Amities . l have been discreetly buying this stock since it was 39p . And the more i learn the bolder are the positions i take . .....Floated in Dec 2004 it was oversubscribed and before costs the required $15 million was raised. At the helm is ex BP head of Global exploration and Resavoir management . Furthermore a success story at Global Expo . Now Nick Johnstone wants to set up on his own . And after speaking to him l am not at all surprised . He is like a "Who s Who " of the hydrocarbon world ...He has ALL the prerequisites for success so why work for some other lackey ! .. namely connections from his ertwhistle employers . He has assembled a first class management team from ex colleauges at BP ; and is his business model is simple . AFR farms in on "Big Oils " inception upstream ; and with its scale of economy it works closely with "Big oils" fields on the look out for excellent workovers oppertunities .... Already lt has via a complicated j/v a percentage of the Sao Tome and Principe acreage -Located between the oil rich waters of Nigeria and those of Sao Tome and operated by Texaco / Chevron and Esso; and believed by many to be the new North sea . . 3D Seismic testing and magnetic graphic imagery and satellite imaging has located a labyrinth of channels leading to a main resavoir which is believed to14-15 mmbbls of oil and which would leave AFR with its share of 120/140 million barrels for NO cash outlay .To ensure early cash generation Afren has entered into a production sharing agreement in the developed Ogedeh field { adjacent to the BP operated Olowi marin field which is believed to yield 180 mmbbloe. Furthernore AFR has agreed to drill the lbekelia project for Ascent resources which is expected to produce 2,500 b/pdoe to satisfy AFR percentile share ,ln addition it is a believed resouce of several years . .. , .Not a bad start for a company with little more than six months in the making . ....and well worthy of investigation !! .....@+ J

Kieth, Hope theres a little pattern forming here, down during the day then a nice little tick up at the end. Iam starting to get dizzy again at these hieghts. Think i need some wine.

blanche yes if we can stay round about this level ready for the next move up it would be good
You will have to save the best wine for last, the journey is only just beginning am looking forward to a bright future

No Blanche you're are not the only ones, busy stoking EME at the moment. Yes i
believe we have a real gem here,have held for well over a year (patiently)and topped up since. We i believe, have one hell of board of directors who are quitely building a top oil/gas company.
cyril

Good day blanche, a treat for me i think a couple of drinks

All most a record high, not be long though, onwards and upwards

A pot of gold awaits in 6 months to a years time for us

Kieth, The only blue share in a sea of red. Come on Afren you beauty.

Not a bad day blanche, a nice bounce from yesterday

Should get some drilling results soon from the Ofa Field

Check out the new website

Afren PLC
03 August 2007

Afren plc (AIM: AFR)

Dr Rilwanu Lukman appointment

London, 3 August, 2007 - Afren plc ('Afren' or 'the Company') announces that Dr
Rilwanu Lukman, KBE, Legion d'honneur, Founder and non-executive Chairman of
Afren has been appointed Honourary Advisor on Energy and Strategic Matters to
the President of Nigeria.

The Board of Afren announces that President Umaru Musa Yar'Adua, the newly
elected President of Nigeria, has approved the appointment of Dr Rilwanu Lukman
as his Honourary Advisor on Energy and Strategic Matters. The role is one of a
number of advisory appointments in other sectors of Government activities made
by the President, is an honourary role, and does not include a paid office.

Dr Lukman has previously served as the Nigerian Minister of Petroleum Resources,
Special Adviser to the Nigerian President for Oil and Gas, Nigerian Minister of
Foreign Affairs, Nigerian Minister of Mines, Secretary General of OPEC (6
years), President of OPEC (9 sessions), and Founder and Chairman of the African
Petroleum Producers Association.

As a Founder of Afren and current non-executive Chairman, Dr Lukman will
continue to drive the Company's vision to become the premier pan-African
independent exploration and production company, through partnering with
indigenous companies and governments and acquiring equity stakes in exploration
and development assets.

