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

Afren PLC
27 March 2008



Afren plc (AFR LN)

Preliminary Results for the year ended 31 December 2007 - the Platform in Place
to Deliver a Transformational Leap in 2008



Afren plc ('Afren' or 'the Company'), the African independent oil and gas
exploration and production company, announces its preliminary results for the
year ended 31 December 2007.


Highlights

Operational

Okoro Setu on-track for the Company's first organic oil production:

Key milestones achieved in 2007 include the approval of the Field
Development Plan by the Government of Nigeria, reserves certified by
Netherland Sewell & Associates, Floating Production Storage and
Offloading Vessel ('FPSO') upgrade and completion of project long lead items

The Adriatic VI drilling rig, which has been contracted for a nine-month
period, arrived on location on 22 January 2008 and development
drilling has commenced

Targeted production of 15,000-20,000 bopd in 2008 from 5 development wells

Eremor field is on-track for first oil in Q4 2008

First exploration well (Doungou-1) completed on the La Noumbi licence in
Congo Brazzaville. The well was plugged and abandoned but proved a working
hydrocarbon system in the pre-salt section

Testing operations on the Ofa-1 discovery well completed and decision
taken not to proceed further with the development


Corporate and acquisitions

Acquisition of Devon Energy's interests in Ghana, Angola and Cote
d'Ivoire (post period-end):

Fully financed through debt, without shareholder equity dilution

In Ghana, a 95% working interest and operatorship of the Keta Block. A
well is planned in Q4 2008 to test the Cuda prospect which is analogous
to the Jubilee and Odum discoveries to the west in Ghanaian waters

In Angola, a 15% working interest in Block 16. Three exploration wells
are planned, commencing in Q3 2008 on prospects in deep water, analogous
to the discoveries in the adjacent Blocks

In Cote d'Ivoire, 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')

Subject to customary approvals

Continued progress on gas monetisation strategy, with a co-operation
agreement signed with E.ON Ruhrgas AG and African LNG Holdings Limited and
Production Sharing Contracts for OPL 907 and OPL 917 signed, within the gas
rich Anambra basin onshore Nigeria, post period-end

Participation agreement signed with Excel Exploration & Production
Limited for the development of the Eremor field in Nigeria. The field
contains oil reserves of 2.9 mmbbl (1P) and 4.1 mmbbl (2P), according to an
independent reserves audit by Netherland Sewell & Associates


Financial

$230 million borrowing base rolling facility secured to finance the Okoro
Setu Project
Completion of $80 million (before expenses) total equity fund raisings

Closed $50 million unsecured loan acquisition facility in Nigeria

Cash balance as at 31 December 2007 of $91.8 million (2006: $35.7
million)

Net loss of $39.0 million (2006: $15.8 million) due to increased
operational, administrative and business development activities


Outlook

Development drilling has commenced on Okoro Setu with expected production
of 15,000-20,000 bopd in 2008

Active drilling campaign, with up to 7 development and 5 exploration
wells to be drilled during 2008

Completion of the acquisition in Cote d'Ivoire, with an effective date of
30 June 2007, expected in H1 2008, providing the Company with 3,000
entitlement barrels of oil equivalent per day and increasing 2P reserves
by 28 mmboe

Production start-up on the Eremor field in Nigeria expected in Q4 2008

Active pipeline of New Venture opportunities to further consolidate
Afren's position, particularly in West Africa


Osman Shahenshah, Chief Executive of Afren Plc, commented:

'Afren has delivered tremendous operational and acquisition-led progress in
2007, putting the platform in place to deliver a transformational leap for the
Company in 2008. In less than 20 months from signing the agreement with our
indigenous partner to develop the Okoro Setu Project in Nigeria, we have
commenced development drilling and remain on-track for the company's first
organic production, targeting 15,000 to 20,000 barrels of oil per day in 2008.
We have expanded our indigenous partnerships to five in Nigeria and were
honoured to recently partner with the national oil company PETROCI in the
important strategic entry into Cote d'Ivoire.

