< "> 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

Afren announced the success of the Jebel Simrit-2 (20% stake) exploration well on the Ain Sifni PSC in Kurdistan encountering 409m of net oil pay (of which 312m is light oil) and as a result we add c.10% (+23p) to our PO/NAV. While accurate volumetrics cannot yet be determined, the characteristics are indicative of a multi-billion barrel oil discovery. The much smaller Jebel Simrit-1 discovery well in 1H10 (2C of 391mmboe) is the only point of reference and is differentiated here at JS-2 by the well being optimally located and encountering a substantial light oil column with no oil water contact. Moreover, on JS-1 no oil was recovered to surface and so a successful upcoming flow test on JS-2 is key to differentiating this impressive discovery. We reiterate our Buy rating and new PO/NAV of 264p.

from bank of america/merrill

Barclays ups target...

18 Apr
Afren PLC AFR
Barclays Capital
Overweight
Price 143.00
Old target 195.00
New Target 205.00

Nicely on the move again! 149.5/149.7p

AFR is a strong buy.


Oil and gas company Afren (LON:AFR) continued to blaze a trail in the energy market today in light of the significant Kurdistan oil discovery announced yesterday.

Shares have jumped this week as a result and continue to rise today, up 1.26 per cent this morning to 145.10 pence.

UBS upped its target price by 10 pence to 160 pence and maintained its ‘buy’ rating following the oil discovery on the Simrit-2 well (Ain Sifni), which is positive news for the rest of the block.

The broker said: “We think this success at a number of reservoir levels on Simrit-2 has important positive implications for prospectivity on the remainder of the Ain Sifni block, where Afren has other potential targets.”

Nunya-1x exploration well result
London, 25 April 2012 - Afren plc ("Afren" or the "Company") announces that the Nunya-1x exploration well in the Keta block offshore Ghana has encountered thick and high quality water bearing reservoirs.

The objective of the Nunya-1x exploration well was to explore a large four-way dip closed Upper Cretaceous prospect in the Keta block, located offshore Ghana. The well intersected 153 metres of very good quality sandstone reservoirs, however they were interpreted as water bearing. The well was drilled with the Marianas semi-submersible drilling rig to a total depth of 4,550 metres in a water depth of 1,687 metres. Afren has a 35 per cent. carried interest in the Keta Block and is partnered by Eni (35 per cent. and operator), Mitsui (20 per cent.) and GNPC (10 per cent.).

Osman Shahenshah, Chief Executive of Afren, commented:

"Whilst the Nunya-1x exploration well result is disappointing, it was the first well to test the Upper Cretaceous play on the Keta block and as such has provided important data with which to calibrate and further enhance our understanding of this under-explored block in what still remains a very high potential basin. We continue to make excellent progress with our wider exploration programme, which has already yielded two significant discoveries year to date, and look forward next to the results of the Ebok North Fault Block exploration well which has spudded in Nigeria and is drilling ahead towards target."

StockMarketWire.com
Afren has unveiled a raft of senior technical management appointments for its operations in the Kurdistan region of Iraq.

David Kennedy ahas been appointed as managing director Afren MENA and will assume responsibility for Afren's operations in the Kurdistan region of Iraq, including the major Barda Rash field development.

Prior to joining Afren, Kennedy held various senior positions within Hess Corporation.

He has over 30 years of upstream industry experience.

Afren has also, appointed Mark Maurin as operations manager for the Kurdistan region of Iraq and Dr David Goggin as subsurface director.

Maurin will assume responsibility for the safe and efficient management of Afren's operations in the Kurdistan region of Iraq, including field development and production operations at the Barda Rash field development.

Maurin has over 25 years of international upstream oil and gas experience, and joins Afren from Hess Corporation.

Goggin will assume responsibility for Afren's post-exploration stage subsurface activities including subsurface aspects of the company's field development and production activities.

Goggin has over 24 years of upstream industry experience and joins Afren from Hess Corporation.

Am I correct - Afren have a 20% interest in block 10A with Tullow Oil in Kenya.
Tullow have found oil at block 10BB which seems close by
Why has Afren price not yet improved today ?
Maybe the market has not noticed this fact

Bargain price yet ? 116p ,sold mine the other day looking to get back in.

Goldman downgrades AFR but raises TP:

9 May: Goldman Sachs: Neutral - TP up from 178 to 199.

AFR is looking too cheap... bought some today at 118p.

Steady hyleo98...what's happened to the shorting jacket ?....

it's a straightjacket and it is being fitted to tomasz

"The Ebok North Fault Block ("Ebok NFB") exploration well was spudded on 12 April 2012 by Afren and Oriental Energy Resources ("Oriental"), and reached a total vertical (and measured) depth of 4,320 ft, with the Transocean Adriatic lX jack-up drilling rig. The well was targeting a separate fault block structure located to the north of the main Ebok field, and has successfully encountered 370 ft net pay (TVT) of good quality oil in the same Tertiary reservoir sands equivalent to those that have been developed and are in production at the main Ebok field development. The discovery of significant oil pay at this location underlines the high-grade prospectivity that exists across the wider Ebok/Okwok/OML 115 area, and represents an important step towards unlocking the full volume and value potential of what is a core hub of Afren's portfolio.

