< "> 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

p.s. - Good old America - they are the saviours for the world it seems.

UN can not make any decisions only veto's, from Russia etc
Does Germany have an army yet ? they never seem to get involved these days
Switzerland, Portugal, and many others just keep quiet, and hide behind our skirts.
EU - I now longer understand what they are all about., We are better out of that club.
UK and France seem to have heart in right place, but are weak on their own.
Russia - Who knows what their motives are - is it expansion still ?
China - a big wealthy country - seems to have problems within.
Saudi, Iraq, etc after all they are mainly Muslim - why do they not do more than America ???

God ( whoever he is ) bless America, our saviour,
- who carries the can and takes the blame and pays the bills, without much credit

Buddhism you say?
Hmmmmmmm.....not so sure!

http://www.coastaldigest.com/index.php/news/66143-myanmar-buddhist-terrorists-threaten-massacre-of-muslims-in-ramadan

Harrycat - Now you have dashed all my hopes
( Sorry we should now be on "Talk to yourself thread" I think )

There should be limit that each country should only have 5% Muslim in a Christian country, ect,ect,ect,

this isn't a christian country!

Do it anyway

Anybody like to take a guess on how long it will take for news on what as been going on with those two directors

depends who has to be paid and how much to keep it all under the carpet! :-)

Sounds just like Britain !.....in fact Money AM is one of the rare places where you express yourself....unusual for this country with all the corrupt media there is around....Africa can't work without it.....(must have taken a leaf from Fifa)...

Up 3% - more buyers than sellers
News should soon be out - maybe some leaks are now seeping out ?
Kurdistan / Iraq today much more settled

Seeping and creeping ..... ????
.... up over 4.5% so far today
.... somebody out there knows something I think
.... we may get some news soon ... I hope !!

Breaking 110 next stop 115 , yes news thursday / friday maybe

ith the FTSE 100 still hovering around all-time highs, it's getting hard to find any shares out there that trade at an attractive valuation. However, I believe I have found five gems: Afren (LSE: AFR), Sainsbury (LSE: SBRY), Petrofac (LSE: PFC), BP (LSE: BP) and Tate & Lyle (LSE: TATE), all of which currently look undervalued.

Trouble in the Eastoil

Afren has been hit with a wall of bad news this year. With battles raging near some of the company's key oil prospects within Iraq, it was revealed that Afren's CEO had been suspended as he had made some unauthorized payments.

Nevertheless, despite worries the company's underlying business appears to be functioning well, although oil production is expected to fall slightly this year. The City expects the company to report earnings per share of 12.2p this year, putting the company on a forward P/E of 8.8. Current expectations are for earnings to grow 8% during 2015, which puts the company on a 2015 P/E of 8.1.
https://uk.finance.yahoo.com/news/seeking-value-afren-plc-j-143859798.html

Suspension of Associate Directors Pending Investigation
London, 28th August 2014

Afren plc ("Afren" or the "Company") announces that the Board has temporarily suspended Iain Wright and Galib Virani, both Associate Directors of the Company.

Further to the announcement by the Company on 31 July 2014 regarding the suspension of the CEO, Osman Shahenshah, and the COO, Shahid Ullah, the Company has continued its investigation in relation to the receipt of unauthorised payments potentially for the benefit of the CEO and COO. During such continued independent review on the Board's behalf by Willkie Farr & Gallagher (UK) LLP, the Board were made aware by Iain Wright and Galib Virani that they have received payments which are linked to the previously identified unauthorised payments for the benefit of the CEO and COO. These payments were not made by the Company.

No conclusive findings have yet been reached and the investigation is ongoing. The investigation has not found any evidence that any Board members, other than Osman Shahenshah and Shahid Ullah, were involved.

The Board remains of the view that this will not negatively affect the Company's stated financial and operational position.

The Board will update the market further as appropriate.

The last two lines should make the shares rise...not drop....but .....will they ?...

All this delay creates apprehension, and concern, and a bombed out share price.

It would be nice if we, the owners of the Company, had an idea what all the mystery
is about. ???????????????????????????

Also we could have an update of the enquiries in progress, even if the problems are
not yet fully resolved. ???????????????????????????

The directors are paid massive amounts of money and we deserve to have confidence and trust in them.
If the directors have taken money that would normally belong to the Company, I hope we see some police / legal action taken, rather than them saying "sorry" or them being
suspended or retired, like Civil Servants are.