Through our consistent and differentiated strategy, Afren today has a portfolio
of 15 assets in 7 countries, with an exciting outlook for 2008 through a
combination of development and high impact exploration drilling, near term
production growth and significant opportunities to further consolidate asset and
corporate opportunities in Africa.'

LONDON (Thomson Financial) - Afren Plc. said it has entered into a farm-in
agreement with privately-held Nigerian oil exploration and production company
Oriental Energy Resources Ltd. to jointly develop the Ebok oil field, located
offshore in South East Nigeria.
The Africa-focused oil explorer said the Ebok oil field, discovered by the
Exxon Mobil Corp. and Nigerian National Petroleum Corp. joint venture, has
recoverable oil reserves of 25 million barrels ,with first commercial oil
production expected as early as the first quarter of 2010.
Afren said the farm-in agreement has been structured in a way that the field
benefits from the Nigerian marginal field fiscal and tax regime and said it has
also signed an agreement with Oriental for potential development of other assets
in the region.


It just gets better and better 2.00 here we come Kieth.

Nice one blanche, the foundations being laid for the future

wow--look at this one go!! something must be brewing-I'm still holding.

Am thinking news cant be far off now, looking very good today

well they should be pumping oil out by now... and they gonna have some more acquisitions soon...

Like wow, what a chart, if only it would guarantee to keep performing the same as it has the last 6 months...

Looks to have stepped up a gear today, another ATH i wonder how long before first oil,whispers tell me soon
I will be cracking open the bubbly soon when we hit 200p lol

news of first oil is expected before the end of May---I read on the other side. Potential giant here---I wish I had more than just 7000!!

Seems like a VERY good growth stock not sure how much good news has already been priced in ?

Been watching for sometime for a drop to get in unfortunately for me it keeps on rising. However RSI is reaching oversold territory !

Am the same moneyplus on the winners we all wish we had more, but at least we are making money
This is making up for some of my not very good investments -)

The rise today could have something to do with Gasol which Afren is the bigger brother, its all cooking up very nicely

Found this from The Times dated 04 April - knew I'd read something somewhere:

"Afrens attraction, reflected in the more than sixfold rise in its shares since it joined AIM three years ago, is the speed with which it has assembled a portfolio of 17 exploration and production areas in seven African countries. Assisted by a well-connected board it is chaired by Rilwanu Lukman, former secretary-general of Opec and strong indigenous links, Afren has bought or taken stakes in oil and gas prospects too small for the majors. It also has a deal with Germanys E.ON to investigate Nigerian gas exports.
"With Afrens first oil an expected 15,000 barrels a day from the Okoro Setu field offshore Nigeria not due to flow until next month [i.e. May], the company remains at a critical stage of its development."

So, I guess we should be hearing about some oil flowing any day, hence the steep rise. - Thanks Moneyplus, for reminding me about this company!

Yet another ATH to round off a very good week and we have our oil to come

good day all round for me. makes a change!!

Afren doing very well....!

This just keeps going up & up & up & up AND UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Its becoming quite a star now, we are up almost 80% from the start of the year and more fuel in the tank for us to continue during the remainder of 2008

Good morning blanche its good to hear from you

Morning Kieth, Still alive and kicking as they say. Haven`t brought any over the 120 mark. Now wish i had but i suppose thats just being greedy, but from 53p upto 120 is a nice spread. This is definately the star performer in my portfolio at the moment. I cant see anything to hold it back, Main Listing here we come, and multi pounds in sp! at sometime in the to distant future.
P.S Hope youve had plenty of the bubbly stuff on its journey north, the way its been rising probally every other day. 8-)

As you say Blanche plenty left in this one imo.---rise very similar to DGO which I sold far too early ditto TLW --I won't make the same mistake again! Oil producer expected any day now, main market before the end of the year and the last fund raising was sold out in under 30 mins at 1.25p!!!