3 August 2007

Enquiries:

Afren plc +44 20 7182 1800
Osman Shahenshah Chief Executive
Evert Jan Mulder Chief Operating Officer
Galib Virani Investor Relations

Jefferies International Limited +44 20 7618 3500
Toby Hayward
Oliver Griffiths

Tristone Capital Limited +44 20 7399 2480
Simon Ashby-Rudd
Majid Shafiq

Pelham Public Relations +44 20 7743 6673
James Henderson
Alisdair Haythornthwaite



Background information

Afren Plc

Afren (
www.afren.com
) was founded in December 2004 by a management team
including Dr Rilwanu Lukman, (Chairman), Osman Shahenshah, (Chief Executive) and
Bert Cooper (Advisor to the Board), with the vision to become the premier pan
African independent Exploration and Production company. Afren's Chief Operating
Officer is Evert Jan Mulder, who was most recently Chief Operating Officer of
Addax Petroleum, Nigeria's largest independent oil producer.

Since its listing on the AIM market of the London Stock Exchange, Afren has
rapidly expanded its portfolio and the management team has delivered 11 assets
in the Joint Development Zone of Nigeria-Sao Tome and Principe, Nigeria,
Gabon, Angola and Congo Brazzaville. In addition, Afren has built an executive
and non-executive management and advisory team with broad and extensive
experience in the industry, both in West Africa and internationally; in
identifying and completing corporate expansion opportunities and in public
company financing. Afren also looks to leverage key relationships across the
region to gain preferential access to opportunities.

Afren will continue to add to its diversified portfolio of near term development
and high impact exploration, with the overall objective of creating substantial
shareholder value.

Current portfolio

Nigeria

Afren is partnered with indigenous companies on all four assets in Nigeria.
This is consistent with the strategy and commitment of partnering with
indigenous companies to target low cost development options that yield near-term
production.

Okoro Setu development - Two appraisal wells were successfully drilled in
Q4 2006 by Afren, the Technical Service Provider. A nine-month rig contract
is in place for the Adriatic VI, with development drilling due to commence
in Q4 2007. An FPSO has been secured, reserves certified by Netherland,
Sewell and Associates (2P of 32 mmbbl) and the Field Development Plan has
been approved by the Department of Petroleum Resources in Nigeria. First
oil is targeted in Q1 2008 and circa 15,000 -20,000 bopd of oil achieved by
mid 2008.
Ofa development - Discovered by Shell in 1970. Upon a successful well
test, production should be achieved within eight to nine months at up to
4,000 bopd.
Ogedeh development - Existing discovery made by Chevron in 1993 in an area
lying close to existing infrastructure. Various development options are
currently under review.

Eremor development - Initially discovered by Shell in 1978. Phase I of
the approved Field Development Plan is to re-enter and complete Eremor-1.


Angola Cabinda Block B

Heads of agreement have been signed for a 5 per cent. interest in Block B, a
high quality exploration license containing existing discoveries (32 wells
previously drilled without Seismic (4 wells testing light oil and 7 wells with
oil shows). A 2D seismic programme is planned, followed by a 5-well exploration
programme from 2008 onwards once Force Majeure is lifted.

Congo

The La Noumbi field (Afren: 14% interest) lies adjacent to the M'Boundi field
and contains a number of high impact exploration opportunities. A well will be
drilled on the Doungou prospect in August 2007.

Gabon

Afren has interests in Themis and Iris Marin (12.86%) and the Ibekelia Study
Area (20%), which offer low cost exploration upside. The Admiral prospect in
Themis Marin is due to be drilled in H2 2007.

Nigeria - Sao Tome Joint Development Zone

Afren's 4.41% interest in Block 1 of the JDZ offers exposure to a world class
exploration acreage and in March 2006 Chevron made the Obo-1 discovery which
contained 150 feet of net pay and proved a working hydrocarbon system in the
JDZ.




