TheFrenchConnection
- 20 Mar 2006 15:46
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
cynic
- 06 Jan 2008 16:27
- 366 of 655
good afternoon little flower!
Toya
- 06 Jan 2008 16:34
- 367 of 655
bonjour mon petit choux
cynic
- 06 Jan 2008 16:38
- 368 of 655
les autres parleront de nous si nous ne sommes pas soigneux!
Toya
- 06 Jan 2008 16:44
- 369 of 655
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!
cynic
- 06 Jan 2008 17:05
- 370 of 655
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!
Toya
- 06 Jan 2008 17:14
- 371 of 655
You have indeed been working hard. That should be enough to invite us all for dinner!
required field
- 06 Jan 2008 18:30
- 372 of 655
Right you lot!, avez vous a cuppa !, not sure if I'm looking forward to tomorrow, I think most of the market will be down, with the probable exception once again of energy stocks holding up well, please no diabolical crashes again, too many in last few years for my liking, I find this market very difficult to short as well as cannot watch it all the time.
kkeith2000
- 07 Jan 2008 14:25
- 373 of 655
Some very good buying going on, it just gets better
Toya
- 07 Jan 2008 14:30
- 374 of 655
It certainly does - glad I bought some this morning.
kkeith2000
- 07 Jan 2008 14:45
- 375 of 655
Well done Toya hope you reap some reward in the future, i have no reason to
think you will not,,, good to have you onboard
At some point from these dizzy highs we will have a healthy pull back, and then onwards and upwards
moneyplus
- 08 Jan 2008 02:12
- 376 of 655
waited for some profit taking but none came so finally bought in mid afternoon--hope it does well again for the rest of the week.
kkeith2000
- 14 Jan 2008 10:11
- 377 of 655
Not good news here am afraid, but we still have other plays, the rig will now be going to our flagship project , so a little retrace now but over the longer term a miner blip
Afren PLC
14 January 2008
Afren plc (AIM: AFR)
Gabon Drilling Update
London, 14 January 2008 - Afren plc ('Afren' or 'the Company') notes the
announcement below from Sterling Energy Plc in relation to recent drilling of
the THAM-1 well on the Themis Marin permit, offshore Gabon. Afren has a 12.86%
stake in the Themis Marin permit.
'The THAM-1 well, Themis Marin, was drilled to its target depth of 1,330 metres
in 11 days, on budget. The reservoir target was encountered low to prognosis
with limited hydrocarbon shows and the well is now being plugged and abandoned.'
'The second well in the Gabon drilling programme, ICM-1, is scheduled to spud in
April in the Iris Marin licence (Afren 12.86%). This well has much higher
potential upside and is targeting gross reserves of 11-40 million bbls.'
Enquiries:
required field
- 21 Jan 2008 13:44
- 378 of 655
An oil tanker has exploded in Port Harcourt, perhaps this has caused the tumble in AFR ?
kkeith2000
- 22 Jan 2008 19:25
- 379 of 655
Some good news for the future with todays RNS, also on rig-zone if it's
correct we are drilling now
Just a pity we have dropped quite alot during the market turbulence
http://www.rigzone.com/data/rig_detail.asp?rig_id=308
Afren PLC
21 January 2008
Afren plc (AIM: AFR)
Afren enters into a co-operation agreement with E.ON Ruhrgas AG and African LNG
Holdings Limited
London, 22 January 2008 - Afren plc ('Afren' or 'the Company') announces that it
has entered into a co-operation agreement with E.ON Ruhrgas AG and African LNG
Holdings Limited.
The Board of Afren is delighted to announce that the Company has signed a
co-operation agreement ('the Agreement') with E.ON Ruhrgas AG ('E.ON Ruhrgas')
and African LNG Holdings Limited ('African LNG') to investigate the availability
and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South
Eastern regions. The parties have the intention to jointly develop, collect and
monetize the gas for domestic and export purposes in line with the Nigerian
Government's Gas Master Plan.
The Agreement
The Agreement includes an analysis of potential feedgas, based on an identified
target list of upstream gas rich assets and a study of gas gathering
infrastructure and potential LNG export solutions. The parties will subsequently
decide on jointly establishing corporate structures and funding arrangements.