Makes me wonder how passive large Institutional shareholders are, and why.

http://www.moneyam.com/action/news/showArticle?id=4876179

2014 Half-yearly Results
London, 29 August 2014 - Afren plc announces its Half-yearly Results for the six months ended 30 June 2014 and an update on its operations year-to-date 2014, 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.

2014 Half-yearly Results Highlights
· 1H 2014 net production of 33,488 bopd; Full year production guidance revised to 32,000 to 36,000 bopd, removing Barda Rash, due to temporary suspension of activities
· Two rigs on location and drilling ahead offshore Nigeria on the Ebok and Okoro fields; Central Fault Block Extension platform to be installed in Q3 2014
· Approval received from the Department of Petroleum Resources for the initial five well development of the Ogini Field. Rig on location and development drilling well underway
· 3D seismic acquisition on OPL 310 complete and interpretation ongoing; further drilling to commence in Q4 2014
· Profit after tax of US$160 million (1H 2013: US$62 million) reflects tax exemption at Ebok offsetting reduction in pre-tax profit and revenue
· The balance sheet remained strong with net assets of US$1,972 million
(1H 2013: US$1,498 million)
Outlook - Targeting 5-year double digit production growth
· Production ramp up starts in 2H 2014
₋ Ebok - 6 new producers planned
₋ Okoro - 1 infill well and 1 side-track well
₋ OML 26 - 3 new producers planned, currently logging while drilling (LWD) on first well
₋ Okwok - commence fast-track development drilling
· Ebok deep exploration tail to spud in Q4 2014, targeting 50 mmbbls
· Transformational reserves potential
₋ Only 26% of total discovered 2P/2C barrels in production or under development

Toby Hayward, Interim CEO of Afren plc, said:
"Despite recent challenges Afren is totally committed to delivering on our work programme across the portfolio. With numerous growth opportunities expected to drive a step-up in near-term production, cash flow and reserves, we remain in a strong position to deliver shareholder value in 2014 and beyond. We believe we will come out stronger from the ongoing issues and I would like to thank all our shareholders for their continued support. "

worth risk of these levels - will bounce

2014 Half-yearly Results

RNS


RNS Number : 2994Q

Afren PLC

29 August 2014










Afren plc (AFR LN)

2014 Half-yearly Results

London, 29 August 2014 - Afren plc ("Afren" or the "Group"), (LSE: AFR, FTSE 250 index), announces its Half-yearly Results for the six months ended 30 June 2014 and an update on its operations year-to-date 2014, 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.

2014 Half-yearly Results Highlights

· 1H 2014 net production of 33,488 bopd; Full year production guidance revised to 32,000 to 36,000 bopd, removing Barda Rash, due to temporary suspension of activities

· Two rigs on location and drilling ahead offshore Nigeria on the Ebok and Okoro fields; Central Fault Block Extension platform to be installed in Q3 2014

· Approval received from the Department of Petroleum Resources for the initial five well development of the Ogini Field. Rig on location and development drilling well underway

· 3D seismic acquisition on OPL 310 complete and interpretation ongoing; further drilling to commence in Q4 2014

· Profit after tax of US$160 million (1H 2013: US$62 million) reflects tax exemption at Ebok offsetting reduction in pre-tax profit and revenue

· The balance sheet remained strong with net assets of US$1,972 million
(1H 2013: US$1,498 million)

Outlook - Targeting 5-year double digit production growth

· Production ramp up starts in 2H 2014

₋ Ebok - 6 new producers planned

₋ Okoro - 1 infill well and 1 side-track well

₋ OML 26 - 3 new producers planned, currently logging while drilling (LWD) on first well

₋ Okwok - commence fast-track development drilling

· Ebok deep exploration tail to spud in Q4 2014, targeting 50 mmbbls

· Transformational reserves potential

₋ Only 26% of total discovered 2P/2C barrels in production or under development



Toby Hayward, Interim CEO of Afren plc, said:

"Despite recent challenges Afren is totally committed to delivering on our work programme across the portfolio. With numerous growth opportunities expected to drive a step-up in near-term production, cash flow and reserves, we remain in a strong position to deliver shareholder value in 2014 and beyond. We believe we will come out stronger from the ongoing issues and I would like to thank all our shareholders for their continued support. "







Financial highlights





1H 2014

1H 2013

Change


Realised oil price (US$/bbl)

