< "> 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

Took a punt at 2.35p on the last intraday retracement 2.17p AT ( was bid price ) was a 61.8% fibonacci retracement

Today's RESUME

Things are looking good today, yesterday's closing Candlestick was giving a clue ( unchanged on the day)
today's rise with volume 125M is bullish
and intraday retracement was a full 61.8% fibonacci retracement 2.17p AT ( was bid price ) at the end of the day
all together with closing UT at 2.39p ( above offer price ) looks much better for the bounce back.

OPEN OFFER
The Company has announced that it proposes to raise up to GBP49.2 Million (approximately USD75 Million) by way of Open Offer subject to, inter alia, the passing by Shareholders of the Resolution at the General Meeting to be held on 24 July 2015 at 11.00am, by the issue of up to 4,922,491,218 New Ordinary Shares. The Offer price IS GBP0.01 per Ordinary Share.
Under the Open Offer, qualifying Shareholders may apply for Open Offer Shares at the Offer Price, payable in full on application, free of all expenses, up to a maximum of their pro-rata entitlement, which shall be calculated on the basis of 4 New Ordinary Shares for every 9 Existing Shares held by them and registered in their names at 5.00pm on the Record Date and so in proportion for any other number of Existing Shares then held.
Terms: 4 New Ordinary Shares for every 9 Existing Shares held at GBP0.01 per Share.
Relative Details and Dates:
25 June 2015 – Annual General Meeting,
24 July 2015 – General Meeting,
6 August 2015 – Record Date for entitlements under the Open Offer.

This time next year Rodney ..........

The talk around town why share price bounce today.............

Afren's share price has mysteriously shot up 82 per cent

Shares in embattled oil producer Afren closed up 59.33 per cent to 2.39p per share today - however nobody knows why.
Earlier today pundits had taken to Twitter in a guessing game after the oil producer's share price mysteriously shot up as much as 90 per cent to 2.78p per share.
The jump is particularly surprising because it means someone is buying the shares despite Afren's proposed debt for equity deal announced on Friday, which would significantly dilute shareholder value.
One theory is that investors are buying up shares in order to block the proposal.

And one Twitter user joked that perhaps Rob Terry was buying up the shares. When Terry increased his stake in broker Daniel Stewart in March its shares jumped as much as 750 per cent.
HTTP://www.cityam.com/218637/afren-share-price-shoots-82-cent
------------
rumours

Afren share price spikes amid city whispers & speculations that Nigeria richest man could be bidding for Afren Nigerian operations at 12p per share.

Nigeria richest person, joined the list of Africa’s 50 Richest. Mr Dangote bas been betting on Oil refinery since 2013 and AFR will fit well in his mix of business empire.
http://www.smallcapnetwork.com/Afren-share-price-spikes-amid-city-whispers-speculations/s/via/49021/article/view/p/mid/1/id/1/

You'd think they'd want to update shareholders on a new well producing 5.4K bopd and put an effort into raising the share price, even if to try and put a stop to a no vote... but almost it went unnoticed

Fri Jun 19, 2015 - Oriental Energy, Afren Energy Complete First Devt Oil Well - Okobi

Oriental Energy Resources Limited (OERL) and its JV Partners, Afren Energy Resources and Addax Petroleum have announced the completion and flow testing of their first development well, Okwok 13 in the OkwokMarginal Field in OML 67.

The companies stated that the completion followed an extensive field appraisal programme, the acquisition and processing of a 4-component OBC seismic and the approval of the Field Development Plan (Okwok FDP) by the Department of Petroleum Resources (DPR) in early 2014.

It was learnt in a statement issued on Thursday, that the Okwok-13 development well was drilled in early 2015 to a total measured depth of 9,002 feet and was completed as a horizontal producer in the LD-1B Lower reservoir with over 1500ft pay section.

According to the statement, “Following the completion, the well was successfully tested to reconfirm commercial deliverability and reservoir connectivity.

“A facility-constrained rate of 5,400bopd, 24.5 deg API was tested on 36/64 choke with GOR of 355scf/bbl and wellhead pressure of 1,248psi. The test data showed no evidence of depletion and preliminary analysis indicates significant reserves addition is confirmed by this well.”

They noted that the well would be suspended in readiness for regular production when the planned Mobile Offshore Production Unit (MOPU) and the Okwok crude oil sales export pipeline are installed.

The Okwok wellhead jacket was installed in late 2014 and “this permitted the drilling of this first development well.” The pipeline to transport Okwok processed crude over the 15kilometre distance to Oriental’s Ebok Terminal has been procured and is currently awaiting installation.

The statement quoted the Oriental Chairman, Alhaji Muhammadu Indimi, as saying: “I am extremely pleased with the results of the testing of the Okwok-13 well at a rate over 5000 barrels per day of quality Nigerian crude oil, as it further confirms the commercial viability of the Okwok Field.

“The company looks forward to bringing Okwok production online within a short time. Produced Okwok crude will be stored for export in the Ebok Terminal Floating Storage and Offloading (FSO) Veer Prem operated by the Oriental JV.”

Okwok is the second asset that Oriental and its partners are developing under Farmout from ExxonMobil. The Oriental JV also operates the nearby EbokField development where a number of major technological innovations were deployed.

The Ebok field currently produces over 30,000 bopd and is believed to be the largest offshore ESP operation in Africa.