Osman Shahenshah, Chief Executive of Afren, commented:
'We are delighted to have signed a cooperation agreement with E.ON Ruhrgas and
African LNG. We are honoured to be working with E.ON Ruhrgas, a pre-eminent gas
company. Afren remains at the forefront in contributing to the Government's
ambitions to develop Nigeria into a major gas producer and assist with the
reduction of gas flaring in the region. The cooperation agreement with E.ON
Ruhrgas and African LNG to develop upstream gas allows Afren to capitalise on
the anticipated growth in global LNG demand, without diluting our upstream
focused strategy.'
Dr Dietrich Gerstein, Senior Vice President, LNG Supply Division, of E.ON
Ruhrgas, commented:
'LNG is a key element in diversifying E.ON Ruhrgas's gas supply base. Nigeria is
an important target region in the LNG strategy of our company. Within this
strategy, the activities conducted under the Agreement with Afren and African
LNG can serve as a basis for building an integrated LNG position, including
upstream participation, in a significant global gas basin.'
Theo Oerlemans, Chairman of African LNG commented:
'It is our strong belief that West Africa will grow as a major LNG supply point
for countries throughout the Atlantic Basin including key markets in Europe and
North America. The Agreement with E.ON Ruhrgas and Afren represents an
important milestone for our ambitions to become the premier independent
integrated LNG company in the Gulf of Guinea.'
Background
The Gulf of Guinea has over 200 trillion cubic feet of gas reserves, with more
than 80% of those reserves situated in Nigeria. Afren is currently in
negotiations on a number of gas rich upstream assets in Nigeria. African LNG
will be Afren's exclusive downstream liquefaction partner, in developing a
monetization strategy.
The Nigerian Government's 2008 Gas Master Plan focuses on diversifying gas usage
between domestic and export purposes. Exploration, aggregation and reduction of
flaring are integral to the Gas Master Plan. Against this background, any future
joint efforts by the Parties of the Agreement will work towards a multi faceted
gas solution including an LNG export facility.
LNG will be a key source of new supply to meet increasing global gas demand.
Combined with depletion of indigenous supplies from US and Europe and lack of
flexibility of piped alternatives, LNG is emerging as a swing supplier in an
increasingly global market.
22 January 2008
Enquiries:
Afren plc +44 20 7451 9700
Osman Shahenshah Chief
required field
- 22 Jan 2008 23:07
- 380 of 655
I'm now back into this one, I hope not too soon...
required field
- 21 Feb 2008 11:26
- 381 of 655
Steady climb for this one...nice !
kkeith2000
- 21 Feb 2008 12:44
- 382 of 655
Looks like if we can just beat the ATH blue sky beckons in the run up to production, can't wait
kkeith2000
- 27 Feb 2008 19:24
- 383 of 655
Activity starting to pick up again, don't know whether anyone has checked the website but some pictures of the new t-shirts for the Okoro project being show off with happy smiling faces
Am onboard ready for take off
blanche
- 06 Mar 2008 08:31
- 384 of 655
Hey Keith, long time no speak. Great news today this should keep the engine nicely oiled until okoro production, then skys the limit. When we get to 1.50 i will have doubled or more on all my trenches here! Assume your raking it in to. Good things come to those that wait.
kkeith2000
- 06 Mar 2008 09:57
- 385 of 655
Hello blance it is good to hear from you, Ive got a few tucked away waiting till we hit 2.00 if we are lucky to sell half my holdings -)
Nice bit of good news this morning Afren moving from strength to strength and no problems raising the finance, i will post this mornings RNS to keep everyone up to date if we have any more interest in this gem for those what want to look in
Afren PLC
06 March 2008
Afren plc (AIM: AFR)
Strategic acquisition of Devon Energy's interests in Cote d'Ivoire
London, 6 March 2008 - Afren plc ('Afren' or the 'Company') is pleased to
announce that it has entered into an agreement with Devon Energy Corporation ('
Devon') to acquire its interests in Cote d'Ivoire, comprising a 47.96% working
interest and operatorship of the producing Block CI-11, a direct 65% interest
and operatorship with rights over an additional 15% interest in the undeveloped
Block CI-01 and a 100% interest in the onshore Lion Gas Plant ('LGP'), effective
30th June 2007.