108

104

4%


Net working interest production (bopd)(1)

33,488

44,712

(25%)


Revenue (US$m)(1)

565

797

(29%)


Gross profit (US$m)(1)

194

377

(49%)


Profit before tax (US$m)(1)

133

260

(49%)


Profit after tax (US$m)(1)

160

62

158%


Normalised profit before tax (US$m)(1) (2)

127

309

(59%)


Operating cash flow (US$m)(3)

354

564

(37%)



(1) From continuing operations, for further details see Note 8 of the condensed financial statements

(2) See Note 4 of the condensed financial statements

(3) Operating cash flow before movements in working capital



Review Update

· On 31 July 2014, the Company announced the temporary suspension of the CEO, Osman Shahenshah and the COO, Shahid Ullah following the Board engaging lawyers Willkie Farr & Gallagher (UK) LLP (WFG) to carry out an independent review.

· The original scope of the review was to determine whether three transactions that took place in 2012 and 2013 should have been classified as class 2 transactions under the Listing Rules and disclosed as such to the market at the time of the transactions.

· During this review Willkie Farr & Gallagher identified evidence of the receipt of unauthorised payments made by a third party for the benefit of the CEO and COO, which led to their suspension. On 28 August 2014, the Company announced the temporary suspension of Iain Wright and Galib Virani, associate directors of the Company, who had also received unauthorised payments made by a third party. The review is ongoing and expected to conclude in September 2014. In addition, WFG have engaged KPMG, at the request of Afren, to undertake an independent review of the accounting for the three transactions. This investigation is also expected to conclude in September 2014.

· At this stage no misstatements have been identified. Furthermore, the Board's assessment is that based on facts to date the existing carrying values of the relevant assets in the balance sheet are unimpaired. Further details are given in Note 10.

rom Mr Poshman on another board.


Corruption is a dirty word but this ultimately looks like (as expected) kickbacks.

To me from what I can see and from the tone of the announcement is that accounting wise, Afren have actually recorded these transactions correctly.

"The amounts included in the balance sheet at 30 June 2014 which are expected to be covered by this independent review include:



§ US$39.9 million of advances to Partners in 2012 included in Prepayments and advances to Partners (31 December 2013: US$99.3 million);



§ US$93.3 million of amounts paid to Partners to secure agreement to field extensions included in Property, plant and equipment relating to the Okoro field (31 December 2013: US$98.5 million); and



§ US$1.9 million included in Property, plant and equipment relating to the Ebok field (31 December 2013: US$2.0 million), together with an associated amount of US$298.0 million attributed to deferred tax assets, reducing the deferred tax gain in the 2013 income statement. "

Seems to suggests there are some significant transactions that have been processed which the directors have received some of this cash back from Oriental. If so, there is yet to be any statement over illegal measures BUT these should have been disclosed at the time and either approved or not.

"The Company is currently assessing the potential for the recovery of unauthorised payments from the suspended directors."

As with the above and the fact that these payments were not authorised / declared the company is aiming to recover the cash from the directors.

The more I look at this, the more it looks like they have paid themselves additional bonuses just through the back door, probably for achieveing milestones with Oriental (2012 and 2013 seem like production milestones to me that Oriental have paid the directors that perhaps this cash should have been Afrens).

Its the full year production guidance that has spooked the market, the entire production drop in H1 is basically due to Ebok which we knew about, but I guess it was always going to be difficult for them to generating the excess in the 2nd half.

I suspect they will outperform the new target by end of year but not by a lot.

Liberum note:
"We have incorporated the lower production guidance into forecasts and stripped Kurdistan out of our valuation, bringing our NAV back to 121p. This could be a realistic medium term target but we have moved our recommendation to Hold ahead of the conclusion of the investigations into the payments issues.
The investigations into unauthorised payments and accounting will complete by end September. Until details become clearer, uncertainty + risk make an active rec difficult.
The September reports will be critical for assessing the damage, if any, to Afren. New management and perhaps a new risk / reward profile could impact the share’s attraction.
We have stripped Barda Rash out of forecasts given the security situation and adjusted for updated guidance. 2015-16 CFFOps has come back 20-25%.
The revisions have cut our NAV to 121p (from 162p) and form the basis for our TP ahead of greater clarity on reinvestment priorities. Given the risks, we move to Hold (from Buy)."