< "> 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

sounds like market pleased that the non exec director has quit!!!!! lol

http://www.oil-price.net/index.php?lang=en
------------------------------------------------------------------------------------

From the above.


Oil Price Fall Threatens US Oil Production
Oil Price Fall Threatens US Oil Production By STEVE AUSTIN, 2014/11/04

The sharp oil price fall from $100 last summer to below $80 in just three months will bankrupt small US oil producers who need at least $80 per barrel to be profitable. It's as shame because the dream of US energy independence may never realize. Meanwhile OPEC producers are seizing this opportunity to keep prices just below $80 and thin out competitors.

Some think that ship has sailed and those not on board are missing the ride
now 78.25p

quite right mentor..... in at 73p and looking forward to a steady climb.,.

SAP have not made their bid yet!
Please board now.

re post of 6 Nov 2014 re Mr Ennio Sganzeria -

On behalf of Shareholders, I would like to wish Mr Ennio Sganzeria ( Non Executive Director ) good ridance for his poor work as Audit and Risk, Nomination and Renumeration Committee Member.
Was he sleeping while his CEO, and COO etc seem to have had their hands in the till ? What qualifications and experience did Mr Ennio have, for him to have been so ineffective ?

On behalf of Shareholders I wish to say we are glad you have gone mate - and do not ask Afren Shareholders for any references.

Who recommended this - is it - plonker to Afren as non Executive Director, no wonder he has resigned he must be so embarrassed ?

Up 10% on no news

Wish I'd invested more the way it's going.,.

i think it may well be found that the CEO orchestrated everything
it looks undeniable that he syphoned off an awful lot of money into some BVI entity and ran that as a private fiefdom

it is unclear how/why other (non main board) directors got a handout from there, but that doesn't de facto make them guilty of malpractice, especially if they were not directors let alone shareholders of same

however, it is certain (i think) that the main board was never advised that these "performance bonuses" were being paid, and therefore also not of their provenance

=========

anyway, there's no doubt that AFR is now left floundering rudderless, so one would hope that there will be a t/o at a respectable price in the near future

don't hold your breath!

Derwent -
Do not wish too much for SAP news - that may only be a "bonus" if it ever comes.

Afr was over sold probably people getting stops hit on heavy market traders short selling ( who does this ). They are probably buying back now at small dealer expense.
Also others seeing that it may have hit a rock bottom and is well undervalued.
Also a move up in Brent oil prices for the first time in a couple of weeks.

To me Afren may soon issue some good drilling and production news, and with some decent Directors at the helm, - by Christmas may hopefully be back to above 140p, as a quality investment.

Also Kurdistan - sod the Baghdad Central Government messing with payments - Kurdistan could sell their oil to an Oil Trader, who could then sell it on to a User.
The Trader would be happy to get the Kurdistan oil at best price, pay Kurdistan Gov., and sell it on to an anonymous user. Only problem could be pipeline security I think. So Kurdistan oil could soon start gushing for Afren.
.

Is Kirkuk Oil fields now under the control of Kurdistan or Baghdad, with these ongoing ( Islamic State ) IS problems ?

Business
Pipeline upgrade to boost Kurdish oil exports
By Alexander Whitcomb 28/10/2014

ERBIL, Kurdistan Region - A new pipeline upgrade will significantly boost Kurdish oil exports by the end of the year, according to Kurdistan Region officials.

On Tuesday the Kurdistan Regional Government confirmed that Kurdish exports of crude to Turkey are expected to reach 400,000 barrels per day (bpd) by the end of the year, up from current levels of more than 290,000bpd.

They added that this number should rise to 500,000bpd by the end of the first quarter of 2015.

Once technical upgrades in both Turkey and the Kurdistan region are fully complete, the Ministry of Natural Resources says the pipeline will reach a capacity of 700,000bpd. The KRG aims to reach one million bpd by the end of 2015.

But these figures are contingent on a number of simultaneous developments.

Norwegian oil and gas firm DNO working on a new 24-inch pipeline for the Tawke field, which will help it meet a 200,000bpd deliverability target this year. Anglo-Turkish firm Genel hopes to increase its production by 80,000bpd before 2015, according to its website.

They also factor in oil that the Iraqi federal government considers misappropriated by Kurdistan from its state-owned North Oil Company.

Oil pumped from the KRG-controlled fields in Makhmour district—the Avana dome in Kirkuk field and Bai Hassan field—are being linked by a spur to the KRG-Turkey pipeline. Oil from Avana has been flowing to the KRG for a little over a week.

Testing on the Bai Hassan branch is imminent, according to the Ministry of Natural resources.