Founded in 1991, Oriental Energy Resources Limited appreciates the opportunity provided by the federal government with the support of the DPR to be an Indigenous Upstream Exploration and Production operator and the company disclosed that it is proud to be among the leaders in this laudable programme.

British Bulls tonight.......

AFREN - AFR
Last Signal:BUY
Last Pattern:BULLISH DOJI STAR
Last Close:2.39p +0.89p

Signal Update Our system’s recommendation today is to BUY.
The BULLISH DOJI STAR pattern finally received a confirmation because the prices crossed above the confirmation level which was at 1.57p

Pattern Description
This pattern appears in a downtrend and warns that the trend will change. It consists of a black candlestick and a Doji with a downward gap at the opening.

there is other talk also - not quite so favourable - remember this is afr which is bad enough in itself, and those uber undesirable locations nigeria and iraq lol................

lets see what occurs today ;

Looking good from the start on reaching 2.90p like yesterday and then retrace, we are close to the top again on 37M volume on short of 1 hour trading.
just now there is a two ways trading, with some large trades over the bid side price

order book just level

2.68p +0.37p

A Miracle Will Soon Happen on Afren
By AZEEZ MUSTAPHA - 24 Jun 2015 @ 08:39

A miracle is expected to happen on Alfren shares (LSE:AFR), which would make them soar. This is what sensible speculators have been waiting for and they almost would not get disappointed. The market was in a strong downtrend late last year and in January 2015. However, since February, there has been a very tight sideways movement in the chart, which is valid till now.

The sideways movement might continue, but there is bound to be a breakout. A breakout to the downside is not a possibility to be ignored, though a breakout to the upside is more likely.

It can be seen that the price has been moving within the upper and lower Trendlines, and it is yet to break out above or below one of them. The RSI period 14 is going towards the level 50, which means that the bullish strength is a kind of rising. When the RSI is above the level 50, the best option would be to go long, especially when the price breaks the upper Trendline above. The reverse is true of a bearish breakout, which is a price break below the lower Trendline and a movement of the RSI below the level 50.

There are trading methodologies which are worthless and there are useful methodologies. Astute speculators remain faithful to their useful methodologies when they work and when they do not work; thus making average gains that are more than average losses. There is no way bad times will not come occasionally, irrespective of a trading method used, but it is important to remain faithful to one’s methodology.

This forecast is ended by the quote below:

“I’ll try to give you a few things to think about, but unless you can overcome your inability to accept risk, you don’t have much of a chance to make it as a trader.” – Andy Jordan

The "RSI" theory

With the SP @ 2.45p the RSI is standing now at 49.52 just short of the 50

SP was on the way down and on reaching 2.40p, there it was the support so an auction lasting 3 minutes took place. since is rising again

do not forget RSI is now over 50 on " Miracles do happen" theory

gl mentor but i will stick with what i heard yesterday here and it wasnt positive - except for the bond holders and some other select few....................

I agree ,the miracle here will be if they find a billion quid down the back of the sofa .

mentor is very good at reading charts and the like
however, i don't think AFR is a very good candidate for charting as it's a bit of a special case

not one for me, that's for sure, nor mentor's other "twiddly" faves, GUSC, CPX and CONCH
in % terms they may look quite tasty, but 25% (say) of a penny stock is hardly big beans especially when the spread and other expenses are taken out

good luck to any who think otherwise

Looks like the FCA are starting to root out areas of investor concern wrt irregularities in companies where alleged corruption is suspected.

http://www.bbc.co.uk/news/business-33251160

I suspect that once the AFR vote has been completed, then the FCA will make its move and be scrutinising AFR, including the in-depth situation of how such a once healthy company can be destroyed.

Expect all the dirty washing to be hung out IMO by the FCA in the near future.

DYOR
HAb

Oh bum.,.

EK on Afren

Afren (AFR) spiked as the loonies fancied a ramp and IG has apparently put up the margin rate to 75% and borrow is not too good either. This merely offers another chance to short. After all, the bonds are still trading at 45% of face value and these offer an unlimited supply of new shares at 1p. Go figure.

*****

StockMarketWire.com
Afren chairman Egbert Imomoh and its non-executive directors - Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren - will not stand for re-election at the annual general meeting today.

David C. L. Frauman will join the board as non-executive chairman with immediate effect following the close of the AGM. He has been working closely with Afren over the past months assisting the company in its restructuring as a consultant.

He has over 35 years of experience as a restructuring lawyer, having retired as a partner of Allen & Overy LLP in 2009. Since that time he has held a number of board positions in a range of companies.

David Thomas, who was recently appointed chief operating officer, will be joining the board as executive director. He has over 35 years of experience in a variety of executive and operational roles in the international oil and gas industry.

The composition of the various board committees will be reviewed shortly.

The process of recruitment to strengthen the Board of Afren further is ongoing. In the meantime, the departing directors will be available to contribute to a smooth handover process.

StockMarketWire.com
Chairman, Egbert Imomoh, told shareholders at today's AGM of Afren that the last 12 months have been far from what was planned and results have been disappointing and have led to a very sharp drop in the share price and a loss of confidence by stakeholders.

But he said he believed the company can face the future with confidence given the quality of its assets, the good relationship with its partners, the injection of capital and the attraction of very competent people into the company.

He added: "I want to thank our shareholders, bondholders, partners, staff and all other stakeholders for their patience and forbearance in what has been a very difficult period for the company.

"I would like to end by reiterating the new Board's commitment and determination to regain the confidence of all our stakeholders, and set Afren back on the course to value growth once more and where it truly belongs."