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

What a start to the new year, great stuff we don't usually rise so quick wonder if we have some good news due soon, some frantic trading this morning

unless you work diligently, it is quite hard to find a dud oily at the moment (those in MRP have succeeded!), so it is difficult to know whether or not AFR (and others) are merely reacting to the general hype and high crude price, or if there is more substance

cynic, this stock has substance. DYOR :-)

it was not the substance of the company i was questioning, but whether or not the rise had anything more behind it that the current general jolliness of oilies

From The Times today:

Tiddler to watch
Afren the explorer of potential oilfields in Nigeria, Gabon, Ghana and Congo-Brazzaville rose 7p to 115p after Jefferies, the broker, raised its price target to 129p with a buy adviser. It said that it was about to become a producer and should begin production early in the second quarter this year from a field off Nigeria.

Thanks Toya, i wonder how long we will be a tiddler, not sure if we are drilling yet but a wonderful sight

http://www.rigzone.com/data/rig_detail.asp?rig_id=308

Thanks for that link Keith.

I don't actually hold this stock currently but, from looking at the graph, clearly should have bought some a while back!

I like this stock, but I can' t help feeling that somewhere along the line there will be production delays, Nigeria has masses of oil but Nigeria is Nigeria and going from zero to 15000 to 20000 barrels of oil is a tall order for any company, though this one seems to have very good management. I have been in and out of this company several times already and at the moment possibly looking for a way back in, the subsequent latest rise has caught me by surprise.

I'm late to this party--should I hope for a pull back after the sudden rise or is now the time to climb on board? It certainly looks promising.

Moneyplus, I'm also looking for an entry point, (timing is so important), for me it's just a guess as to which way this stock is going to go in the next few weeks : as a long term buy overall it looks like a winner, in the short term, what is it going to do ?, it could go all the way up to 120p and beyond, then again with what's going on in the markets (possible drop on monday) this just could be a spike with a pullback to 100p soon, but in my opinion if : long term you want a good oilie then this one could be a good bet.

I agree-cheers RF my finger is poised on the buy button next week.

Very nice to see some new posts on here, i wish you all well if you decide to purchase
Its not been a easy ride in 2007 but we did end the year up, am hoping 2008 will bring greater rewards and the way we have started it's looking good
Keith

certainly a terrific chart, even if rsi may be indicating o'bought, but the markets are certainly pretty scary at the moment.

Think I'll wait a while and see if sp drops back a bit after recent rise before buying.

good afternoon little flower!

bonjour mon petit choux

les autres parleront de nous si nous ne sommes pas soigneux!

Cynic: have you been at the champagne again? ... Think we'd better not clutter up this (otherwise sensible) thread or pth will be onto us!

no - just been beavering away in the kitchen ..... 1 x monster chicken (poulet d'or) has been turned into coq au vin and for this evening, a single breast (enough for 2!) stuffed with fresh black truffle and butter (wrapped in cling-film and will then poach in same) accompanied by a fine bottle of '96 meursault ..... carcass already turn into stock!

You have indeed been working hard. That should be enough to invite us all for dinner!