< "> 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

No wonder that shareholders are not happy, the share price looking to test 120p again

Yes rapidly heading that way but is that the bottom?

Let's hope someone will take the bait and launch a bid for the company

ald seems to be near the bottom of its range.

Yes , I agree

trouble is if they can consider paying directors £3m+ why can't they pay shareholders a dividend?

Moving in the right direction - 8% up today.

StockMarketWire.com
Jefferies cuts Afren to hold from buy, target 140p from 155p.

TANGA region could join the oil and gas producers club should efforts to set up an exploration block in January next year strike any of the two resources, authorities say.

'Sunday News' can now report that a UK company, Afren East Africa Exploration, which has been doing studies in the region for the last three years has finally decided to start its exploration in January 2014. Authorities in the region believe that for an investor to invest hundreds of billions in the project, it means there is 'something'.

"Though the exploration is still in the preliminary stages, the amount of money and resources invested by the company gives high hopes for the discovery of the resources," the region's energy Engineer Amaon Kyombo told 'Sunday News," Tanga Regional Administrative Secretary (RAS), Mr Benedict Ole Kuyan also told 'Sunday News' that the region is expecting to thrive in the extractive industry especially given its profile of underground natural resources in the area. In an interview, the Tanga energy engineer said various investors have approached them for oil exploration.

He said Afren East Africa Exploration have been doing the study for three years and in January 2014, they would set up first exploration block. "In such a case, they would either get gas or oil," he said, adding: "By the time an investor puts $100m into an investment, then you know there is something.

When you see a multinational company like this one is ready to invest such a huge amount of money in exploration, it means there's something somewhere." He said the oil and gas exploration activities are on rapid increase in the region.

Afren has a portfolio across the region and added its Tanzania side by acquiring a 74 per cent operated working interest in the Tanga Block, located offshore Tanzania, from Petrodel who retained a 26 per cent interest in the block. In consideration for the acquisition of the interest, Afren said it agreed to reimburse Petrodel a percentage of the back costs in relation to the block.

It says Afren also funded all costs associated with the acquisition, processing and interpretation of an agreed seismic survey over the block amounting to 900 km of shallow and deeper water 2D coverage. The Tanga Block lies northernmost coast, directly south of and adjoining Kenyan blocks L17 and L18 in which Afren holds a 100 per cent interest.
http://allafrica.com/stories/201306230041.html

Significant oil discovery offshore Nigeria * the high impact Ogo-1 well located on the OPL 310 licence has discovered a significant light oil accumulation * well encountered a gross hydrocarbon section of 524 ft, with 216 ft of net stacked pay ..... The well was targeting 78 mmboe of gross P50 prospective resources, but based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates.

lovely.,.

The SP of this company is a like a straw in the wind, but !!!

Full RNS article:

Afren makes significant oil find offshore Nigeria

StockMarketWire.com

Afren's high impact Ogo-1 well on the OPL 310 licence offshore Nigeria has discovered a significant light oil accumulation, based on the results of drilling and wireline logs.

The Ogo-1 well has been drilled to a total measured depth of 10,518 ft (10,402 ft true vertical depth subsea), and has encountered a gross hydrocarbon section of 524 ft, with 216 ft of net stacked pay. The well was targeting 78 mmboe of gross P50 prospective resources, but based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates.

Further evaluation using wireline log analysis is currently unde rway prior to extending the well to a total measured depth of 11,800 ft (11,684 ft true vertical depth subsea) to target further high potential zones.

The Ogo-1 discovery, testing a four-way dip-closed structure in the Turonian, Cenomanian, and Albian sandstone reservoirs, confirms the extension of the same Cretaceous sandstones that have yielded other significant discoveries along the West African Transform Margin.


-------

Merrill Lynch comment:
"AFREN: announced the significant success at the Ogo-1 exploration well in OPL 310 offshore Nigeria and, as a result, we expect consensus NAVs to move up c.5-10p+. While we value the well at a risked 4p (unrisked 12p), results thus far indicate that resources are likely to increase significantly from predrill net P50 prospective resources of c.31mmboe, although they cannot be quantified as yet. Moreover, the result also de-risks the Ogo-1 sidetrack from a c.20% Chance of Success (CoS) to a c.33% CoS, where a result is expected by the end of July, and which we valued pre-drill at an additional risked 4p (unrisked 19p). Arguably most importantly, this well result proves the extension of the Cretaceous play across the West African Transform Margin and is the first well to do so south of Lagos; this is a key milestone for the industry. Volumes already appear to indicate that Ogo-1 is commercially viable as a stand-alone development and its potential development will be fast-tracked in the same way as Afren's other projects. We reiterate our Buy rating and expect the stock to be up 5-10% today."

