with little more than six months in the making . ....and well worthy of investigation !! .....@+ J

Yea cheers for that.

afr goes mp10, anyone got any comments?

Lots of sells today, any reason?

210k = lots of sells?????

Very funny, I almost fell off my chair.

Ok, suppose that was a bit of a stupid comment, but just to clarify, i meant individual sales rather than volume and even though there's only been a small amount of equity traded its been enough for the mm's to knock the price down quite a bit ????

chad - sorry, no offence meant, I now get your drift.

Looks like bots playing.

Look at the times of the AT trades and grouping and that will be why the sp moves up or down according to buys and sells.

No fundamental reasons indicted other than market weakness imo.

seawallwalker,

Don't you post on Sharecrazy anymore ?

Hi aldwick,

No I don't but I may well look in now you have jogged my memeory.

I remember a Dane who use to post his own buy/sell software, it was easy to use and its results seemed to be ok, what did you think of it ?

A small rise today wonder if it as anythink to do with the new presentation

http://www.afren.com/pdf/Afren-TheNextPhaseOfGrowth-150307V2.pdf

Quite likely, the timing of the news release and the upturn in the sp are there to see.

Afren PLC
21 March 2007

Afren plc (AIM: AFR)

US$200 million Debt Facility Secured for the Okoro Setu Project and Equity
Investment

London, 21 March 2007 - Afren plc ('Afren' or the 'Company') announces the
signing of a fully underwritten US$200 million debt facility to finance the
development of the Okoro Setu project, in addition to an equity investment by
the Mandated Lead Arranger and a Lead Syndicate Bank.

The Board of Afren is delighted to announce that BNP Paribas - as Mandated Lead
Arranger ('MLA') - has executed and underwritten a US$200 million debt facility
agreement and, together with Standard Bank Plc, BNP Paribas has subscribed to a
US$15 million equity investment in the Company.

US$200 million Debt Facility

The Company has secured a US$200 million, 5-year Senior Secured Revolving
Reducing Credit Facility (the 'Facility'), which will primarily be used to
finance the development of the Okoro Setu Project (the 'Project'), which Afren
and its JV partner Amni International Petroleum Development Company ('AMNI')
successfully appraised in Q3 2006. The Facility is fully underwritten by BNP
Paribas as Mandated Lead Arranger and has been secured against the Okoro Setu
Project reserves. As part of the financing due diligence process, an
independent assessment of the reserves of the Project has been completed by
Netherland, Sewell and Associates, Inc ('NSAI'). BNP Paribas is currently
syndicating the Facility among a group of international banks.

Equity Investment

As a further demonstration of confidence in Afren and the Okoro Setu Project,
BNP Paribas and Standard Bank are investing US$5 million and US$10 million
equity respectively in the Company. Subscription Agreements were entered into
on 20 March 2007 for 13,523,711 shares ranking pari passu in all respects with
all other issued Ordinary Shares in the capital of the Company at 57.0 pence.
Application for admission has been made for the shares, which is expected to be
effective on 26 March 2007. Following the equity investment, the Company's
outstanding issued share capital will be 205,063,207 shares.

Okoro Setu Project update

Afren announced the Production Sharing and Technical Services Agreement with
AMNI in June 2006 to appraise and develop the Okoro and Setu oil discoveries
located in OML 112 in the shallow waters of the eastern Niger Delta.

Within six months of announcing the agreement, Afren as Technical Service
Provider, successfully drilled two appraisal wells, Okoro-3 and Okoro-3ST
between September and December 2006. The wells were drilled on time and on
budget. The successful results of the appraisal programme fulfilled all
pre-drill objectives and have significantly delineated the development.

The independent reserves audit completed by NSAI - prior to any reservoir
modelling studies - estimates 1P oil reserves of 25 mmbbls for the Okoro and
Setu Fields and a 2P reserve level of 32 mmbbls.

The Field Development Plan for the initial development of the Okoro Field, which
was recently submitted to the Department of Petroleum Resources in Nigeria is
expected to be approved shortly. Development drilling will commence in Q3 2007
using Global Santa Fe's Adriatic VI drilling unit. In the base case scenario,
up to 6 deviated/horizontal gravel packed oil production wells will be drilled
from a single field location and supported by a minimum facilities well head
platform. Oil will be transported by pipeline to a leased Floating Production
Storage and Offloading vessel ('FPSO'), moored 1 km south of the field, for
processing. Afren is in advanced stage discussions to secure the FPSO, which
will be contracted for an initial five-year term. The unit will process the
total well fluids, producing stabilised crude for storage in the FPSO, with
subsequent regular offtake by tanker. Associated gas produced will be utilised
as fuel for the vessel's power generation and as lift gas to assist well
productivity.

The drilling and completion sequence will be optimised so that production will
be built up progressively. Target for first oil is on schedule with peak
production expected to reach 15,000 to 20,000 bopd by early 2008, when all the
planned production wells are completed. Most major contracts and materials
purchase orders are in place to support this overall target for first oil.

Osman Shahenshah, Chief Executive of Afren, commented:

'I am very pleased to announce that Afren has secured a fully underwritten
US$200 million debt facility from BNP Paribas for the development of the Okoro
Setu Project.

Of particular significance is the fact that the Banks are supporting Afren on
both the debt and equity elements of the capital structure, which is a clear
sign of confidence in Afren.

Securing the fully underwritten debt facility is an important milestone in
Afren's next phase of growth and the Company is on target for 15,000 - 20,000
bopd by early 2008.'