KEY HIGHLIGHTS
Agreed consideration for the acquisition is US$205 million
The acquisition will be funded through a financing package arranged by
BNP Paribas
The acquisition offers access to immediate oil and gas production,
proven reserves and cash flow:
o Current net daily volumes of approximately 3,000 entitlement
barrels of oil equivalent per day ('boepd') from upstream oil
and gas production and NGL extraction (approximately 5,000
boepd on a working interest basis)
o Combined net 2P reserves for the Block CI-01 and Block CI-11
interests of approximately 28 million barrels of oil
equivalent ('mmboe') as at 30th June 2007
The portfolio offers significant upside:
o Near term opportunity to optimize and increase Block CI-11
production through a low risk wireline and rig based workover
programme, in addition to the development of additional
reservoir intervals
o Existing proved undeveloped reserves on Block CI-01 present
an attractive development opportunity
o Targeting total net daily production volumes in excess of
6,000 entitlement boepd by 2010 from the upstream assets and
the LGP
Afren will take on operatorship, together with Afren's partner PETROCI,
the National Oil Company of Cote d'Ivoire, of a fully integrated gas
project and assume a competent and skilled local workforce
The acquisition marks an important strategic entry into Cote d'Ivoire
and Afren is delighted to have formed a broad African strategic alliance
with Cherokee Allied Oil and Gas Corporation ('Cherokee') and to be
working alongside PETROCI
The acquisition is subject to customary regulatory and governmental
approvals
AFREN POST ACQUISITION
The acquisition significantly strengthens Afren's existing portfolio
o Increases Afren's existing 2P reserve base by 67% to 70 mmboe
o Immediate production and cash flow ahead of production
start-up at the Okoro Setu project in Nigeria
o A material and balanced platform in a new country with
significant upside, taking the total portfolio to 17 assets
in 7 countries in less than three years
o Portfolio and product diversification with oil, gas and
high-value liquid extraction
Osman Shahenshah, Chief Executive of Afren, commented:
'This material transaction, which follows on from the Company's acquisition of
Devon's assets in Ghana and Angola, represents a step change addition to Afren's
existing portfolio. The portfolio of businesses acquired from Devon offers
immediate production for Afren, ahead of production start-up from the Okoro Setu
project in Nigeria.
'Through a single action, and through our partnership with the National Oil
Company of Cote d'Ivoire, PETROCI, we have acquired a fully functioning business
in Cote d'Ivoire, with the combination of production, near term development,
appraisal and exploration upside, as well as midstream interests and a full
local workforce, which we will now look to further expand. We look forward to
building on our partnership with PETROCI and our overall position in Cote
d'Ivoire.'
Enquiries:
Afren plc +44 20 7451 9700
Osman Shahenshah Chief Executive
Evert Jan Mulder Chief Operating Officer
Galib Virani Investor Relations
Jefferies International Limited +44 20 7029 8000
Toby Hayward
Oliver Griffiths
Tristone Capital Limited +44 20 7355 5800
Simon Ashby-Rudd
Majid Shafiq
Pelham Public Relations +44 20 7743 6673
James Henderson
Alisdair Haythornthwaite
Conference call
In conjunction with this announcement, Afren will be hosting a conference call
at 08.30 GMT. The presentation materials that will be referred to during the
call will be available at the Company's website (
www.afren.com
).
To access the conference call please dial the appropriate number below shortly
before the call and ask for the Afren Conference Call. A replay facility will
be available from approximately 09.30 GMT on 6 March until 12 March. The
telephone numbers and access codes are:
Live Event Replay Facility from 09.30 GMT
UK Participants +44 20 7190 1595 +44 207 154 2833
Access code: 3851826#
Toll Free: 0800 358 5260
North American +1 480 629 1990 +1 303 590 3030
Participants Access code: 3851826#
Toll Free: +1 800 762 8973
An on-demand webcast will be available from 16.00 GMT on 6 March, via the
following URL address:
http://www.axisto.com/webcasting/investis/Afrens/