< "> 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

Buy a 1,000 AFR shares @ 3.4p not the best advice you've given cynic, £34 worth of shares + dealing costs, you are having a laugh but I doubt jimmy b would if he took your advice.
2517

AMER is one to note, sp has fallen on the back of the oil price and the company cutting back. They still have plenty of oil to extract, just awaiting more favourable conditions. I do hold AMER.
2517

GEORGE ,cynics so tight £34 is the most he spends :)

i've even spent more on bottles of wine :-)

of course, i should have written 10,000 AFR shares, but it's kept you all amused

:>))

Has it really ...........

MER is one to note, sp has fallen on the back of the oil price and the company cutting back. They still have plenty of oil to extract, just awaiting more favourable conditions. I do hold AMER.
2517

George

You can say that about 90% of small/medium size oil co's, while your waiting for who know's how long were is the cash flow coming from to pay cost's on loans ect: ps Does Sharesure still post on here

StockMarketWire.com
Afren's board has decided to utilise a 30 day grace period under its 2019 bonds with respect to approximately US$12.8m of interest due yesterday, pending the completion of the interim funding process.

Further announcements will be made in due course.

http://www.oil-price.net/index.php?lang=en

Brent above $60's

Afren plc announces that, further to its announcements of 13 March and 1 April 2015, it has successfully completed key steps in its recapitalisation plan to address its funding requirements and operational repositioning which will allow it to succeed in the current oil price environment:

· US$255 million of net total funding to be provided by bondholders as part of the recapitalisation, with the ability to increase such net funding to US$305 million

· Arrangements for the provision of US$200 million in net interim funding provided by bondholders have been completed, the remaining committed US$55 million will be provided at closing which is expected to be in July 2015

· Alan Linn has been appointed as Afren's new CEO bringing to 'New Afren' 35 years' of industry experience and a successful track record implementing strategic change within established businesses

· The recapitalisation and investment demonstrates the ongoing commitment to invest in Nigeria

These steps set 'New Afren' on a decisive path to address the operational and governance issues it has faced and ensure it can successfully reposition itself focused on its core Nigerian producing assets.

Commenting today, Alan Linn, new CEO of Afren plc, said:
"I am looking forward to working with the Afren team and its partners to deliver a lean and effective business with an oil production and development focus. The strong support shown by key stakeholders ensures we can now progress a number of important development projects in Nigeria which will contribute early production and revenue to the business and support our aim to be profitable in a lower oil environment.

There is a lot to do. However, the core assets and the quality of people and partners I've met give me the confidence to say that Afren has an attractive future and I am pleased to have the opportunity to contribute to this future success."

Commenting today, Egbert Imomoh, Chairman of Afren plc, said:
"I am very happy we have reached agreement on our recapitalisation which will allow us to create a 'New Afren'.

I am also delighted to welcome Alan Linn as CEO to drive the future redevelopment of Afren. He comes with deep industry experience and a strong track record of success. We are fortunate to have attracted such an outstanding CEO to lead the 'New Afren'. I would like to thank Toby Hayward for stepping into the role of Interim CEO at a very difficult time in the Company's history."

What do you think about the results?
It was for last year, oil price 97....
http://www.moneyam.com/action/news/showArticle?id=5027976

Afren unveils funding deal amid $2bn loss on oil slump

Afren has unveiled details of a long-awaited recapitalisation plan as it posted a massive $1.95bn (£1.27bn) loss for last year due to the falling price of crude and a write down in Iraqi Kurdistan. The company said that $255m of net total funding will be provided by bondholders as part of the recapitalisation, with the ability to increase this net funding to $305m on demand. Alan Linn, Afren’s newly named chief executive said “I am looking forward to working with the Afren team and its partners to deliver a lean and effective business with an oil production and development focus. The strong support shown by key stakeholders ensures we can now progress a number of important development projects in Nigeria which will contribute early production and revenue to the business and support our aim to be profitable in a lower oil environment.”…telegraph.co.uk

hxxp://ekurd.net/iraqi-kurdistan-news-in-brief-may-1-2015-2015-05-01?
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WTI OIL a,most $60's a barrel

Sharp rebound.......sp recovery about to begin ?.....

