< "> 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

Interim Management Statement

London, 16 May 2013 - Afren plc ("Afren" or the "Group"), announces its Interim Management Statement and financial results for the three months ended 31 March 2013 and an update on its operations year-to-date 2013, 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.

Three months ended 31 March 2013 results summary
Afren has made a strong start to the year driven by a year-on-year increase of 14% in net production principally from the Ebok and Okoro fields, offshore Nigeria. The Group remains on-track to deliver full year net working interest production of between 40,000 to 47,000 boepd. The Group's financial results reflect the increase in net production which has been partly offset by a lower oil price and the impact of the timing of liftings at Okoro. We continue to make good progress across our exploration and appraisal (E&A) work programme targeting high-impact opportunities across the portfolio.

Key Highlights
· Net working interest production in the period averaged 47,064 boepd; firmly on track for 2013 production guidance of between 40,000 to 47,000 boepd

· Multi-well E&A campaign underway

- Commencement of drilling on the Ogo prospect at OPL 310, offshore Nigeria, targeting 78 mmboe of gross prospective resources

- DST programme at Simrit-2 on the Ain Sifni PSC, Kurdistan region of Iraq complete, with aggregate flow rates of 19,641 bopd achieved. Well being prepared for Extended Well Test operations

- Completion of drilling at Simrit-3 on the Ain Sifni PSC, Kurdistan region of Iraq. Multi-zone testing programme underway to confirm the resource potential and the eastern extent of the Simrit anticline

· Active portfolio management

- Up to US$50 million carry received on OPL 310 for a 17.14% participating interest on OPL 310, offshore Nigeria announced on 14 May 2013

· Progressing Field Development Plans on recent discoveries (Okoro Field Extension, Ebok North Fault Block and Okwok, offshore Nigeria)

· Strong balance sheet

- Cash at bank US$563 million (31 December 2012: US$525 million); Net debt, excluding finance leases US$453 million (31 December 2012: US$488 million)

Commenting on today's IMS, Osman Shahenshah, Chief Executive of Afren plc, said:
"Afren continues to deliver strong production from our greenfield developments offshore Nigeria. Following the successful start to our 2013 E&A programme on Okwok, offshore Nigeria, and Simrit in the Kurdistan region of Iraq, we are currently drilling the West African Transform margin on OPL310 offshore Nigeria. The Group remains in a strong financial position supported by a growing production base, to optimally explore, appraise and develop our high quality portfolio and continue to create significant value for our shareholders."

Looking at TA, suggestion cup and handle formation.

With projected earnings would suggest price of 150 + with support at about 125 on long term (2year) support line.

SP now now at 140=

Worth a look long term, but DYOH.

that reminds me .... time for a some rosie; got very chilly practicing

Galvan Share Tips Website

When you think of the oil sector, you tend to
think of either the supermajors such as BP and
Shell, or the small ‘wildcat’ explorers – of which
there are hundreds. There is however a thin
slice of mid-caps which can offer investors the
best of both worlds.
By that I mean they offer the exploration
excitement and takeover potential of a small
player but also offer the assurance from
production and cash flow that the big boys
provide.

The reason there are so few mid-caps is that it’s
not easy to make the transition from explorer to
producer. Drilling success is far more common
than commercial success. The money often runs
out, which is why the junior end of the market is
a graveyard of broken dreams.
But every now and then a company makes the
leap and comes out the other side. Afren is a
prime example.

Over the last 8 years, the company has gone
from just another African explorer with no active
wells, to a fully-fledged producer, delivering
thousands of barrels of oil a day.
In 2012, revenues reached $1.5 billion, up a
remarkable 151% on the previous year. Pre-tax
profits fared even better, up 169%. And this was
against a backdrop of falling commodity prices.
During the period, the average oil price fell 2%
and the gas price actually fell 33%.

Afren’s exponential revenue growth is down to
booming production, particularly from its two
big fields, Eok and Okoro, off the coast of
Nigeria.
On the exploration side of things, Afren is
drilling like crazy. The company is now “firmly
engaged in the most active phase of exploration
activity in its history”.
The way the oil industry measures your
progress on this front is through the reserve
replacement ratio (RRR) - effectively what
you’ve discovered less what you’ve produced.
Some of the big boys in the industry find it quite
hard to replace the oil they’ve extracted. BP for
example reported an RRR of 77% in March this
year. But Afren delivered an RRR of 265%,
demonstrating its excellent growth potential.
Other than Nigeria, Afren has extensive drilling
prospects in Ghana, Kenya and Tanzania. And
outside Africa, the company also believes it
could strike it rich in Kurdistan.

As Aftren has the money to do so, it’s taking the
approach that the more you drill, the luckier you
get. In total, All up, the company has potential
reserves (including unrisked highly prospective
deposits) of almost 9 billion barrels. There are
opportunities everywhere.