This information is provided by RNS
The company news service from the London Stock Exchange




http://www.fox-davies.com/Reports/Afren_Initiating_Coverage_August_2_2007.pdf

media comment, click HERE

Just to fetch everyone up to date a good read an article in Oil Barrel

08.08.2007
Afren Ploughs On With Its Development Projects In Nigeria And Gets High Marks For The Quality Of Its Management
In the plethora of press releases that come oilbarrel.coms way each day it would have been easy to overlook the one concerning a new appointment for Dr Rilwanu Lukman KBE, Legion dhonneur. Dr Lukman has been appointed Honourary Adviser on Energy and Strategic Matters by President Umaru Musa YarAdua, the newly elected President of Nigeria. This is hardly earth shattering news. Dr Lukman has been at the heart of the Nigerian oil industry for years; you would expect him to have an energy role in the new government.

Dr Lukman has previously served as the Nigerian Minister of Petroleum Resources, Special Adviser to the Nigerian President for Oil and Gas, Nigerian Minister of Foreign Affairs, Nigerian Minister of Mines, Secretary General of OPEC (6 years), President of OPEC (9 sessions), and founder and chairman of the African Producers Association. Phew, Nigerias Mr Oil, then.

What is germane to our little tale here, however, is that he is a founder and current non-executive chairman of Afren. Afren is a London AIM-listed company which focuses on Africa. Specifically it has four what you might call development assets, through PSAs in Nigeria, as well as some exploration acreage in the Congo, Angola, Gabon, and the Nigerian joint development zone (JDZ) with Sao Tome & Principe.

It is the development assets that are currently under scrutiny. These are old discoveries, usually onshore but also in very shallow water offshore Nigeria judged too small or immaterial for the large companies which found them. The condition for companies like Afren being able to exploit these fields is that they must have an indigenous partner under the countrys Marginal Field Programme. In 1996 a total of 116 proven but undeveloped fields were designated as marginal in other words despite having significant quantities of hydrocarbons, they were too small for the majors under the existing onshore fiscal regime. The fiscal terms for indigenous companies are far more attractive.

Afren has recently bagged a fourth development project under the marginal field scheme. In July Afren signed a financing and technical services agreement with local company Excel Exploration & Production for the development of the Eremor field in OML 46. The cost of entry is just under US$2 million and the cost to first oil is just under US$10 million with first production expected around mid 2008, making a low cost route to early cash flow. Excel was awarded the acreage in 2003.

The field was discovered by Shell in 1978 when the Eremor-1 well encountered five hydrocarbon-bearing zones. Between 1984 and 1990, three additional wells were drilled to appraise the areal extent of the accumulation and in 2005 the original discovery well was re-entered and tested, yielding 22-degree API oil and indicating the potential for flow rates of up to 2,000 barrels per day from the vertical well.

The field is covered by 3D seismic data and is estimated to hold up to 30 million barrels in the D3 reservoir, of which up to 10 million are reckoned to be recoverable. There could a further 30 million barrels in the shallower D1 reservoir.

The Eremor project is a nice addition to the portfolio, assuming the 2000 bpd idea is met. But it is the fourth and probably smallest development so far. Afren is targeting 15,000 bpd by mid 2008. This will be delivered mainly by the Okoro Setu fields in OML 112, but also from the Ofa project in OML 30 and the Ogedeh asset in an OML90. There were different discoveries in these fields and there are now various local partners for Afren.

One broker Fox Davies Capital has assigned a risked net asset value of 360 million or 97p a share. There is some cash and the exploration assets are in at 115 million. The development assets are assessed at 66p a share.

But, of course, this is Nigeria and nothing there is without risk. A number of western companies have been burnt on similar projects in Nigeria due to partner disputes or financing issues. Irish exploration company Tuskar Resources went into liquidation after it fell foul of its indigenous partner Cavendish Petroleum in the development of the Obe field. And Equator Exploration ran into difficulties when its local partner, Peak Petroleum, failed to meet cash calls for the development of the Bilabri field.

The key to making these projects work is the quality of the indigenous partner, and the ability of management to deliver, including connections with Nigerian officialdom. Fox Davies awarded another 19p a share on its assets valuation, moving to 1.16 a share. And, of course, there is always Dr Lukman to help out in dealing with the local partners.
< back





.

Kieth, Read this earlier but thanks for posting. Gr8t reading as always with afren.
Would like to see us get out of this little trading range weve got into. IMHO i think if we can break out over 90p then i can only see it going further north.

