< "> 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

March 5: AFR - Credit Suisse: Reiterates Outperform.
TP raised from 143p to 170p.

good well test results out, so even if the market is down, there is a good chance that at least these will be chirpy

Following the Okoro East exploration well discovery announced on 17th January 2012, three drill stem tests (DSTs) have been undertaken and completed. The purpose of the tests was to obtain fluid samples and pressure data in order to establish reservoir connectivity, heterogeneity and quantify permeability and porosity. The tests have confirmed a high quality 38° to 40°API oil, multi Darcy permeabilities and average porosity of between 30% to 35%, in the subject reservoirs. The pressure data also obtained has helped with the Company's structural understanding of the field and supports the pre drill volumetric estimates (Pmean STOIIP of 157 mmbbls).

Based on the test data, the Company expects future horizontal production wells at Okoro East will be capable of yielding rates of between 4,500 bopd to 7,000 bopd per well. The Company intends to drill up to two production wells in H2 2012 using the free well head slots on the existing Okoro platform, which will be tied back to the Armada Perkasa Floating Production, Storage and Offloading vessel. This production information will allow Amni and Afren to finalise development options, with up to 8 possible production wells under a full field development.

Osman Shahenshah, Chief Executive of Afren, commented:
"Together with our partner Amni, we have recorded an excellent set of test results at the Okoro East oil discovery. We will now work towards realising near-term production from Okoro East by utilising available well slots at the nearby Okoro main field wellhead platform. The tie back to existing facilities ensures a very high return on the additional wells. We are simultaneously working up stand-alone development options, with up to 8 producing wells, that will enable us to fully realise the field's significant potential. The well has also opened up follow on prospectivity on the block that we will continue to evaluate. With the JS-2 exploration well in the Kurdistan region of Iraq and the ENI operated Nunya-1x (Cuda-2) exploration well offshore Ghana currently drilling, the Okoro East discovery is an excellent start to Afren's 2012 exploration campaign."

Doesn't seem to have done much for the sp.........again.,.

In days gone by, this would have jumped 20p or so......just can't believe how this market has changed.

Balerboy

There's no pleasing you ... lol

Balerboy - 22 Feb 2012 18:33 - 2023 of 2037

I didn't think the figures were outstanding, which is why i sold some. We'll have a better view of what the market thinks tomorrow.,.

I've added todays update to the header.

Yes i thought it would have added a lot more to the SP,a little like E Bok awaiting production before any real rise?

What...? up to 8 producing platforms : 4500 barrels to 7000......that's a great result forthcoming !...

Ald, it's one of those frustrating shares.......should do well but doesn't and we wait and wait. Not sorry I sold a few,still hold 60% of my original holding. :)

Balerboy

Same with me I bank profit on the way up, most times I set a limit to try and catch the spikes.

Canaccord note:
"It is disappointing that Afren has not revealed the actual DST results on the Okoro East discovery. Instead, only providing the company’s own interpretation, with an expectation that the market should take that at face value. The test was designed to “obtain fluid samples (this could have been done with an MDT logging tool) and pressure data in order to establish reservoir connectivity, heterogeneity (there was no further mention of these key parameters), and quantify permeability and porosity (the reservoir had already been described as having excellent quality in the 17 January release).
In our view then, by omission, the press release implies that the actual test results were less than impressive.
We are carrying 10p/share at 50% CoS for Okoro East. We think that the market may be inclined to derisk the asset further. However, given the lack of detail and clarity we are unwilling to do so now.

What is this nonsense ?....read through the rns and fluids samples etc...are right there !...

http://dl.dropbox.com/u/11417805/MSAfren.pdf

Morgan Stanley

"The Okoro East well test flowed at rates above
expectations, confirming it has a large high-quality
oil discovery. With rapid monetisation via tieback to
an existing field followed by stand-alone
development, maximizing value. We increase our PT
to 220p, implying 75% potential upside. Stay OW.

Canaccord note: is rubbish

March 8: AFR: UBS reiterates: Buy
TP upped from 140p to 150p

Afren plc announces the closing of its US$300 million senior secured notes

London, 8 March 2012 - Afren plc today announces the closing of its US$300 million aggregate principal amount of its 10¼ % senior secured notes due 2019 (the "Notes"). The Notes were issued under the indenture dated 8 March 2012.

The Notes are senior secured obligations of Afren plc and are guaranteed on a senior basis by certain subsidiaries of Afren plc and on a senior subordinated basis by Afren Resources Limited. Interest is payable semi-annually.

Afren plc intends to use the proceeds of the offering to repay and cancel the BNPP/VTB corporate credit facility and for general corporate purposes.

8 March: AFR: Macquarie reiterates: outperform and
raises TP to 175p from 165p.

sp has fallen through both 25 and 50 dma

What a dog!. It appears no matter what this company achieves it goes unrecognized. We were trading above this price from Oct 2010 up until last Aug 2011. Since then Ebok has reached full production followed by the stike at Okoro East, news on Keta anyday now plus results next Tuesday. We've given up 10p in 3 trading days ffs.

surely not a WHOLE 10p!!!! - armageddon is nigh