Logging operations at the Ebok NFB well have been completed, with data obtained supporting a PmeanSTOIIP in excess of 100 million barrels of oil, towards the upper end of Afren's pre-drill expectations. The well will now be suspended whilst Afren and Oriental determine the optimal development solution for Ebok NFB. This will likely incorporate synergies using the existing production, storage and offtake infrastructure at the main Ebok field and could involve the early drilling of new production wells from the existing wellhead platform at Ebok West Fault Block, followed by a full field development of Ebok NFB. The Transocean Adriatic IX rig will shortly commence the drilling of early production wells at the recent Okoro East discovery."

Deutsche Bank review note:
"Afren (Buy, TP 260p) A clear path to 200p and beyond -
Afren is the cheapest stock in our coverage universe on cash flow multiples and trades at a small premium to core NAV. As a result, we believe the shares are discounting little, if anything, for Kurdistan and East Africa where the company’s assets could deliver transformational growth. Even on a conservative view, we believe that the Nigerian asset base can deliver a clear path to 200p through a rolling development of discovered fields. We initiate with a Buy and a 260p PT."

Bought back in today ,sold them at the end of the tax year and have been waiting for a good entry price .

London, 15 May 2012 - Afren plc announces its Interim Management Statement and financial results for the three months ended 31 March 2012 and an update on its operations to 15 May 2012, in accordance with the reporting requirements of the EU Transparency Directive. Information contained within this release is un-audited and is subject to further review.

Highlights
· 2012 exploration campaign yielding significant success

- High value discoveries offshore south east Nigeria at Okoro East and Ebok North Fault Block

- Transformational Simrit-2 discovery in Kurdistan region of Iraq; exploration well being deepened ahead of extensive testing programme

- Ongoing prospect maturation in East Africa with significant data acquisition; 1,570 km total 2D seismic, 9,000 km gravity and magnetic data

- 2012 exploration targeting mean resources of 630 mmboe (net to Afren)

· Q1 net production of 41,308 boepd in line with expectations for the period (+327% year-on-year)

- Early production wells on Okoro East to be drilled shortly

- Further development of Ebok field ongoing (four production wells)

- On track for full year net production guidance (42,000 boepd to 46,000 boepd)

· Development work underway at Barda Rash field

- On track for first oil in August 2012

· Significantly cash generative portfolio

- Turnover US$386.7 million (Q1 2011: US$73.4 million); profit after tax US$53.2 million
(Q1 2011: US$11.1 million loss)

- Net operating cash flow generated of US$300.2 million (Q1 2011: US$12.8 million net operating cash flow used); US$153.1 million net cash flow generated post capex (Q1 2011: US$147.2 million net cash flow used post capex)

- Cash at bank US$399.0 million (Q1 2011: US$333.0 million)

· Diversified sources of funding; maturing capital structure

- Successfully completed US$300 million bond issue; majority of debt long dated (2016-2019)

- Net debt US$639.4 million (Q1 2011: US$291.6 million)

http://www.moneyam.com/action/news/showArticle?id=4368996

Very impressive... looks cheap at 123p.

StockMarketWire.com
Afren has said that the highlight of last year was oil starting to be produced at its major Ebok field development offshore Nigeria.

Its Chairman, Egbert Imomoh, told shareholders at the AGM: "2011 was another defining year in the growth and evolution of Afren - a period in which we delivered on all of our strategic objectives and outperformed our key performance indicators, by which we measure our progress.

"Net average daily production during the period was increased by 34% year-on-year to 19,154 boepd and we exited the year ahead of guidance. We will continue to grow our year-on-year production base, and expect to achieve an average daily rate of between 42,000 boped to 46,000 boepd net to Afren in 2012, which we are firmly on track for."

He added: "Our operating cashflow increased by 62% year-on-year to US$338m, emphasising the strongly cash generative asset base that underpins the company today, which is expected to significantly increase again in 2012, and at the same time we controlled our cost base to achieve a reduction in normalised operating expenditures."

Mr Imomoh said that the company's most significant strategic move in 2011 was its expansion into the Kurdistan region of Iraq, where it acquired interests in two assets that are of world class potential and scale in Barda Rash and Ain Sifni.

He further commented: "I am delighted to say that Afren has carried the strong operational momentum forwards and we have made an excellent start to our 2012 drilling campaign. We have accumulated three significant discoveries so far this year at Okoro East and Ebok North Fault Block in Nigeria and the Simrit-2 exploration well in the Kurdistan region of Iraq."

Great Company - I have 30,000 and may buy more if I can get a good price.

Wish they would buy Sterling Energy, as you may know.
Look at Ophir Energy - Gas offshore Tanzania.
Afren have license area on shore Madagascar for future drilling.

SEY have license areas offshore Madagascar between the two.
plus near Nigeria at Equatorial Guyana and Cameroon,
and AFR could buy them at about £50m, as most of SEY share
price is covered by cash in bank

At the other end of Madagascar is Madagascar oil co'

Great Company

Do you hold SEY ?