Kieth, Off thread but dont know if you hold but iec looks like it is finally going to recover, and imo is a good time to get in. Hopefully back to 15.00 plus.

No i don't hold iec blanche, to be honest am fully loaded up on the one's i have ,,, waiting as ever
Thanks anyway, catch you later

See what i mean down 4.5%, I know the markets down but this is crap really! (THE SP NOT AFREN) we should be going north.

Not been the best of the last few weeks, at least we are still on track for 15 to 20k bopd for mid 2008
Some relatively good new's today, but not a good day for the markets , looking for the longer term.

Afren PLC
15 August 2007

Afren plc (AIM: AFR)

Operational update

The Board of Afren plc ('Afren' or 'the Company') is pleased to announce an
operational update.

Highlights

Well test on the Ofa-1 well on the Ofa field is currently on-going. The
deeper horizon has been tested successfully and flow rates of up to 1,000
bopd achieved on a 20' choke.
Development drilling on Okoro Setu commencing in Q4 2007 with a target of
first oil in early 2008 and production of 15,000 to 20,000 bopd by mid 2008.
High impact exploration drilling in La Noumbi, Congo in August 2007.
Exploration drilling on Themis Marin in Gabon scheduled for Q4 2007.
Preparatory work for the Eremor development on-going (Field Development
Plan approved).

Ofa development, Nigeria

The Ofa well test is on-going; mobilization to site occurred in early July and
the deepest hydrocarbon bearing zone (N4000) has been tested at a depth of 7,200
feet and flow rates of up to 1,000 bopd on a 20' choke have been achieved.
Furthermore, various parameters have been established and crude samples taken
for analysis to optimise future drilling and development of the field. Afren
and its partner Independent Energy Limited successfully deployed an Electric
Submersible Pump ('ESP') during the testing programme. The next stage of the
work programme, which is testing of shallower oil bearing zones, is currently in
progress.

Eremor development, Nigeria

The Company recently signed an agreement with the indigenous company Excel for
the development of the Eremor Field. Phase I of the Field Development Plan
includes re-entry and completion of the existing well and construction of a
7-kilometre oil evacuation line to the nearest flow station. The Field
Development Plan and Environmental Impact Assessment have been approved and
development work will commence in the near term.

Okoro Setu development, Nigeria

Following the successful appraisal drilling programme, completed in December
2006, Afren has put in place the drilling capability, financing structure,
development plan and production capacity for the Okoro Setu Project. All major
contracts have been awarded including the drilling rig, Floating Production
Storage and Offloading vessel ('FPSO'), drilling consumables, the well head
decks and flexible flow lines.

The FPSO vessel, the Armada Perkassa, is currently moored in Keppel Shipyard in
Singapore and is undergoing a planned systems upgrade to meet project
requirements, including the addition of a test separator and gas lift
compressor. It is expected that the FPSO will arrive on location in December.

The company is therefore on track to achieve its target of first oil in early
2008 and production of 15,000 - 20,000 barrels per day in mid 2008.

La Noumbi, Congo

The first well to be drilled, in August, is on the Doungou prospect. Afren has
a 14% working interest and the operator is Maurel et Prom. The La Noumbi 2D
seismic acquisition programme is on-going with 200km 2D planned, focussed on the
North West of the licence. The processing should be complete by Q4 2007.

Themis Marin, Gabon

A well on the Admiral prospect on the Themis Marin license is expected in Q4
2007. Afren has a 12.86% stake and the operator is Sterling.

Osman Shahenshah, Chief Executive of Afren, commented:

'We are delighted with the initial results from the Ofa well test, having
achieved a flow rate of up to 1,000 bopd from the deepest hydrocarbon bearing
horizon, while we continue the testing programme in the shallower intervals. We
are looking forward to development drilling on Okoro Setu scheduled for Q4 2007,
in addition to executing phase one of the Eremor development plan and
exploration drilling in Congo and Gabon. We therefore remain focused on first
oil in early 2008, 15 to 20,000 bopd from Okoro Setu by mid-2008 and continue to
evaluate our strong new ventures pipeline.'

