< "> 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

i am not nearly clever enough to work out how good the figures were, but my impression was to be singularly unimpressed ...... it seems to me that AFR's one (major) saving grace is the Ebok field which has the potential to make the company a t/o target ..... we shall see

Usual nowadays thing...it drops on results.....they really have only just started production.....come back in a year or two and the figures will look a lot better !.

RF thats the market today, more short term for the majority of tradres, take profit and look for the next bargain. Of course the large institutions will mop up these with a long term view. 9.30am seems to tell the truer picture once the excitable have gone.That said i should have closed at least one of my positions, didn't see the drop quite so big.Those on the sidelines a great buying opportunity for long term.
aimho
cyril

Take out the short termers at a lower price to fill the big delayed orders, thats how it works.

i don't necessarily expect instant gratification, but sure as hell won't be hanging onto to these for a couple of years!

No, but the market will price this up ahead of good production !.

In fact, I've taken some profits this morning and bought back in at a lower price .

Good on you RF,nothing wrong in taking a profit,cynic as i stated many such as yourself will do just that and for now it looks to be the right decision. Perhaps a duel position holding l/term with some s/term on peaks/troughs,but to each is own.
cyril

i may be greed-driven and buy some more during the day .... i shall dwell on it

Because there is a market markdown this morning does not change the fact that Afren have hit the jackpot with their Ebok discovery, so my view remains the same 50p coming sooner or later and to support this : crude is now past the $53 mark !.

What a turnaround from this morning and every chance we could end up blue

2 big fundies now have sizeable stakes---typical dive down to shake out some shares and go below some stops--imo! nothing wrong with the results so we should soon break 50p then onwards and upwards I hope--cairn wasn't built in a day. lol!

it's all over the shop, but very much to be expected given that it's the first day of the fiscal year, AFR results came out this morning and the markets need a breather

Get today over and done with, then it will start to move up as it should. I brought 150000 gasol @1.68 so iam a happy bunny.8-)

results uninspiring unless there is some fresh news dead money for a while.

maybe ..... proper reaction can sometimes be a bit delayed ..... it'll be interesting to see if papers have anything to say

Cynic please could you add this chart to the one at the top ?

Afren pre-tax losses have widen

African oil and gas independent Afren plc posts 2008 pre-tax loss of $56 million compared with $39 million in 2007.

NAR 1 ..... not my thread, so do not have access ..... on the other hand, suggest you add 200 dma to complete

Afren

Having more than trebled in the space of three weeks, shares in Afren, the West African-focused oil explorer, were vulnerable to profit-taking. What prompted yesterdays 12 per cent dip was a three-word caveat in the companys full-year results statement: Afren plans to produce up to 50,000 barrels of oil a day by the end of next year from its Ebok field, offshore Nigeria, subject to financing.

That qualification notably absent from the update on Ebok less than two weeks ago is significant, given that Afren had year-end net debt last year of $287 million (195 million), $86 million of which it is due to pay back in 2009.

With analysts estimating that the development of Ebok will cost around 100 million, Afren falls into the category of a junior explorer with promising reserves but insufficient funds to exploit them. Further, having raised 119 million from shareholders this time last year at 125p a share more than three times yesterdays price it may find them reluctant to commit more.

A recently stable and rising oil price should work in Afrens favour. So, too, should bid activity in the sector: predatory interest in Venture Production and BowLeven, Dana Petroleums purchase of Bow Valley Energy, and Premier Oils swoop on Oilexcos North Sea operations suggest that corporate buyers are not expecting oil prices to fall back below Decembers low.

Afren also has powerful partners. Several of its lenders, notably BNP Paribas and Standard Bank, are big shareholders, and it has a $500 million African joint venture with Sojitz, of Japan. That Afren has started producing oil from Nigeria within two years from a standing start is testimony to its ability to move fast. However, at 37p, down 5p, first-time buyers should wait until its funding plans are farther advanced. Pass.