< "> 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

Don't know anything about this company.


Sharecast -

Afren dealt further blow as T5 denies bid rumours

Tue, 20 January 2015



Afren dealt further blow as T5 denies bid rumours



Shares in oil and gas group Afren have been hit by news that rumoured suitor T5 Oil & Gas is not interested in a takeover.
It had been reported on Monday that T5 was considering a reverse takeover of the FTSE 250 group, with Hannan Partners hired to advise and £800m raised for a bid.

But T5, which is registered as New Horizon Oil and Gas Limited, put out a statement on Tuesday morning rebuffing the rumours.

"T5 Oil and Gas announces that it does not intend to make an offer for Afren Plc," it stated.

On Monday, shares in Afren, which had been hit by major disappointment over a substantial reduction in reserve and resource estimates at its 60%-owned Barda Rash field, stabilised after another potential suitor requested and was granted an extended period of time to work on a bid.

Seplat Petroleum Development, a Nigeria-based group than made a "highly preliminary" approach in late December, successfully applied for a 11-day deadline extension to agree a merger or takeover deal.

On 12 January Afren revealed that an updated 'competent person's report' at Barda Rash in the Kurdistan region of Iraq has essentially eliminated all of the gross proven and probable reserves of 190m barrels, and has revised gross contingent resources from 1,243m barrels to just 250m barrels.

Afren said it was considering its "strategic options" for the project.

Analysts at Canaccord also said Afren needs to refinance some of its debt in 2015, and progress on this "is of the utmost importance to the company's future as a standalone entity".

i'ld guess T5 is the old management consortium

Seplat
i think i think as follows ......
it is just possible that there's another potential bidder lurking, but it's unlikely
i think seplat will make an offer, but possibly as low as 35p and i'ld be surprised of it was more than 50p
AFR is completely rudderless and will effectively be forced to accept seplat's terms unpalatable as they might be, as refusal = sayonara

merely as an aside, i think there is something distinctly odd about the latest CPR ex kurdistan
thus, if seplat succeed, they will pick up this asset for zilch and sell it on for considerably more so they can concentrate on the homefront

I would direct the gentleman to his own post this morning (3011) and suggest that

"what he thinks he knows and what he would like to think he knows will add up to less than two peas" ....

and as i wrote, "i think i think as follows"
i made no pretence of knowing anything

From Malcy's blog

Afren have confirmed that they are in talks with Seplat and the Takeover Panel have extended the time until 30th of Jan by when they have to put up or shut up. My spies tell me that Seplat have made a derisory share offer which Afren dont like the look of one bit, no surprise company aren’t returning my calls! BTW the clue is in the name…Takeover panel…

zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz Oh dear someone with spies in the camp, yawn

After hours RNS re share dilution .

not quite true ....

via Reuters
Statement regarding recent press speculation
Continues to be in discussions with Seplat Petroleum Development Company Plc regarding a possible combination with Afren
Is also reviewing its cost base and capital expenditure plans for 2015
Is also seeking a deferral of a $50m amortisation payment due at end of January 2015

============

Statement regarding recent press speculation

Afren plc ("Afren" or the "Company") notes the recent press speculation
regarding a possible financial restructuring. The Company confirms it has
been reviewing with its advisors its capital structure, liquidity and funding
requirements. As part of that process the Company is in discussions with its
lenders regarding amendments to its existing facilities, in addition to
seeking a deferral of a $50m amortisation payment due at the end of January
2015. Given the rapid decline in the oil price the Company is also reviewing
its cost base and capital expenditure plans for 2015.

Afren continues to be in discussions with SEPLAT Petroleum Development Company
plc ("Seplat") regarding a possible combination with Afren.

There can be no certainty that an offer will be made or as to the terms of any
offer.

Opened down 15%.

Afren. In talks with their house broker, Morgan Stanley to see how they can re-structure the debt. Here's Sky's take on it:

HTTP://news.sky.com/story/1411565/afren-reviews-options-amid-oil-price-slump



This is the RNS response to the above "press speculation":

Afren plc ("Afren" or the "Company") notes the recent press speculation regarding a possible financial restructuring. The Company confirms it has been reviewing with its advisors its capital structure, liquidity and funding requirements. As part of that process the Company is in discussions with its lenders regarding amendments to its existing facilities, in addition to seeking a deferral of a $50m amortisation payment due at the end of January 2015. Given the rapid decline in the oil price the Company is also reviewing its cost base and capital expenditure plans for 2015.



Afren is worth around $300m.
A third of production (30-35k bopd) is hedged at $90 until December 2015 I believe.
Sepalt given another two weeks to come up with an offer.

Lack of buzz here....considering a takeover might be coming.....

Surprised there is any 'buzz'. Seplat walks and Afren price collapses you'd have thought. Not sure they can pull off any sort of reasonable refinancing at this present juncture.

Yesterdays RNS killed the buzz

I cant see a bid at 50p if it all.

With no buzz..(aldrin) ...well the takeover at 80p or more is looking more and more like a moonshot...but I'm staying put(t))(for golf on the moon)....anyway,....

I've heard of video killed the radio star....but not rns killed the buzz....sorry....just having a laf...

AFR have the money,are they carrying out normal business of restructuring for
best practice?

reaction of sp is surprisingly muted and trade book pretty much level
to me, it looks likely that AFR will be forced into a corner and have no option other than to accept what is put on the table
whether or not the innocent (as opposed to the crooked) shareholders will be left with anything at all is a moot point

Wish I took a quick profit when it was 34p....could have bought them back now as it is in an Isa...