We expect 2013 to have plenty of news
surrounding its huge drilling campaign as well
as a continued expansion of its production base
as more wells come on stream. Given its turbo-
charged growth, the shares look dirt cheap.

pity shareholders don't get any dividend return.

personally i'ld far rather see capital growth than divi

So would I , wonder if my old friend The French Connection still hold's these ?

i seem to recall i bought into these a long time ago at 152sh level and then quickly
sold same day as i recall.or thereabouts anyway
got a lot of stiick, but no carrot as i recall for doing so.
its all on this thread if you are interested.
anyway that level or thereabouts seems to have been the level that needs to convince me if it it is to rise further from here.
regards and good luck to all holders
jkd
ps page 84 plus minus a few will get you there

cynic if AFR paid shareholders a dividend their sp would likely rise as has been the case with DGO.

my average price is 127 and i'm happy to stay put regardless

cynic not suggesting AFR is a sell merely saying dividend payments might help their sp to move up as it is a bit range bound.

i understood whence you were coming, though disdain of divis certainly does many/most american shares no harm at all

cynic fund managers would not agree.

I would prefer they used the money for exploration rather than divi.
They need to increase P2s - this would have a transformationl affect on share price.

hali - i'm not a fund manager and frankly, most funds and their managers are a waste of space .... in my very cynical opinion, funds are more interested in their prestige offices, highly paid upper management, charges for not doing a great deal, and finally and just perhaps something for the poor mugs who put money their way

cynic we are sure Warren Buffet would be pleased to disagree with you.

berkshire hathaway is a rarity and i think without a remote cousin in uk

Once they complete the Ogo drilling on OPL 310 the rig moves onto OML 115 for the
Ufon drill.

Afren and Partner Oriental will commence drilling the Ufon South-1 well, the first exploration well on the block in the second half of 2013, following the completion of drilling operations at OPL 310. The Ufon structure has been selected (gross PMean prospective resources of 65 mmbbls) for drilling and is structurally and geologically analogous to the nearby Ebok and Okwokfields but with significant deeper exploration potential.

AFREN MAKES 307 MILLION BARRELS NEW OIL DISCOVERY

African-focused exploration and production company, Afren Plc, said it had made new oil discovery of over 300 million barrels at its Ebok and Okoro oil fields.

Specifically, additional 150 million barrels of oil were discovered at the Ebok oilfield located in OML 67, offshore Nigeria; and 157 million barrels at the Okoro field located in OML 112 in shallow water offshore Nigeria.

Speaking during the FBN Capital Limited’s maiden Oil and Gas Roundtable in Lagos on Tuesday, Head, Finance, Afren Nigeria, Mr. Deji West, said, “We just discovered a reserve of 150 million barrels of oil each in the Okoro and Ebok fields. We have 14 wells at Okoro and 24 wells in Ebok.“

He specifically said the Okoro field was currently producing over 20,000 barrels of oil per day, adding that the company had plans to increase the production to 50,000 barrels in the future. The Ebok field, according to him, is currently producing about 35,000 barrels a day.

He explained that Afren had a diversified portfolio, adding that the company had raised $2.8bn in the past eight years from the London Stock Exchange and other sources.

“ We have raised equity and have gone back to the equity market over and over again. The first thing, you need to have strong asset base and strong technical achievements. Good corporate governance is also very critical. You can’t raise equity as a one-man business. You need a robust management team with proven track record to attract international investments,” he said.

He said the indigenous oil company had a market capitulation of $20m by the time it listed on AIM, the London Stock Exchange growth market.

“We started with a market value of $50m by December, 2005 and zero production. By the December, 2012, our market value was $2.3bn with 27 assets in nine countries. We are currently producing about 57,000 barrels of oil per day,” he said

West described the AIM market as suitable for smaller and growing companies, noting that opportunities to move to the Main Board in future abound.

Meanwhile, Aconex had been engaged to provide online project collaboration solutions for Afren Plc.

Specifically, Afren said it would use the Aconex Online Collaboration Platform to manage the operation and maintenance of its Ebok and Okoro Setu oil fields.

Technical Applications Manager, Afren, Mr. Dhiraj Kavia, “We have individuals from several organisations working on the Ebok and Okoro Setu projects, and it’s critical that everyone be aligned at all times. The Aconex platform enables us to structure and control all project data as it flows among team members, resulting in improved efficiency, governance and compliance. The system is easy to learn and use, and we have the support of a global organization when we need it.”

According to him, the teams responsible for operating and maintaining the production platforms in the Ebok and Okoro Setu fields span Nigeria, the United Kingdom, and the United States.

They use the Aconex platform to capture all project data in one place for centralised information management and retrieval. In a secure, cloud-based collaboration environment, participants across different locations have anytime, anywhere access to the current version of all project documents and drawings, as well as a complete audit trail of all decisions and actions.

Kavia said previous collaboration tools had limited Afren’s ability to provide access to project participants outside of Afren.

source:punchng.com
http://lubepoint.wordpress.com/2013/05/30/afren-makes-307-million-barrels-new-oil-discovery/