15 August 2007

Enquiries:

Afren plc +44 20 7182 1800
Osman Shahenshah Chief Executive
Evert Jan Mulder Chief Operating Officer
Galib Virani Investor Relations

media comment, click HERE

Thanks share trader, things certainly looking a little better let's hope now we can have a rise to match the fall

Afren PLC
20 August 2007

Afren plc (AIM: AFR)

US$50 million unsecured loan

London, 21 August 2007 - Afren plc ('Afren' or 'the Company') announces the
closing of a US$50 million unsecured loan.

The Board of Afren Plc is delighted to announce that the Company, through its
Nigerian subsidiary, has closed a US$50 million unsecured loan with First City
Monument Bank plc ('FCMB').

Background

The proceeds of the US$50 million unsecured loan will be used primarily to
finance the Company's acquisition opportunities. The Company recently announced
an agreement with Excel, an established indigenous company, for the development
of the Eremor field in Nigeria, taking the portfolio to 11 assets in 5
countries. The Company is currently evaluating other near term development
acquisition opportunities both in Nigeria and elsewhere in West Africa.

FCMB is a leading and well established Nigerian bank and the loan endorses both
Afren's existing asset base and its future pipeline of opportunities. Afren was
founded with the vision to become the premier pan-African independent
exploration and production company through a strong African representation in
its Board, Management, Partners and Shareholders. This latest initiative
reinforces the recent steps to increase the African participation in Afren's
capital structure.

Summary of the loan terms

The US$50 million loan is unsecured, has a five year term, with interest payable
semi-annually at LIBOR plus 4.45 per cent. and Principal repayments commencing
only after 30 months. The loan is accompanied by 12 million detachable warrants
over the Company's ordinary shares, with a term of five years. The warrants
have been priced at 85 pence representing a premium of 42 per cent. to the
current share price.

Osman Shahenshah, Chief Executive of Afren, commented:

'The US$50 million loan provides further flexibility in the continued build-out
of Afren's West African portfolio. This follows the recent syndication of
Afren's US$200 million Development Facility and its successful US$65 million
equity placement, both of which were over-subscribed. FCMB's strong local
backing of Afren is a testament to the Company's existing portfolio and
potential pipeline of acquisition opportunities. The continued support by
Nigerian financial institutions, including Guarantee Trust Bank plc's
participation in the US$200 million Development Facility, is both a strong
endorsement to Afren's established credibility in its principal operating region
and to the maturity and funding capacity of the regional financial sector, as a
supplement to Afren's traditional support base in North American and European
capital markets. Such local participation from the growing African Capital
Markets base, complements Afren's focus on partnering with indigenous companies
in developing a pan-African portfolio of oil & gas upstream assets.'

Ladi Balogun, Chief Executive Officer of FCMB, commented:

'We are proud to be associated with Afren, a well run company in an exciting
space. We expect that Afren will be able to increasingly tap into the local
capital markets to comfortably fund their expansion plans in the region. With
greater choice of funding options, Afren will benefit from a lower cost of
capital to accelerate its growth options. We look forward to working with Afren
on subsequent transactions, as we see this company continuing to hold
significant promise in the future.'

21 August 2007


Enquiries:

Afren plc +44 20 7182 1800
Osman Shahenshah Chief Executive
Evert Jan Mulder Chief Operating Officer
Galib Virani Investor Relations

From the oil barrel

21.08.2007
Afren Widens Regional Oil Search As Nigeria Development Work Continues
With development work in Nigeria underway, and buoyed by some recent well test results, Afren is preparing to embark on the next stage of its journey. As drilling kicks off in the Congo, and with a well lined up later this year in Gabon, the AIM-listed explorer is now beginning to assert itself as a true regional West Africa-focused oil company.

The first well to be drilled, in August, will target the Doungou prospect in Congos La Noumbi block. Here, Afren holds a 14 per cent interest in a concession operated by Maurel & Prom, already a significant producer in this corner of the world. A 200 km 2D seismic acquisition is also underway which will be completed by the year-end.

