< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
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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
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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

StockMarketWire.com

Afren has confirmed additional oil and positive test results from the Simrit-2 exploration well in the Kurdistan region of Iraq.

The well has been drilled to a depth of 3,800 metres and the total net oil pay has increased to 460 metres.

In addition, a cumulative flow rate of 13,584 barrels of oil per day has been achieved from three out of 12 zones tested.

The well had previously encountered an estimated 409 metres of net oil pay throughout Cretaceous, Jurassic and Triassic reservoirs down to the initially planned total depth of 3,700 metres.

Afren and operator Hunt Oil Middle East subsequently elected to deepen the well and continue drilling to a revised total depth of 3,800 metres in order to test additional prospectivity.

Analysis of data collected indicates the continual presence of light oil shows throughout the deepened section of the well, extending the estimated net pay encountered by the well to 460 metres.

No oil water contact has been established in the target reservoirs.



At 8:23am: (LON:AFR) share price was +7.25p at 126.15p


Story provided by StockMarketWire.com

sp starting to wake up a bit too, and none too soon!

Cynic,

You have enough time left to do well out of this company.

Patience!

Afren is now a proper Kurdistan play along with GKP, HOIL and GENL...

up up and away!!! Over short term. imvho

Steady blanche you'll be singing next in your beautiful balloon.,.

Even with good news we get knocked back again ,damn Europe !

Legget, who runs the Standard Life Investments UK Equity Unconstrained fund, remains relatively relaxed about the latest sell-off sparked by Spanish sovereign debt fears, although he admits that risks are heightened.

His other top 10 industrials are Weir Group (WEIR.L) and Afren (AFRE.L), which make up 3.1% each of the £405 million fund.

'Afren is a pure exploration and production play. It has been volatile in the past, but we think those concerns are overdone. It is operating in East and West Africa and Kurdistan, and significant new oil and gas discoveries have been made in all three. It is more a drilling story than an oil price one.'
http://citywire.co.uk/money/legget-loads-up-on-abnormally-priced-barclays-after-sell-off/a606587

"It is more a drilling story than an oil price one."

Interpretation: "It's more a jam tomorrow story than
instant gratification one.

Well I can't believe how low this is.....by now I would have expected the sp to be beyond £2.....no such luck......this recession is biting ....having not much success on the markets at all as of late...only PVR and SEA provide some comfort...the rest of my investments are a debacle....

StockMarketWire.com
Afren has started development drilling on the Okoro East field following the discovery in January.

In addition, a side-track of the existing Okoro-5 well has encountered additional oil volumes in a previously un-swept area of the reservoir within the Okoro main field, offshore south-east Nigeria.

Chief executive Osman Shahenshah said: "I am particularly delighted that we have started early development drilling at the Okoro East field, six months after the initial discovery.

"The Afren team has a demonstrable fast-track development capability and we are now creating tangible value and volume growth from our exploration campaign.

"Using existing infrastructure we expect an exceptional economic return from the early development wells.

"Furthermore, the completion and commissioning of the side-track well is a further example of how we are successfully optimising production and maximising economic oil recovery at the core Okoro main field development which we first bought onstream in 2008."

Chart looking very good and as always, wish I had had some spare cash when the sp was sub 100p!

StockMarketWire.com
Standard Life (LON:SL.) has increased its stake in African oil explorer Afren - taking its stake in the company to 8%.

Interims tomorrow.
2517

StockMarketWire.com
Independent oil and gas producer Afren reported record first half revenue and cash flow, with significant exploration success and production in line.

Record financial results were driven by the year-on-year increase in net production from the Ebok field offshore Nigeria. Production operations have also commenced at the Barda Rash field in the Kurdistan region of Iraq, just one year following the acquisition. The Company is developing an excellent exploration track record with successful wells in Nigeria adding significant reserves and a world class discovery in the Kurdistan region of Iraq. Notably, development drilling on the Okoro East field has commenced only eight months after the initial discovery.

Record sales revenue of $771.7 million and operating cash flow before movements in working capital of $558.3 million, driven by 218% year-on-year increase in net production.

Gross profit for the period was $396.1 million, driven by the increase in the Group's revenue and offset by related increases in operating costs including the DD&A charge for oil and gas assets and royalties relating to Ebok production. The DD&A charge for oil and gas assets in 1H 2012 was $179.5 million, an increase of 237% on 1H 2011.

Profit after tax on continuing activities for 1H 2012 was $100.2 million (1H 2011: $22.8 million), increasing in line with the impact of production growth, and reflective of a related increase in the Group's tax charge, increased finance costs, impairment costs, and a one-off gain on Afren's share of investments in associates which occurred in 2011.

Strong financial position:

- Cash at bank $443.7 million (1H 2011: US$320.9 million)

- Net debt $582.5 million (1H 2011: US$343.0 million) with majority long dated (2016-2019)

· Production in line with expectations; firmly on track for 2012 production guidance of 42,000 to 46,000 boepd

- Ebok performing in line with prognosis

- BR-1 well at Barda Rash successfully tested 6,000 bopd of 28° to 32° API oil

- Early development drilling underway at Okoro East

Excellent exploration success:

- Significant reserves additions from Okoro East and Ebok North Fault Block discoveries

- World class discovery at the Simrit-2 well in Kurdistan region of Iraq - first three out of a planned 12 DSTs completed have flowed at 13,584 bopd

- Ongoing active exploration programme

· Significant resource upgrade in East Africa from net mean prospective resources of 2,113 mmboe to 5,838 mmboe, following portfolio maturation since Black Marlin acquisition

- New plays identified offshore Kenya and Tanzania

Osman Shahenshah, CEO, said: "The first half of 2012 has been a period of notable success for Afren across all fronts. The strong financial results, with over seven hundred million dollars of revenue and half a billion dollars of net operating cash flow, all from Afren's greenfield developments, is testimony to our strong and established operating track record. The Okoro East and Ebok North Fault Block discoveries in Nigeria and Simrit-2 discovery in the Kurdistan region of Iraq will add significantly to the already material 2P reserves base of 185 million barrels and 2P/2C base of 995 million barrels of oil equivalent. In East Africa, the on-going maturing of the portfolio has resulted in a mean prospective resources upgrade to 5,838 million barrels of oil equivalent (from 2,113 million barrels of oil equivalent). With a number of high impact exploration wells to be drilled in both West and East Africa and the Kurdistan region of Iraq, and the growing production base, Afren is well placed for continued success".

Afren confirms start of exploration drilling at East Simrit
StockMarketWire.com
Afren and operator Hunt Oil Middle East have started exploration drilling at the East Simrit prospect on the Ain Sifni production sharing contract in the Kurdistan region of Iraq. The

Simrit-3 well is located approximately 10 km east of the successful Simrit-2 discovery well, and is exploring the eastern extent of the large scale Simrit anticline.

Nice to see AFR back to a decent level. Just annoyed that I didn't add to my holding sub 100p. 170p here we come?

Same here harry, didn't replace what I'd sold earlier, still have a decent holding.,.

Looking for 160p now, though chart looks as though it may stall at this level. However fundamentals look reasonably healthy, so will hang on for the moment.

and so AFR trundles quietly on its way .....

First oil at okoro extension
Production has commenced from the okoro field extension
At a stabilised rate of 5,000 bopd, increasing total output from the okoro area to approximately 21,500 bopd