< "> 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

From the Financial Times this weekend ;-)

Afren abandons talkover talks with Seplat

Michael Kavanagh

Afren, the London-listed oil and gas explorer, abandoned takeover talks with Seplat, just hours ahead of a deadline for the Nigerian oil operator to make a formal offer.
Shares in Afren fell as much as 40 per cent to an intraday low of 4.08p on Friday before settling 2.53 per cent higher at 7.28p, after it said Lagos-listed Seplat had failed to come forward with an acceptable proposal.

In a statement, the cash-strapped company said Seplat’s indicative offer had been “significantly below the aggregate value of the debt of the company”.
It added that it would not agree to Seplat’s request for a further extension from Friday on the deadline to make a firm offer.

The deadline of Friday 13 was the last of three extensions for Seplat following confirmation of an approach in December for its cash-strapped target, which has gross debts of $1bn.

Afren said on Friday it would focus on its discussions with bondholders, as well as new third-party investors, which are aimed at securing the future of the business whose shares traded as high as 166.6p last May.
Seplat declined to state the value of its rejected approach, but said it had put a written proposal to the company “that provided critical and significant near-term liquidity and value for the stakeholders of Afren”.

Late last month, Afren agreed with lenders to defer a $50m repayment that had been due by the end of January and also confirmed it would make use of a 30-day grace period by delaying payment on $15m of interest payments on bonds due on February 1.


“The company is continuing discussions with the advisers to the ad hoc committee of its largest bondholders regarding the immediate liquidity and funding needs of the business,” Afren said.

Stephane Foucaud, an analyst at FirstEnergy, said the collapse of talks with Seplat was disappointing, but said existing shareholders still held some power in attempting to strike a favourable deal with bondholders and any new equity investors which could ward off company failure.

“It arguably [is] not in the interest of shareholders, nor bondholders nor even a potential buyer for the company to be put in administration and the equity to be wiped out entirely,” said Mr Foucaud.

He added: “Should the company be in default and put into administration, we understand that there are change of control clauses on key assets that could imply that Afren could lose assets.”

Turnround specialist Alvarez & Marsal — the group that dealt with the collapse of Lehman Brothers and Arthur Andersen — has been hired to help rescue Afren, which last year sacked its chief executive and chief operating officer for gross misconduct in a scandal over their receipt of unauthorised payments.

Order book very weak at the moment on the bid side

and share price sliding bit by bit, will see if intraday support at around 6.60p holds

note - not holding the stock

------------------ Intraday Brent Oil ----------------------------------------- 2 month ---------------


Gogle finance - good chart on the link
good chart and more at the link
Google finance - AFR

still not high enough to short, but most certainly would not buy either

Its a tricky trade

that's why it's better to do nothing :-)

That's why OXS is the share of the moment!

Ramp

Monday February 16, 2015


Baghdad and KRG deadlocked over exports, payments
After failing to jump-start their stalled oil deal, Iraqi leaders are trading recriminations over unfulfilled export and revenue-sharing expectations.


All I have I'm afraid.,.

What's up today ? Does anybody out there know or is it some insider dealing ?

Maybe news of bond agreement ,well you know,nudge,nudge?

and are you still deluded (imo) enough to believe there will be even a crumb for PIs?

cynic is the name and cynical he is

Still deluded? never have been,just commenting.

Still deluded? never have been,just commenting.

rek - not cynical; just looking at the reality and the almost certain outcome

OK - you seem to be very sure of yourself - let's see if you are right

clearly you disagree :-)
mind you, foinavon won the grand national at 100/1

Laugh as much as you can

re - let's see if you are right

He is never right just the usual big mouth
nothing to do, though claims his business are profitable,
not spending all day over here for sure ( another not right )

and still laughing

---------------------------
there was a comment yesterday that the deal was done on Twitter

what deal?

mentor - go and take your medication


as you wrote ......
there was a comment yesterday that the deal was done on Twitter
what deal?

i don't subscribe to twitter or any social media site (except Linked In), but exactly so, so why are you seemingly wearing 2 hats?

you either think a deal will be done and the PIs will get something out of it, or you think a deal will be done but the PIs will get zilch, or you believe no deal will be done, in which no one gets anything (the least likely imo)

agree with cynic PIs will be left with next to zero might be wrong might be right only time will tell.
good luck to all those that are still holding.