A few gaps in the chart once the sp gets going. AFR still with huge debts and need $80pb to make money.

Must be worth 5 or 6p somehow......

A bit of a catch 22 their Harry,$80/barrel will reinvigorate the shale oil industry,creating an over-supply situation once again?

It now seems that ordinary shareholders will only have an interest in 14% of the company, once the Rights Issue is complete. The bondholders will pretty much own the remaining 86% and can do as they wish without having to get shareholder approval. Of course the bondholders are as keen to see AFR succeed as we are, but private investors will just have to sit and watch regardless of the way the company is run. This is all going to take until the end of July to complete, so a while to go yet.

Canaccord note today:
"* AFREN (SELL, TP 2p): FY Results (announced post market close 30th April) – should be no surprise at the grim reading as most of this was made clear and well documented in the 13th March Recapitalisation and Trading statement. Crucially the future remains very uncertain with the complex debt restructuring outcome still pending and the risks over Nigerian assets still present (especially related to Okoro). However, the formal results remind us of some eye-watering numbers, particularly when taken in context with the company’s current market cap of £36m. Impairment charges of $2bn (non-cash) dominate the headlines and relate to the oil price fall ($1.1bn) and Barda Rash write-off ($0.9bn), and operational performance was disappointing too, with production of 31.8kb/d, below the anticipated range of 32-36kb/d. But more than these it was the problems with management which reflected on the company culture, and the debt burden (end ’14 net debt $1.07bn) and repayment problems for 2015 (we estimated a cash shortage of $400m by end ’15) that caused the greatest concern. The company is clearly trying to address the former with appointment of a new CEO (Alan Linn is now in charge and new directors will be sought) and adoption of new internal policies and procedures; and the latter through the complex restructuring which includes a debt for equity swaps. The initial step in this restructuring process has been completed with an injection of net interim funding of $200m and a further $55m committed to be provided in July 15. This provides immediate relief, but there are additional phases of restructuring required. A good/necessary first plank then, but the whole process needs to be in place for equity to start to gain some confidence around the balance sheet. The timetable for completion of this complex series of transactions is now anticipated for end July ’15 (from June ’15).
Until the smoke clears from all these issues it is difficult to feel positive about the equity outlook. In our view equity investors should look elsewhere at least until the internal issues, clarity of asset tenure, and restructuring, are all satisfactorily resolved and completed."

London, 11 May 2015
Further to the announcements of 9 April 2015 and 30 April 2015, the Board has decided, at the expiration of the 30 day grace period under its 2019 bonds, not to pay approximately US$12.8m of interest which was due on 8 April 2015. Notwithstanding the completion of the US$200 million interim funding on 30 April 2015, the Board continues to seek to preserve cash until the full restructuring has been completed. While such non-payment will result in a default under the 2019 Notes, this will not result in an immediate obligation to repay such 2019 Notes or any cross-default under its 2016 Notes or 2020 Notes or its other debt facilities.

The Company has received assurances from the ad hoc committee of existing noteholders (which members hold in aggregate approximately 35% of the principal face amount of the 2019 Notes and 50% of the total principal face amount of the 2016 Notes, 2019 Notes and 2020 Notes) that the committee has no current intention to take enforcement action with respect to the 2019 Notes held by its members as a result of the failure to make payment of interest due under the 2019 Notes. Under the terms of the restructuring announced on 13 March 2015 and 30 April 2015, any accrued but unpaid interest on the 2016 and 2019 bonds will be refinanced as part of the reorganisation of the Group's debt facilities.

SRM Global Master Fund Limited Partnership holding gone up to 5%.