The Doungou well marks a big step for the company as it seeks to fan out across the region from its Nigerian base. Later in the year, a well on the Themis Marin block offshore Gabon will further bolster Afrens regional exposure. The well, targeting the Admiral prospect, is expected in the final quarter of the year. Afren holds a 12.86 per cent stake alongside operator Sterling, another experienced regional hand.

If either of these proposed wells pay off they will top up what could already be a significant pool of reserves from Afrens deepwater interests. The company has a small share of the Chevron-operated Block 1 in the Sao Tome & Principe-Nigeria Joint Development Zone. Last year, the US oil giant made a discovery with its Obo-1 well, the first to be drilled in the JDZ, with press speculation suggesting that the find could yield up a billion barrels.

Further ahead is Afrens Angola play. Here, it has teamed up with more reputable partners in the shape of Devon Energy and Repsol for a slice of Cabindas Central Block. The group plan 2D seismic on an area that has largely been out of reach for years because of security issues. But things are calming down, with Roc Oil recently launching the first well to be drilled onshore Cabinda in 35 years on its adjacent Cabinda South Block. These results will be eagerly watched by Afren and others.

But the primary focus for Afren is still Nigeria and its growing portfolio of development projects, headed by Okoru Setu.

Development drilling will start later this year with first oil for the group planned in early 2008. The company hopes to crank this up to as much as 20,000 bopd by the middle of next year, another significant test of its technical and operational skills. Afren said last week that the FPSO, currently being fitted out in a Singapore yard, is scheduled to arrive in Nigeria in December.

Positive results from the Ofa-1 well test should give the company plenty of added cheer. It said the deepest hydrocarbon-bearing zone, tested at a depth of 7,200 feet, flowed rates of up to 1,000 bopd on a 20/64 choke. Work is now underway to test the fields shallower zones. Afren chief executive Osman Shahenshah said he was delighted with the results. Separately, the company is progressing work on the Eremor development following the approval of a field development plan.

We remain focused on first oil in early 2008 -15-20,000 bopd from Okoru Setu by mid 2008 - and continue to evaluate our strong new ventures pipeline, said Shahenshah.






.

Fox Davies FLASH NOTE
Sector: Oil & Gas
Location: West Africa
Date: August 21, 2007
Ticker: AFR LN
Afren Buy, target price 1.16

Closes US$50mn unsecured loan
Event
Afren today announced the closing of a US$50.0mn unsecured loan through its
Nigerian subsidiary with First City Monument Bank, a local well-established
bank. The proceeds of the loan will be used primarily to finance Afrens
acquisition opportunities.The loan has a five-year term with interest payable semi-annually at LIBOR plus 4.45% and principal repayments commencing only after 30 months. The loan is accompanied with 12.0mn detachable warrants over Afrens ordinary shares with a term of five years and exercise price of 85p, which represents a 42% premium over yesterdays close.

Implication
The announcement is positive for a number of reasons:
To conclude an unsecured loan under current market conditions is a
significant achievement
Afren is further differentiating itself from its peers with access to nontraditional
regional funding
Local backing represents further political reinforcement and a vote of
confidence in Afren
The unsecured loan suggests the company will continue to make value
adding acquisitions
The loan is non-dilutive in the near term
The loan also comes in addition to the syndication of Afrens
US$200mn development facility and provides further financial
flexibility to the companys growth plans
Afren is also gaining another respected Nigerian investor in its
shareholder base through the warrants

Comment
Since the proceeds have not yet been utilised and given that the principal
payments are delayed by 30 months there is no immediate impact on NAV.
We continue to be positive on Afren and believe that the current share price
weakness due to wider market correction represents a buying opportunity. We
maintain our Buy recommendation and a target price of 1.16.
Company Statistics
Share Price (p) 61.0
Shares Outstanding (mn) 267.4
Warrants and Options 35.4
Fully Diluted Shares (mn) 302.8
Market Capitalisation ( mn) 163.1
Average Daily Turnover ( mn) 1.1
Net Debt/(Cash) ( mn) (49.0)
Enterprise Value ( mn) 114.1
52-week High (p) 84.75
52-week Low (p) 40.75
Website www.afren.com