< "> 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

Company valuation has dropped about £500 million or about 33%, since yesterday
can that be justified ?

We need to throw out a couple of directors, who I thought were too greedy anyway,
and they will be replaced by more trustworthy directors.

Their director share options must have been hammered also !!

it's loss of market confidence that does the damage
on the other hand, it's not impossible that this will make the company more tempting as a t/o target, as at least they are producing a respectable amount of oil, even if less than predicted

I agree - with you Mr Cynic
It is an interesting play now - we can only wait to see what transpires,
We should have hope that something good could come out of this sad situation.
The next news from AFR will be interesting - I can't wait

Could not resist picking some up....was lucky enough not to have any position at all in AFR...so jumped back in...(for good or for worse...gulp !)....

Nothing to do do with oil production or exploration...it seems the directors have picking up some perks they were not entitled to.....minimal compared to the actual turnover of the company....fingers crossed for a good rebound...not good for confidence in the city for this company or the graph that will now look like a "seven sisters" suicidal jump...

Most of the time : I would be going long with spreads or cfds.....ouch !...for those in those...

bouncing

:-)

Real buying spree going on....what is unknown is the size of the scandal....the smaller the better...

probably not much of anything - certainly not £500M worth or likely anywhere near

the bots are set to buy atm

after the event - I confess I did grit my teeth and bought back at 99.80, though I hope I have sense to bank any respectable profit should one arise

good move cynic - can see this bouncing a wee bit today - 110 / 120 + perhaps

chat is it is something of nothing as regards afr itself but more a breech of personal contracts / other interests....... apparently

as the rns says: 'the board has no reason to believe that this will negatively affect the company's stated financial and operational position'

last i heard afr still pumping away

roll on the lunchtime bargain hunters :-))

yeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

onwards and upwards / plenty more in the tank today
gla

now then, now then, now then!
how greedy does one dare be?

Did you say that while smoking a large cigar

mis-timed that slightly but out again at 107.70

My average is 90p so still in profit... just, so will be holding for now. Could the bottom drop out of such a good comp......

We may know early next week exactly what has transpired with those directors ?

Whatever it is, to suspend the two most senior directors, it must have been a serious matter, and show a complete lack of trust. It may well lead to new directors being appointed, I guess.

I am hoping and waiting for a recovery price of ???? 120p over next few weeks.

What is your guess - the week end press may have some comments

From Soundbuy on another board regards Afren
A balanced summary


H/T FT AV

Cazenove


More details required, potential liability on Afren is a concern. The
statement explains that the issue that has come to light is the
responsibility of the directors and it is not directly associated with
Afren's assets. Needless to say, we believe the market will need more
emphatic confirmation that this is the case, and that no penalty/fine
arising from any conclusion of potential wrongdoing could fall on Afren.
Furthermore, we look for confirmation that no other officers of the firm
are exposed in this investigation.


Financial statements key for investor assurance on assets. Afren has
delayed its interim results from 4 August to a later date. We understand
that this is to give auditors time to review the accounts. We look for
assurance that Afren's statement that it “has no reason to believe that this
will negatively affect the Company’s stated financial and operational
position”, is a valid statement.



Potential for lasting reputational damage. In our view, this unexpected
announcement is disappointing and may well have a lasting reputational
effect on Afren – this could impact its ability to attract/retain staff and to
capture new business opportunities. There is also a risk that the execution
of Afren’s near term strategy suffers during this investigation, subject to
its duration.


Valuation collapse. We note that, assuming no impact on NAV, Afren is
now [intraday price of 111p/shr] trading at a 26% discount to core NAV,
the lowest level since mid-2012. Although such a discount to NAV might
trigger market speculation of a take-over, we expect potential predators
will wait to see the outcome of the investigation.