< "> 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

still might follow for a while.,.

I like AFR and GKP....

2013 Full Year Results

Record revenues and cash flows; production ahead of guidance, continued exploration success and significant balance sheet strength

27 March 2014 - The Board of Afren plc ("Afren" or "the Group") announces its results for the year ended 31 December 2013

· Strong production of 47,112 boepd drives record revenue (US$1.6 billion) and cash flow (US$1.2 billion); 2014E gross production expected to average 62,000 bopd (approximately 40,000 bopd net)
· Targeting double digit growth in net production over the next five years
· 201% 2P reserves replacement ratio in 2013; including Okwok 2P reserves addition of 46.6 mmbbls (26.4 mmbbls net)
· Ogo - the third largest global discovery in 2013; P50 resources estimated at 774 mmboe; moving forward with appraisal programme
· Large existing opportunity set; allocating 2014 capex (estimated US$845m) to highest cash return projects and further exploration drilling
· 12 month E&A campaign targeting over 1,200 mmboe in net prospective resources
· Net debt of US$739 million; balance sheet strengthened with extended debt maturity, lower cost of debt and improved deferred tax position
· Award of five-year tax exemption in relation to Ebok

http://www.moneyam.com/action/news/showArticle?id=4780326

not sure at all why this sp fails to perform
i know friend hali blames it on the fact that they don't or won't pay a divi, but i think that it's just failed to catch anyone's imagination for some strange reason

I think Interim results may be due out tomorrow

Share price seems strong today after weakness last week
Most brokers presently have target prices of about 180p
Slightly increased sales at final stage but reduced profits because of
one off write downs
Could it be slightly increased sales again but without so many write downs ?
Should be fresh broker reports out in next few days plus publishers comments
It could move materially in next few days ??

Any comments ?

Correction - Trading Statement due out tomorrow - not Interim's
Daily brent price is strong today, and up a bit over last few days -
when does the American driving season start ?
I'll probably stay in Afren for time being,
as I may gamble on a positive day tomorrow

i've been in/out and holding for a long time now .... i think that it is intrinsically a very good company and though there are no fireworks, it's a lot more solid than many or even most in the sector

I agree - although Tullow now seems to be finding a new base again.
I am still wary of Tullow at moment until, is it Kenya oil, starts producing good money

i was a great fan of TLW in the past, but ultimately it cost me quite a bit ..... they're not currently in my good books!

Believe me - I have been hammered very hard on occasions - as I usually buy
through CFD's and am therefore "geared up", which hurts when you miss time
the likes of EMG, etc on a big scale.

I have learnt that to ride the down wave for even a few months, often pays off, but you need nerves made of steel cables, as those going short etc eventually need to
buy back -

I am sure it is the guys in the "City", or I guess guys like us, who are trying to trade for a short term profit, and therefore force exaggerated upward and downward movements - I suppose it does help market volatility for us - but it takes a toll on my sleep patterns and the growth of my now grey hairs.

Sunny in Benidorm again today - I guess you may be off soon on your annual holiday ?

i should have been in dubai for the last 10 days on biz, but other things intervened and i could not go ..... it has now turned into the HOT season with local temps rising by about 10 degrees within the last week

my trip to chicago in early june also got scuppered, which was a shame as it's meant ot be lovely there at that time of year

as for hols, we don't go down to provence until the last few days in june and then just for 2 weeks and my annual week's cycling jolly (around moulins this year) is not until the back end of august

Do you use Saga for your hols

hahaha!
no, this is a very nice villa which we rent every year
it's actually someone's private house and we have now become quite good friends with the owners, though fortunately they do not impose themselves on us when we are there

AFR now below 150 , what a bloody pain this share is , please someone make a bid nothing else seems to take the price up to all those brokers target prices. even when the price rockets up its not up for long, am looking for 170 as a base price.

http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201405200700135209H/

Look at sales for the quarter - they are down, but they say there is "cost recovery".
They do not seem to have given more details on this , which is a pity.
Earnings per share for quarter are doubled, I think mainly as a result of big tax reduction.

I also do not understand why it is down this morning.
A better explanation from the Management re sales would have been useful, or even a hint that dividend payments are not forgotten.
It is probably worth much more than 150p share, looking at PE ratio's etc, but if only management would be more proactive regarding investor relations, rather than their own massive salaries.

I own the shares in at 153p

I feel / felt the same as you guys, so in frustration I decided to trade the shares rather than hold and hope for capital growth. Good luck to holders, but maybe it might be worth considering trading some of your holding in order to realise a little profit along the way? A very frustrating company though, imo.

Morgan Stanley note today (house).
"1Q production was temporarily impacted by planned field upgrades (Ebok/Okoro). However, additional production from the Ebok CFB Ext. wells should drive a strong 2H rebound in volumes. With self-funded, oil biased production growth in Nigeria and the Kurdistan Region of Iraq, we stay OW.
Planned downtime impacts 1Q: Ebok CFB Ext. installation and Okoro maintenance impacted 1Q production. Assuming normalization elsewhere, we think Ebok would need to rebound to c40-45kboed in 2H14 (65-75% net effective) to reach group FY14 guidance of c40kboed. The 2H14 production ramp-up from the new CFB Ext. wells could drive this recovery, we think.
New Nigeria developments on track: Okoro East (further field development) and Okwok developments have received formal approval. Plus, with the Okwok jacket on its way to the field, we estimate both are on track to add c11kboed (net) new oil production in 2015.
Ogo and Aje survey results to illuminate the upside:Having completed the data acquisition over the blocks containing the Ogo & Aje discoveries, processing is now underway. Ogo JV partner, Lekoil (non-covered), had previously indicated a discovered resource update could follow while identifying additional drillable opportunities.
Tax credit moderates higher 1Q14 costs: Despite lower production (-25% y/y), cost of sales (both DD&A and opex) was largely flat y/y (-4%), implying a substantial (+30%) y/y increase on a /boe basis. The PAT impact, however, was entirely offset due to a $16m tax credit. FY14 capex guidance unchanged at $845m.
Upside to Core NAV and attractive financial metrics:We see 4% upside to our unchanged 160p/sh Core NAV, which compares to the sector already trading at a c.10% premium. Moreover, Afren trades at c.3x 2014 P/CF, a large discount to the sector at c.8x. Ogo appraisal, Ebok Deep and South Ufon are in 2H14."

20 May

Canaccord...

145.00

Hold



20 May

Westhouse...

180.00

Buy

Oil producer & explorer Afren (AFR) saw its pre-tax profits slide from $153.9 million (91.45 million pounds) to $49.6million (29.5 million pounds) over the first quarter of the year as it suffered at the hands of lower oil prices and a smaller share of production and liftings from its Ebok field project. Looking ahead, the company re-affirmed its intentions of making progress with the Ogo discovery, offshore Nigeria, after it has already completed a 3D seismic survey on the site. Broker Westhouse Securities responded by re-iterating its "buy" recommendation and 180p target price on the shares. The shares were down by 8.8p to 145.3p.