Meanwhile, the new oil discovery made offshore Nigeria by Afren (LON:AFR) and LekOil (LON:LEK) has substantially exceeded expectations, according to Morgan Stanley.

Analyst Jamie Maddock also says the success of the Ogo-1 well has extended the prolific 'West African Transform Margin' eastwards, and this has thrown up more opportunties for drilling in the area. "Stay overweight" in Afren he says with a target price of 220p (current 122p)

http://www.investegate.co.uk/afren-plc--afr-/rns/directors-to-acquire-afren-shares/201307050700076648I/

http://www.thisismoney.co.uk/money/markets/article-2362088/Reckitt-Benckiser-shareholders-1-8bn-wiped-value.html#ixzz2YsBPplX5


Afren, its top pick, rose 2.9p to 137.5p. Gulf Keystone, which Goldmans believes to be a particularly attractive takeover target, gained 10.75p to 176.25p. Its 12-month target price for GK is 265p.

Friday 23 August

Friday will see first-half results from oil and gas company Afren (AFR).

Analysts' expectations: "Following a strong first quarter and no apparent hiccups in the second quarter, we expect a strong operational and commensurately solid financial performance from the first-half results," comments Brian Gallagher, an analyst at Investec.

He forecasts revenue of $716 million (£459.5 million), post-tax cashflow of $410 million and post-tax profit of $105 million as Afren is "riding a tailwind from the Ogo vertical, its pending sidetrack and building regional momentum in Kurdistan". Gallagher is bullish on the stock, rating it a 'buy'.

Valuation: Afren trades on a 2014 EV/EBITDA ratio of three times.

Friday 23 August

Friday will see first-half results from oil and gas company Afren (AFR).

Analysts' expectations: "Following a strong first quarter and no apparent hiccups in the second quarter, we expect a strong operational and commensurately solid financial performance from the first-half results," comments Brian Gallagher, an analyst at Investec.

He forecasts revenue of $716 million (£459.5 million), post-tax cashflow of $410 million and post-tax profit of $105 million as Afren is "riding a tailwind from the Ogo vertical, its pending sidetrack and building regional momentum in Kurdistan". Gallagher is bullish on the stock, rating it a 'buy'.

Valuation: Afren trades on a 2014 EV/EBITDA ratio of three times.

Cheers Cyril. Missed that.Was only aware that earnings were due friday 23rd.

Thanks for the colour.

http://www.investegate.co.uk/afren-plc--afr-/rns/2013-half-yearly-results/201308230700063334M/


Key Highlights
· Strong operating cash flow driven by a 13 per cent. year-on-year increase in net production to 47,653 boepd; on track for full year guidance of 40,000 - 47,000 boepd

· Continued E&A success

- Play opening discovery at OPL 310, offshore Nigeria

- 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. Multi-zone testing programme underway to confirm the resource potential and the eastern extent of the Simrit anticline

- Active exploration programme with ongoing Ogo-1 sidetrack and upcoming Ufon-1 well on OML 115 in Nigeria

· Active portfolio management

- Completion of farm-out (subject to Nigerian Ministerial Consent) of a 30 per cent. economic interest in OPL 310, offshore Nigeria, to Lekoil Limited

- Acquisition by FHN of 16.9 per cent. economic interest in OML 113. Synergies expected with OPL 310 development

- Agreement for sale of CI-11 block and Lion Gas Plant for total consideration of US$26.5 million, of which US$15.3 million will be settled in cash

- Proposed relinquishment of JDZ Block 1, Nigeria São Tomé & Príncipe

· Strong balance sheet and financial flexibility

- Cash at bank US$588 million (1H 2012: US$497 million); Net debt, excluding finance leases US$590 million (1H 2012: US$679 million). Full year capex guidance revised to US$650 million from US$620 million

Commenting today, Osman Shahenshah, Chief Executive of Afren plc, said:
"Afren continued to deliver strong operational results during the first half of 2013. We recorded a year-on-year increase in underlying net production of 13 per cent. principally from our green field developments offshore Nigeria. Our exploration campaign continues to deliver results, following the play opening discovery announced at OPL 310 offshore Nigeria, where further exploration drilling is ongoing. Elsewhere, we are continuing with exploration drilling and testing operations at the Ain Sifni PSC in Kurdistan. With high quality production underpinning both our strong financial position and exploration programme, we are well placed to realise numerous growth opportunities over the remainder of this year."