< "> 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

oooooo mitzy.......... +6% today

a fall to 17p cannot be ruled out
or did i mean
a rise to 27p cannot be ruled out?

:)

New revised target of 14p.

+7%

ENQ up 30% and this up 1p big deal.

#3 ST biz section has an article on the AFR bid situation
inter alia, it highlights that AFR's debts at £1.2bn are 4x the market value of the company and .....
"any deal is likely to wipe out a host of Afren's creditors or require them to take a haircut on the value of their debts"


i would be interested to hear from others why this might paint a rosy picture for current shareholders .... i shall decline from comment

I would guess 15p opening price on Monday am I right.

you might say that but i couldn't possibly comment

Cynic the debt is $1.2bn not pounds.

The Sunday Times

Afren lenders brace for fight as bid looms

25 January 2015

Afren is hamstrung by a huge debt pile and a plummeting oil price Afren is hamstrung by a huge debt pile and a plummeting oil price (PA?)

CREDITORS of the scandal-hit oil explorer Afren have drafted in a Wall Street heavyweight to fight their corner just days before an expected takeover bid from rival Seplat.

Shares in the London-listed company have collapsed by nearly 90% since July, when it uncovered a secret deal that would have handed $200m (£133m) to the then chief executive Osman Shahenshah and other top executives.

Shahenshah and three directors have been fired.

The scandal, combined with the precipitous fall in the oil price and Afren’s huge debt pile, has crippled the company.

Holders of $860m worth of bonds hired restructuring specialists at Blackstone on Friday, to advise them on their options.

Next Friday will be decisive for the company, whose revenues have collapsed due to the plummeting oil price.

It must make a $50m payment to its banks on Friday but has asked for an extension. The lenders have appointed PwC; Afren is relying on Morgan Stanley.

Friday is also the bid deadline that the stock market regulator has imposed on Seplat, which revealed last month that it was considering an offer.

Any deal is likely to wipe out a host of Afren’s creditors or require them to take a haircut on the value of their debts.

The company owes $1.2bn, equivalent to four times its stock market value.

Should the Seplat deal fail, Afren has lined up to two potential candidates to step in as the new chief executive: Jon Ferrier, a senior executive at the Danish shipping and energy giant Maersk; and Alan Linn of Roc Oil, an explorer listed in Sydney.

Shahenshah and the former operations chief Shahid Ullah paid back $20m to the company this month but did not admit wrongdoing.

The company owes £800m but as of the 30 September the NAV was $1.98bn and since then there has been a write down on their Kurdistan Assetts.

Job to guess anything here at all.....it's a takeover period which does help...but at what price ?...I thought at first it would be 100p or so....50 or 60p if we are lucky now ....or will Seplat or whatever they are called handover 300 million pounds for 51% of the company...that sort of thing...sort of Dragons Den arrangement....

sort of "got you by the balls situation", says seplat

I read that ST article today , Afren's debts are 4 x the value of the company ,

yes 4 x with the share price that has been driven down to 20 P ,if they drive it down to 10 P it will be 8 times the value .
You have to ask is 20 P a fair value of Afren ?

ask seplat!

http://www.ngrguardiannews.com/business/195182-avuru-why-private-refineries-fail

http://www.cnbc.com/id/102364314

Wrong thread

L2 indicates everyone dumping this morning