< "> 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

jimmy - sorry I do not know -

From niceonecyril-------- A third of production (30-35k bopd) is hedged at $90 until December 2015 I believe.

So not 75% as I stated, just 33%
2517

Just came across this??

-------------------------------------------------------------
The Feb 2015 DEFINITIVE list of AIM casino/LSE oil and gas shares that are about to go BUST.
extensive research has gone into this.


Afren
Bahamas
Borders&Southern
Falkland O+G
Forte
Inspirit
Independent Res
KEA
Mosman
Max Pet
New World
Northern Pet
Tangiers
Tower
Trap
UK O+G

All the above are basket cases. They either have no commercial hydrocarbons, no money or have massive debts. Stay well clear.

And ??

cyril - looks more like someone's wish list from elsewhere :-) .....

that said, there must surely be a good chance of several of those minnow-minnow stocks turning to dust, with AFR being an interesting contender

Forte has no oil because it a uranium exploration company......AFR might recover...the others don't look in good shape...

But isn't there an obvious one missing re that list? Currently about 36p..

Date Broker New target Recomm.
25 Feb Citigroup 10.00 Neutral
--------------------

That's clever citigroup !!

Might be worth another punt at around the 7p level.

I think they have to make a payment this month end, that they should have paid
last month end ?
It may be worth having a punt that they will make the bond payment ????

Monday may see relief or major issues

Am I right ??

I recon they are looking for a buyer for their Kurdistan interests ?

There was yesterday a rumour and as there is no news today it must have been

AFR
Details of $350m cash injection proposal are leaking. Source Bloomberg,

Ashmore, Pimco Said to Seek Control of Afren in Creditor Talks
By Julie Miecamp and Luca Casiraghi

(Bloomberg) -- Afren Plc’s bondholders are offering to inject as much as $350 million into the U.K. oil drilling company in exchange for control, according to a person familiar with the situation.

Ashmore Group Plc, JPMorgan Asset Management and Pacific Investment Management Co. are among creditors offering to provide Afren with the cash it needs to avoid a possible default as soon as Friday, said the person, who asked not to be identified because the talks are private.
Afren, which has $1.3 billion of debt, has to make a $50 million loan payment Friday and a $15 million bond coupon next week. The company said last month it needs new funds to meet its obligations and stay in business.
Representatives for Ashmore and JPMorgan declined to comment on the debt talks and the offer, while a spokeswoman for Pimco wasn’t immediately available. An external spokesman for Afren employed by Bell Pottinger declined to comment.
Afren said Feb. 13 that it’s in recapitalization talks with existing stakeholders and a third-party investor. Fitch Ratings cut the company’s credit grade on Jan. 27 to C, saying “that default is imminent.”
The group owes about $250 million on its 11.5 percent bonds due February 2016, according to data compiled by Bloomberg. The notes were little changed at 40 pence on the pound, the data show.
http://boards.fool.co.uk/afrentermination-of-discussions-with-seplat-13165979.aspx?sort=whole#13173200

so mentor, what's your take on the immediate state of affairs?

to me, things look parlous indeed, but then i would say that wouldn't i

my guess is that somehow or other, today's $50m will be found, though i wouldn't want to bet my shirt on it

even then, and the question PIs really want answered, is will they be left with even 0.5p should some deal be cobbled together
again, my view is "no chance"

today's resolution

no exchanges with the " back atabber "has been copying my deals for far too long

what everyone thinks?

should I send the comission collector?

do stop being a total idiot and grow up, or is that really asking too much?

back stabber does not like " silence is GOLDEN "

and certainly a question of religion believe or indoctrination " do not pay as long as you can"

actually, i thought you might be worth reading whether or not one agreed with whatever pearl of wisdom or other issued forth

Another extension to the end of March.

http://www.moneyam.com/action/news/showArticle?id=4986223

this is the complete version via reuters ......

Further to its previous announcements, Afren has obtained from the lenders of
the US$300m Ebok debt facility a further deferral of the US$50m amortisation
payment due on 31 January 2015 until 31 March 2015.

In addition, the Board is continuing to utilise a 30 day grace period under
its 2016 bonds with respect to US$15m of interest due on 1 February 2015 while
the review of the capital structure and funding alternatives is completed.

The Company is continuing constructive discussions with the advisers to, and
members of, the ad hoc committee of its largest bond holders regarding the
immediate liquidity and funding needs of the business. The Company is also
having discussions with its other stakeholders and new third party investors
regarding recapitalising the Company.

===========

no doubt i shall be proved or certainly told that i am wrong, but to me this reinforces my view that at the end of the day PIs will be left with nothing

That is the 500th time you have posted that , WE KNOW THE PROBLEM ,IN YOUR VIEW PI'S WILL BE LEFT WITH NOTHING !.