< "> 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 said it foresaw double-digit production growth over the next five years.

Said on Tuesday that its Ogo oil discovery in Nigeria, with an estimated 774 million barrels of oil equivalent, was one of the largest discoveries in the world.

Output would be at the top end of its range after a step-up in production at its Ebok field in Nigeria, its main producing asset.
Overall, 2013 production came in at the top of its annual guidance of 40,000 to 47,000 boepd.

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see - isn't that much easier to read and digest, and only a couple of minutes work to do

Afren is using its cash in 2014 to develop its Nigerian assetts - $640m on development to increase production.

Afren and its partners will commence development of the Okoro Further Field Development, Ebok North Fault Block and Okwok in 2014, all of which will generate high margin cash flow for the Company. These new developments will ensure that Afren delivers double digit production growth over the next five years.

i bought a few more this morning as sp was just touching 200 dma (south) and of course good rns too

Liberum H/T FT AV


2013 Results in line with expectations and guidance
Net production in 2013 was 47,113 mboed, marginally above the upper end of the guidance range, 40,000 - 47,000 boepd. Revenues were US$1.65bn and operating cash flows, US$1.1bn, also in line with our expectations.


Reasons for reduced production in 2014 should be well understood
Guidance for 2014 is 40,000 boepd, in line with our forecast (also 40,000 boepd). The year-on-year decrease factors in the end of cost recovery and planned shut-down at Ebok, and the ongoing political situation in Kurdistan. The underlying reasons should be well understood by the market – in our view, the year-on-year decrease should not come as a surprise. We expect a return to production growth in 2015 once further developments and field extensions and existing discoveries come onstream.



Catalysts
2014 should be an eventful year for Afren; we expect several catalysts for the shares:
1) Development of three discoveries field extensions in Nigeria, which should start to contribute to production from 2015 onwards.
2) Confirmation of improved commercial terms at Ebok, which we expect along with the full year results.
3) Appraisal of the 774 mmboe Ogo-1 discovery.
4) A resource upgrade in Kurdistan, although this may have limited value in the absence of political progress
5) Results from ten exploration wells (Nigeria East Africa / Kurdistan)

http://ftalphaville.ft.com/marketslive/2014-01-28/

Deutsche H/t FT AV


Event: Afren has released an operational update.
DB View: Production for 2013 came in at 47kboe/d (upper end of guidance 40-
47kboe/d) and revenue of $1.65bn (DBe $1.7bn) and operating cash flow of
$1.1bn (DBe $1bn) are largely in line with our expectations. Production
guidance for 2014 is 13% lower than our expectations at 40kboe/d (DBe
46kboe/d) as field shut-downs and cost recovery at Ebok, rig arrivals at OML26
and Kurdistan negatively impact. However, we expect the tax arrangements at
Ebok to limit the negative impact on OCF to some extent. Capex guidance for
2014 is higher than our expectations at $845m (DBe $635m) driven by
increases in development activity at Okoro, Ebok and Okwok. On E&A, we
expect an extensive seismic programme at Ogo in H1 with follow-up drilling in
H2. Afren trades at a 19% discount to our risked NAV of 180p versus the
sector on 27%.

"Is this the next Tullow" - I certainly hope it is not -

Tullow has been in free fall for the past two years, in spite of good broker recommendations.
They say some recent drilling news has not been good, but does justify such a fall. Perhaps it was overpriced previously, but it not seems to be good value, and with take over possibilities.
Maybe a warning - do not over chase Afren ?

problem for shareholders is all of their profit goes back into the sea so those involved make plenty of money but shareholders get bugger all.

don't know about you, but i get capital growth, which is just dandy by me

Oil company Afren (AFR) expects that revenues generated over 2013 will come in at around $1.65 billion (1 million pounds), up on the $1.57 billion (0.95 billion pounds) it generated a year earlier. The increase was driven by a 14% jump in net production as the Okoro and Ebok fields off the coast of Nigeria began to come in to their own. Management went on to argue that its exposure to oil markets in Nigeria, the Kurdistan region of Iraq and East Africa leave it in a good position to maximise value for its shareholders. The shares grew by 6p to 150.9p.

200p target now for me.....might not be in straight lines.....over the next 6 months.....the problem is that the market is all over the place ; one day rocketing...the next gloom and doom....with that in mind caution springs to mind for all investors, amateurs like most of us and the city professionals...surge in crude WTI price might help...

not so terrible over the last week or so :-)

No...looking good again....

i look forward to news of when their krg stuff comes on flow .... it won't be next week, but would be quite surprised if not during this year, though one can never tell with the politics in that region

Kurdistan is risky...still the same...good for 200p here...I think...loads of positives...

i really don't understand why charts are posted on this thread, as their is one in the header??

you're sort of right, though a big(ger) chart is always easier to look at, but what's your problem?
you post other bits and bobs which are even less debatable value, but no one often complains of them

oh now i see .... you have territorial jealousy because you started the thread .... what a silly billy!

If not already invested this chart gives me a bigger clue on whether I have missed the boat or not trading wise.

This one is even better :O)

chuckle chuckle chuckle :-)

Grow up.