< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
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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

Long day at the office cyners and have a big day or two getting the gardens ready before the winter sets in........I detest it but Im too skinny to pay for a gardner.

Good start for AFR.

i fear the forecast is pretty grim ..... and i'll have to be out in it playing golf too!

sounds awful...especially when you get home and find you have made another grand or two

Interesting recent comment...

28.09.09 :-3.25, (74.25) Afren PLC said the success of companies like Tullow Oil PLC (TLW.LN) near its own assets in west Africa raises the prospect of it making major finds there. Chief Executive Osman Shahenshah told Dow Jones Newswires Tullow's huge discoveries in west Africa aren't far from its own holdings in Ivory Coast and Ghana, where it plans to drill in a major exploration campaign over the next 18 months. Afren's block in Ivory Coast is on the border with Ghana and Tullow's 1.2 billion barrel Jubilee field is on the other side of that border, he said. "That's very exciting for us," Shahenshah said. Earlier this month Tullow and its partner Anadarko Petroleum Corp. (APC) said they made a major discovery called Venus off the coast of Sierra Leone, raising the prospect of further finds in an area stretching through the waters of Liberia, Ivory Coast and Ghana. "Increasingly, with every drilling success, of which there have been four or five in the past three months, that raises the prospectivity of our acreage and lowers the risk," Shahenshah said.

Late yesterday positive broker note out....

Sep 29
2009 Afren

Growth on track
During last weeks interim results, management reinforced that Afren is on track to almost quadruple production by the end of 2012. Afren trades at par with its peers based on EV/2P valuation and we think it does not reflect above sector-average growth upside. Timely development of the Ebok field and successful results from exploration drilling in Congo, Ghana and Cote dIvoire are near-term catalysts. Its improved balance sheet eases pressure on funding the development programme.
Research type: QuickView - Interim results

http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=2256

when and where's my drink?????

As said, the results looked pretty good, and this could deliver massively, if Tullow/Soco are the models, 10+ in 3yrs? this could as we are all starting to realise have huge upside potential, top-up now!! (sorry if this is seen as ramp, buyer beware and buy on your own decisions please.)

just for reference, here's a 5 year chart .... another one with potential resistance at 90?

and state-owned energy companies interested in partnerships to develop fields off Ghana and Ivory Coast. Weve been approached by a lot of people: large Asian oil companies, a couple of majors and a couple of NOCs, or national oil companies, Chief Executive Officer Osman Shahenshah said in a telephone interview today. Theyre very interested. The explorers CI-01 field in Ivory Coast is adjacent to Tullow Oil Plcs Jubilee field off neighboring Ghana. Tullow shares jumped in London last week after the company announced a deep-water discovery at its offshore Venus B-1 well in Sierra Leone. The discovery suggests offshore fields extending from Sierra Leone to Ghana may hold as many as 6 billion barrels of undiscovered oil, Tullow Exploration Director Angus McCoss said last week. Afren shares dropped 1.75 pence, or 2.2 percent, to 79.75 pence at 9:02 a.m. in London, after the company said its first- half net loss widened to $38.5 million, or 7.3 cents a share, compared with a loss of $26.8 million, or 8.6 cents, a year earlier, Afren said in a statement today. The explorer will drill at least five wells by the end of 2010 and would consider as many as nine if it had a partner, Shahenshah said. Afren had $153.3 million in cash as of June 30 and net debt of $194.9 million.

Goldfinger,

Do you still run your contract cleaning business ?

Heavy Industrial cleaning business.

Nope not anymore aldwickk but I still have a controlling interest. But placed a young CEO chappie in.

Took retirement this last xmas.

Retired at 36..... wonderful.:)

51 but 41 to any available young women who like a bit of mature.

GF, in the days of SEO being hot toppic we had an E.W.Robson on the board, never see him now any idea why?

Nope sorry BB. Yep I remember him posting here.

Might be lurking across the road.

Goldfinger,

I married a wounderful filippino girl when I was over in the Philippines this year 25 years younger, non smoker, non drinker . Waiting for her visa to join me over here, Its a nightmare filling in forms and sending the documents .

