< "> 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

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nor even a pederast :-)

where's that bloody dictionary........AGAIN.,.

You are all acting rather ignominiously

poor old Emu (aka BB) will be breaking out in a cold sweat soon with all these new words to learn :-))

Now after all that can someone tell me if Afrens going up or down ?

yes!

Thanks for that cynic ,you filled me with confidence..

Cynic was right - they went down

cynic aka "infallible" :-)

mis - spelling, you meant inflatable ---- full of gas.,.

bugger off and frighten the donkies on the beach :-)

lol....ee aw ee aw.,.

He would still be right if they went up

You don't say!!!

Cynic - With all your inflatability, what are they doing tomorrow

not a lot!

oil prospecting
Afren (LSE: AFR), rated a BUY by Deutsche Bank
With investors as wary as they are, firms are being punished heavily for even minor disappointments. Take oil and gas explorer Afren. Two months ago, its shares dived on news that an exploratory well off the coast of Ghana had encountered water. Yet this accounts for just a
tiny part of the group’s reserves. There’s still plenty to play for in this “very high potential basin”.
Moreover, in April, chief executive Osman Shahenshah unveiled a “potentially transformational” oil discovery in the Kurdistan region of northern Iraq, in which Afren has a 20% interest. Results from a well operated by its US partner Hunt Oil pointed to “strong hydrocarbon shows” at a field that has previously been estimated to contain up to 917m barrels of recoverable oil (mmboe).
In January, Afren announced another huge find, in which it owns a half-share, off the coast of southeast Nigeria. Data indicate a possible resource of 157mmboe. This year the company plans to drill
up to another 14 exploration wells
across Kurdistan, east Africa, Nigeria
and Congo, targeting new resources of 630mmboe. In March the CEO said the
firm had 3.5 billion barrels of prospective resources.
For 2012, management expects actual output of between 42,000 to 46,000
boe per day. By 2017, following the construction of a pipeline linking Turkey with Kurdistan, this is set to almost treble to 125,000 – which suggests plenty of upside from today’s valuation. Even after factoring in its relatively high gearing,
the shares look far too cheap. In the first quarter alone, Afren generated $300m of operating cashflow from lifting 41,308 boepd. At this rate, it should have little trouble repaying its net debt of $639.4m, $138m in finance leases and $217m in deferred consideration.
Corporate governance is one issue to watch – the firm recently got a public tongue-lashing from a few major shareholders, after Shahenshah’s pay more than doubled to $3.4m on a one-off bonus. Other risks include cost inflation, oil price volatility, geopolitical risk, environmental pollution, natural disasters and foreign-currency fluctuations. But assuming a Brent crude price of $90 a barrel, I value the stock at 140p a share. Deutsche Bank has a target of 270p. Interims are out on 21 August.
Rating: BUY at 101p

"By 2017, following the construction of a pipeline linking Turkey with Kurdistan......" That is making a huge assumption, imo. I didn't think they had even agreed in principle to laying the pipeline yet?

http://www.mepc.org/iraq-turkey-and-new-kurdistan-pipeline-deal
Kurdish Production as of 2012

According to Hawrami, total KRG production capacity is now close to 300,000 b/d, while domestic consumption in Kurdish territories is about 100,000 b/d. The KRG can theoretically exceed the 175,000 b/d average that Iraq’s 2011 export agreement planned for if these estimates are correct. Also in May, officials confirmed plans to renovate and return to service a 46” pipeline connecting Kirkuk to Ceyhan on the Turkish coast.

A 40” pipeline connecting Kirkuk to Ceyhan is already active but the 46” pipeline, which the Kurds want to restore, has been shut down since 1990, when Iraqi crude exports were temporarily halted following Saddam’s invasion of Kuwait. Hawrami insists the KRG still wants to export under SOMO’s direction if revenue-sharing is restarted. The deal was reached without Baghdad’s consent.

The Turkish pipeline deal will allow the Kurds to export up to one million b/d through the renovated pipeline. But it might also make reconciliation between Erbil and Baghdad harder to achieve. A spokesman for Prime Minister Nouri al-Maliki insisted on May 22 that any deal would require Baghdad’s approval. It is unclear how the central government would prevent the pipeline from being renovated or oil from being transported once complete.
Pipeline Politics

KRG President Massoud Barzani visited Turkey in April after all exports of Kurdish crude were halted. He met with Prime Minister Erdogan, Foreign Minister Ahmet Davutoglu, and President Abdullah Gul. Barzani’s nephew, KRG Prime Minister Nechirvan Barzani, visited Ankara a month later and met with all three officials as well as Turkish Energy Minister Taner Yildiz.

On May 20, Yildiz stood side-by-side with Hawrami, Kurdistan’s Minister of Natural Resources, at an energy conference in Erbil. There it was announced that the KRG plans to restore the 46” pipeline and export oil to the Mediterranean port of Ceyhan by mid-2013. Yildiz and Hawrami also announced a new barter arrangement. Kurdish oil will be trucked across the border where it will be refined in Turkey and ultimately returned to Kurdistan. “We are trying to compensate [the ban on refined products] by expanding our refineries,” Hawrami said at the conference. “But if we cannot expand them fast enough, we will send oil outside the country for refining. It is our right. We will not wait for our people to starve.”

Once active the million b/d pipeline will give Turkey direct access to Kurdish oil. The deal should become more lucrative if Kurdish exports increase as expected. If and when the KRG begins exporting large volumes by pipeline to Ceyhan, which could take more than a year, Hawrami promised that the Kurds will deduct 17 percent of its revenue for its own account before passing over the balance to the Iraqi treasury.

Baghdad will not endorse Hawrami’s offer even though it was made in the spirit of the 2011 export agreement. Oil deals remain a key measure of authority in post-war Iraq. As a result, Maliki is unwilling to cede any ground. The only solution would be a new hydrocarbon law. But the deepening political crisis remains a major obstacle to any comprehensive agreement.