The oil from these fields will be used by the KRG for its domestic refineries, helping the region to maintain its supply of refined products after Islamic State militants disrupted the activity of the Baiji refinery in June. The loss of Iraq’s largest refinery in June caused shortages of electricity and refined oil products, such as gasoline.

The Ministry of Natural Resources also stated that production in Avana and Bai Hassan will free up oil from its Khurmala dome for export.

The use of Kirkuk oil promises to complicate future negotiations over control of the country’s oil exports, the focus of a bitter dispute between Erbil and Baghdad that led former Prime Minister Nouri al-Maliki to cut off the region’s budget—over one billion dollars a month—in January.

Despite their disagreement, Baghdad had agreed to link Kirkuk’s Avana dome to the Khurmala field in Kurdistan after repeated insurgent attacks forced the North Oil to close its Kirkuk-Ceyhan pipeline in early March. The government was eager to resume exports of Kirkuk crude: every day its pipeline was offline, it lost revenue from the sale of 300,000bpd of oil.

“Increasing throughput capacity is commendable,” says Nat Kern, president of Foreign Reports, an oil industry consulting firm. “If Baghdad and Irbil ever reach an agreement, Iraq will need a new outlet for Kirkuk crude. If not, the KRG will need to overcome the legal obstacles Baghdad has erected so that it can develop a reliable customer base. The Obama Administration shouldn’t take sides in these legal disputes. Either way, the KRG is laying the groundwork for much higher volumes, to be exported sooner or later, for itself or for Iraq.”

I wonder if we will have an RNS tonight or first thing Monday to say SAP have increased their holding?

and not only 80p but 81.75p also now gone

Is the 10p rise on the cards?

Finished up 13%

A very large UT at closing 1.5Millions

Time 16:35:02
price 82.10p
amount 1,504,727
trade UT

LONDON, Nov 7 (Reuters) - Iraqi Kurdistan has sold 34.5 million barrels of oil worth almost $3 billion since January, the Kurdistan Regional Government said, despite opposition from the federal government to independent oil sales from the region.

The KRG said in a statement on Friday that it would make an initial payment of $75 million to oil producing companies for their exports and would make further payments on a regular basis, sparking a rally in producers' share prices.

Companies producing oil in the semi-autonomous region include the UK's Genel Energy (Other OTC: GEGYF - news) , Gulf Keystone Petroleum and Afren (LSE: AFR.L - news) , and Norway's DNO (Other OTC: DTNOF - news) . Shares (Berlin: DI6.BE - news) in Gulf Keystone rose by more than 6 percent, and Genel shares rose more than 3 percent.

The KRG added that the proceeds of the $2.87 billion sales were being treated as part of what it claimed as its "constitutional entitlement" of 17 percent of Iraqi government revenues, which it says have not been paid by Baghdad since January.

"The KRG is balancing almost a year of non-payments of its budgetary allocation from Baghdad," said Ayham Kamel, Middle East and North Africa director at Eurasia Group.

The statement comes a day after the KRG's minister for natural resources told a conference in Arbil that the region's exports were approaching 300,000 barrels a day.

The KRG said that it had shipped 21.5 million barrels of crude to the Turkish port of Ceyhan and trucked 13 million barrels to the Turkish port of Mersin since January.

The KRG said it had received $2.1 billion in cash and $775 million in payments in kind via refined oil product sales. (Reporting by Sam Wilkin and David Sheppard in London; editing by Jane Baird)

There is a mention about Afren regarding a possible bid in todays FT, can someone paste it on here

22 hours ago
BP rises as bid talk resurfaces
...could be worth around 138p per Cairn share, analysts said. Afren jumped 12.7 per cent to 82.1p after announcing the resignation...who led Eni’s African M&A push, raised speculation that Afren is being targeted for a takeover by 7.1 per cent shareholder...Bryce Elder

>>>>>>>>>> FT

A few lines in FT ...

....speculating that the General might be preparing for a take over. Once again, nothing concrete but the usual speculation and conjecture whenever they see an out of ordinary daily rise. I've heard these kind of guesses for so many years now that for me they've lost their impact.

------------------
The Independent.

Is the gamble on the Kurdish oil industry about to pay off?

Producers in the unstable region have been struggling to get payment for their exports, amid squabbles between Kurdistan and the Iraqi Government over who should take what cut. But yesterday the Kurdish Ministry of Natural Resources said it would pay $75m (£47m) to exporters this month, with future payments to follow. It also revealed that exports have jumped by 60 per cent in the last four months.

The news sent producers in the region rocketing. Afren jumped 9.25p to 82.1p, Genel Energy 27p to 754p and Gulf Keystone Petroleum 8.75p to 75p.