This is the website if your interested. http://www.filipinokisses.com/

http://moneyam.uk-wire.com/cgi-bin/articles/200910011702431023A.html

does that article suggest that Landsdowne have sold about 4 million shares...if so i guess its profit taking and the price has held up well considering

Oil Barrel 2/10/2009

Afren Still Setting A Cracking Pace As It Develops Its West African Assets

After AIM quoted Afren plc presented at our 24th oilbarrel conference earlier this year, in April, we remarked in our report on the event that 2008 had been a transformational year for the group. Or perhaps that should read another transformational year for the African based E & P because this company has set a cracking pace since its IPO in 2005. The group had met its IPO goals, building a diversified asset base that stretched across six West African countries, delivered not only first but substantial production according to timetable and positioned itself to play a key role in the monetisation of West Africas vast but dormant gas resource, partly through its links with Gasol, another AIM company.
Now as we read the interim results report for the six months ending June 30 2009 it is clear Afren is still cracking onwards and upwards. First production was in June 2008 when the Okoro Setu field in Nigeria came on stream. The company also acquired Devon Energys former assets in Cote dIvoire which added to the production tally. We now learn for the first half production was ahead of guidance on Okoro and CI-11 in Cote dIvoire, with group working interest forecast to average 22,238 bopd for 2009. Turnover for the six months was US$155 million against nil in the first six months of 2008 and US$43 million for all of 2009 and US$56 million pre-tax loss for that year.

But perhaps more important there were further developments during the period under review on the Ebok discovery in Nigeria. The Ebok-4 appraisal well found a gross column of 274 ft of net oil pay indicating a field of 53 million barrels of 2P recoverable barrels of oil. This means the company looks likely to deliver 15,000 bopd from EBOK in first half 2010 and around 35,000 bopd by the end of 2010, possibly more. As Galib Virani, the head of acquisitions and investor relations at Afren has pointed out this would put the company on track for an exit rate of 65,000 barrels a day in 2010, perhaps more and puts it in line with City darling Tullow Oil and ahead of E & P stalwarts like Cairn Energy and Venture Production, Premier Oil and Dana Petroleum.

Since Galib made this observation to oilbarrel.com the company has acquired the Okwok field (15km from Ebok). This could just generate cost synergies and but also offers significant reserves growth potential for the enlarged Ebok-Okwok complex. The company has estimated there could be 2P recoverable reserves in place across the complex with upside potential of 151 million barrels.

The group has eight exploration and appraisal wells planned across the portfolio. These include the La Noumbi prospect in Congo in early October, targeting 40 million barrels (net) of unrisked prospective resources .In 2010/11 the company is targeting high impact exploration work in the Keta block in Ghana- estimated to hold 340 million barrels (net) of unrisked prospective resources - and the CI-01 block in Cote dIvoire with prospective resources of 90 million of unrisked resources (net).
Looking further ahead Afren has been stitching together the commercial alliances to play a role in the monetization of West African gas, with cooperation agreements signed with E.ON Ruhrgas, African LNG Holdings, EDF and Gasol.

The shadow hanging over all this large scale, ambitious and fast track development is that it all costs money. As oil prices tumbled in 2008 and credit became tight investors started to become anxious about financing for projects and the companys gearing.

Oil prices are better now, although still below their 2008 peak. The company is becoming highly cash generative. Edison Investment Research is forecasting turnover of US$330 million for 2009 and US$650 million in 2010.

Investors will, however no doubt be relieved that Afren managed last April to raise US$118 million net of costs in an institutional placing priced at 32 pence a share. The placing helped Afren improve its balance sheet with net debt falling to US$194.9 million as at June 2009 from US$ 287 million at year end 2008. Gearing is now at 45 per cent compared with 82 per cent at year end 2008.

Edison Investment Research reckons that with cash of US$153 million and projected consensus EBITDA of US$400 million for 2010 Afren should be able to pay its debt of US$150 million and capex commitments of US$200 million for the next 12 months. Potential farm-ins also remain a possibility, as also is a move to the LSE main board, which would widen the net of possible investors in Afren.. This should all allay fears that the companys coffers would run short of the kind of cash needed to develop the key Ebok field.

BROKER CALL: Afren is Morgan Stanley's top pick in E&P sector
5 October, 2009 08:39:57 AM


Broker previews next year's drilling campaign and says Afren has much to gain. Raises the target price to 110p a share from 85p and remains overweight. MS adds 20p to its Premier Oil price target to 1220p and 50p to Dana to 1600p - it remains equalweight and overweight on them respectively.