< "> 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

Curiouser and curiouser !....still think 20p plus for me....!...

The volume is only half that of the last two days, so maybe holders are content to sit awhile before deciding on a course of action. Lets just hope that SEPLAT think AFR is a bargain which shouldn't be missed.

is 204m traded REALLY half of the last 2 days volume?

When I looked, vol was about 170m which is about half.

Standard & Poor's Ratings Services yesterday (4 February) said it lowered its long-term corporate credit rating on Afren PLC, a U.K.-headquartered oil and gas exploration and production company, to 'SD' (selective default) from 'CC'.

At the same time, we lowered our long-term issue rating on the company's senior secured bonds maturing in 2016 to 'D' from 'CC'. We also affirmed the 'CC' long-term issue rating on the company's senior secured bonds maturing in 2019 and 2020.

We downgraded Afren because it failed to pay its obligations under both its $300 million revolving credit facility (Ebok facility) and its bonds maturing in 2016 on time (we understand the amount outstanding on the bond is $253 million). The company obtained from the lenders of the $300 million revolving credit facility a deferral of the $50 million amortization payment due Jan. 31, 2015, to Feb. 27, 2015. We also understand Afren is using a 30-day grace period under the bonds due 2016 to postpone payment of US$15 million of interest due on Feb. 1, 2015.

We consider that the deferral of Afren's debt payment obligations is tantamount to a default, and we think that there is a high likelihood that Afren will fail to make the principal and interest payments in February 2015.

Still, Afren has not defaulted on its other bonds maturing in 2019 and 2020, which account for more than 50% of its outstanding total debt. We have therefore lowered our long-term rating on Afren to 'SD', reflecting our view of its default on some of its debt instruments; rather than a default on all or a substantial part of its debt.

We believe Afren's ability to continue to operate effectively will be hampered, particularly because the appointments of key managers are still pending after the dismissals of the CEO and COO last year and because oil prices are currently low. The decline in oil prices is complicating Afren's liquidity and debt restructuring, in our view.

Seplat, a Nigerian exploration and production company, has approached Afren regarding a potential merger. Seplat has until Feb. 13, 2015, to make a formal offer. However, the deadline has shifted twice, and we think it could be pushed back again in the future. We will take into account this potential major development in any future rating actions.

Sp going nowhere.....again! :o(

yes it is - gently south

Another red day in general, up 2 steps one day then back 1 the next.,.

the trojan horse of the greek influence :-)

https://uk.finance.yahoo.com/news/realistic-seplat-takeover-afren-plc-104436211.html

somebody once said about them 'lazy unemployed gluttons' or similar

RF

Are you still waiting for 20p , whats your average buy price of your holding now ?

About 20p....

I think that Afren are going to prefer raising capital than being taken over...this is a company whose sp was around 100p to 150p for years...and now 10p...they are going to be gutted at being taken over around 20p or even 30p....best thing is to go cap in hand to banks....and then perhaps better times will come...

That's what i'm hoping for rf , that is however if they can sort out their mess ,it surely doesn't help that there is no one at the helm .
I do feel if they had a a really good CEO who knew the oil business there would be a future here .
I bought on the way down and have not stopped out , not happy here.

rumour is the decent ceo's dont want to be associated with this tarnished company............. damaged goods - as i say just rumour

don't need rumours, just common sense .... apart from anything else, the company couldn't afford the money for what is likely to be very short term tenure

ha ha lol
& afr obviously couldn't afford common sense either at the time............................

ah well; as happens quite a lot, mr shahenshah obviously considered the company as still "his" and milked it as he saw fit, apparently without reference to his main board