Olivier Serra, Managing Director of BNP Paribas' Reserve Based Lending Group,
commented:

'This Financing represents BNP Paribas' largest reserve based lending facility
for an independent oil company entered into for the development of an asset that
is not producing and marks a significant achievement for Afren. This together
with the bank's equity investment underscores our confidence in Afren and the
Okoro Setu Project.

Afren has the asset base and set-up to become one of the leaders of the next
generation of Africa-oriented independent oil and gas companies. Its team of
talented and experienced managers and board members is well respected and highly
regarded in the oil and gas industry, and throughout the African continent.'

Erik Jorgensen, Director and Head of Standard Bank's Oil & Gas Team, commented:

'We are delighted to be involved with Afren, a company which we view as a key
independent oil and gas player in the Gulf of Guinea.'

Enquiries:

Afren plc +44 20 7182 1800
Osman Shahenshah Chief Executive
Evert Jan Mulder Chief Operating Officer
Galib Virani Investor Relations

Jefferies International Limited +44 20 7618 3500
Toby Hayward
Jack Pryde

Tristone Capital Limited +44 20 7399 2480
Simon Ashby-Rudd
Majid Shafiq

Pelham Public Relations +44 20 7743 6673
James Henderson
Alisdair Haythornthwaite


Background information

Afren (
www.afren.com
) was founded in December 2004 by a management team
including Dr Rilwanu Lukman, Chairman, and Osman Shahenshah, Chief Executive,
with the vision to become the premier pan African independent Exploration and
Production company. Since its listing on the AIM market of the London Stock
Exchange, Afren has rapidly expanded its portfolio and the management team has
delivered nine assets in the Joint Development Zone of Nigeria Sao Tome and
Principe, Nigeria, Gabon, Angola and Congo Brazzaville.

Afren will continue to add to its diversified portfolio of near term development
and high impact exploration with the overall objective of creating substantial
shareholder value.

Note

In accordance with the AIM Rules, the drilling update information in this report
has been reviewed and signed off by Dr Nick Johnson, who is Head of Exploration
and Production at Afren Plc and has over 25 years relevant experience within the
sector. He consents to the information in the form and context in which it
appears. The Company estimates its reserves in accordance with the guidelines
and definitions of the Society of Petroleum Engineers / World Petroleum Congress
('SPE/WPC') reserves classification (March 1997) using accepted engineering
principles.


This information is provided by RNS
The company news service from the London Stock Exchange

And then again, maybe a little bit of a leak may have caused the upwards movement yesterday.

Not done too bad today.

I have a great feeling of confidence in this Compnay over the longer term.

Yes seawallwalker am in for the long term more good times to come

me too. More or less the only company of its size thats near to production.

Amities . Mere patience is all that is required with AFR. RE;latest RNS illustates optimism of the clever money. Plenty of support from the big merchant banks to offer a massive revolving debt facility is not only a full indorsement of a company not yet even in production,but a recipe for success . We know the oil is there. They know the oil is there Trouble being is that THEY know WE know the oil is there . MMs will play serious hardball to pick these up as cheaply as possible .,,,,The USA recognises this simple fact too . Otherwise why would three aircfaft carriers and 12 frigates patrol this region ....Last time i was in Port Harcourt it was a relatively sleepy oil grained city...And ten years on it is a different place; an absolute hive of activity building all manner of rigs,FPVs and oil/ gas ( LNG ) infrastructure . The sooner the better the upper delta is in receipts of money it dersves the better ...lncidentally whatever happened to the cash/revenues we have earnt for drilling ASC well. ....Bonnne chance/ a/b ,,,@+ J

Afren had increased the reserve figures for Okoro/Setu project to 35mmbbls(1P) and 40mmbbls(2P). The latest independent reserve audit by NSAI estimates 25mmbbls(1P) and 32mmbbls(2P) . Are these figures disappointing as they are below Afrens own estimate? Or is there a possibility for them to be increased?

Rultats de Premiminary

Highlights

Operational

Successful appraisal programme on the Okoro Setu Project in Q3 2006
Afren drilled two appraisal wells on the Okoro Field, on time and on
budget
The successful results of the appraisal programme fulfilled all
pre-drill objectives and have significantly delineated the development
Independent reserves report estimates 2P reserve level of 32mmbbls

The Obo-1 well on Block 1 of the Joint Development Zone of Nigeria Sao
Tome & Principe logged a cumulative total of at least 150 feet (45 metres)
of net hydrocarbon pay..............."

I think this means there is more to come, or am I reading too much into one little word?

Afren FY pretax loss widens, sees drilling at Okoro Setu project in Q3 07 UPDATE
AFX

LONDON (AFX) - Afren PLC posted a wider full-year pretax loss, and said development drilling at the Okoro Setu project in Africa will begin in the third quarter of 2007.

The company reported a pretax loss of 8.5 mln stg for the year ended Dec 31, compared with 4.6 mln stg last year. Afren also said it is well capitalised with net cash of 35.7 mln usd at the year-end.

Always err on the side of caution SW but i do not think your optimism is misplaced . Not in the least ! Woods & Mckenzie dubbed this area the " New North sea" and with good reason . Look at the board -what with ex leading lights from OPEC with thier collective encyclopedic knowlege of the oil industry - among their number ;coupled with the very bullish attitide of both Standard Bank & BNP Paribas-especially the latter in buying both equity and debt . Now thats confidence for you - i do not think these boys are prepared to stake their reputations on backing loosing horses ....@+ J . ...