< "> 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

Starting to look like a bargain at this price : 82p....a few weeks ago this would have been a joke !.

garbage

This should be over a pound and will be soon as long as crude doesn't crash....82p looks cheap to me...marni : you talk some crap at times !.

This is set for a very strong rebound...only going down in sympathy with the market....ftse has taken quite a knock but why has this dropped ? ; no bad news as yet, crude at the moment is holding up well....so shorters in the vicinity ?.

hit 77p today so not talking crap at ALL........try not to wet ur pants every few minutes when sp falls a few pence

89p....superb rally....was very cheap this morning and still worth buying for the long term !.

78p wa a good top-up opp.! to good to stay at that price, mm making the best of the recent sell-off/correction.

Got some more yesterday...not quite so good but this is a 120p stock by next march or so.....buy and keep now.

was hoping 120 before March, well I was last Friday, now, well you could be right market is getting jittery again.

This will be 1.20 by xmas!

Hope so.

Gasol on the move today chaps. Been down to long.

Is the sp being held back by political problems in Nigeria?

more likely through boredom and lack of news

Highlights

Ebok-5 appraisal well - drilling update


u The Ebok-5 appraisal well has encountered 182ft of gross oil pay in the D1 reservoir and 84 ft of gross oil pay in the LD-1E reservoir

u Extensive log and pressure data has been acquired over these intervals, which are currently being analysed

u Results confirm pre drill estimates of Ebok West Fault Block volumetrics

o De-risks 92 mmbbls STOIIP, 25 mmbbls 2P recoverable

o Provides further validation of Afrens amplitude based model

u The Ebok-5 appraisal well is currently drilling below 3,350 ft and will continue to test deeper objectives in the D2 and Qua Iboe sands

u The results to date increase the total Ebok project to 78 mmbbls 2P recoverable reserves, with upside resources potential of 74 mmbbls


Phase 1a Field Development Plan Approval

u Ebok Phase 1a FDP approval received from Nigerias Department of Petroleum Resources

u The development plan comprises five horizontal oil production wells in the D2 reservoir, one horizontal oil production well targeting the D1 reservoir and one water injection well in the central Fault Block 1 and Fault Block 2 areas of the field

u All wells will be drilled from a single field location via

cyril

It shows it's a bad market because on very good news Afren is only up by a penny or so....if times were better the sp would be well over a pound by now.

over 20% increase in 1 day...........highly unlikely! market doesnt make mistakes like that

Buy Afren at 88p
Says James Faulkner of specialist small cap website WatsHot.com
Afren shares have performed well since my tip back in April - at 88p they are up 153% on my tipping price, but despite this cracking performance I still reckon the shares are a 'buy'. I believe we shall see Afren transform itself into a mid-tier producer by the end of 2010, and the geographical location of its assets will make other larger firms stand up and take notice. Afren is set to exit 2010 with daily production of 65,000 barrels per day which, to put things into context, would place it alongside the likes of Tullow Oil and ahead of Cairn Energy, Premier Oil and Dana Petroleum. As I write, the market cap of Tullow Oil stands at 9 billion pounds whereas that of Afren is just 570 million pounds.
Afren was founded in 2004 with the aim of becoming the premier independent pan-African oil exploration and production company. Since its IPO on AIM in 2005 it has built up a portfolio of interests in six countries:Nigeria, Soa Tome & Principe JDZ, Gabon, Congo, the Ivory Coast and Ghana,and is currently producing at a rate of around 27,000 barrels of oil per day, mainly from its Nigerian interests. The company leverages the insight and local clout of its management team to ensure it has the upper hand in its chosen regions through close relationships with governments and through partnerships with indigenous corporations. This provides a low-risk operating model in what is usually considered to be a relatively high risk area. Headed by CEO and industry veteran Osman Shahenshah, the management team is top-notch for an E&P company of this size.

Shortly after my tip in April Afren announced plans for a placing to raise $125 million to finance the early development of the Ebok field. The firm also re-confirmed its intention to seek a listing on the main market. This was an important move because there had been some investor concern over the firm's level of gearing and its ability to fund the development of Ebok. The placing was also heavily oversusbscibed. With the funds in place, the development of Ebok will take place in two stages. The initial phase will cost $150 million, with $100 million planned to be spent during the fourth quarter of 2009 and $50 million during the first quarter of 2010. The first phase will be funded by the placing proceeds as well as the firm's existing cash pile, and is expected to yield initial production rates of c.15-25,000 bopd. The second phase will see production ramped up to c. 50,000 bopd and will cost $200 million. However, capex for phase two will be spread over 2010 and 2011 at $75 million and $125 million respectively, and it is expected this will be funded from internally generated cashflow.
As I hinted at above, key to Afren's success are its relationships with central and local governments in Africa. In July Afren helped establish First Hydrocarbon Nigeria, a majority Nigerian owned oil and gas company in the indigenous Nigerian Exploration & Production sector. The move came in response to the Nigerian government's objective to increase the level of local participation in the oil and gas sector and is consistent with Afren's strong record of working alongside indigenous companies. FHN will be used as a vehicle to acquire substantial oil and gas assets in Nigeria, including any assets that may be divested by the Nigerian government in future licensing rounds. By attaching itself to this entity, Afren is effectively securing for itself the richest pickings when it comes to divestment.
Click for Full Charting facilities from ShareCrazy.com


August saw the extension of Afren's partnership with Oriental Energy Resources Ltd and the signing of a joint venture with Addax Petroleum to develop the Okwok Field, offshore Nigeria and adjacent to, the Ebok field. The move followed a collaborative agreement with Oriental to pursue assets in the region following the farm-in to develop Ebok with Oriental in March 2008. Under the Okwok farm-in agreement, Afren acquired 70% of Addax's 40% legal interest (28%) in the field. Afren will, solely, fund the drilling of one exploration or appraisal well, after which Afren and Addax will fund field development costs 70% and 30% respectively. Afren will be entitled to 70% of net field revenues (pre cost recovery), reverting to 56% (post cost recovery), subject to gross volumes lifted. Afren estimates that 70 million barrels of oil in place could potentially be produced from Okwok, with exploration having the potential to significantly add to the reserves base and synergies with the Ebok development reducing potential development costs e.g. via joint storage and export.
In September Afren's interims showed just how far the company has come in recent times. Revenues came in at $155.2 million, up from nil last year. Net cash from operations of $98 million was generated, enabling the company to bring net debt down from $287.4 million to $194.9 million. Afren is now on the cusp of transforming itself into a serious regional player. Over the next 12-18 months the firm is looking to prove-up 686 million million barrels through an aggressive appraisal programme. Ebok is due to undergo development drilling in the first half of 2010, while Okwok should follow in mid 2010. From here on out things get very big, very quickly. Edison Investment Research is forecasting turnover of $330 million for 2009 and $650 million in 2010, by which time the PE ratio should fall to around 6 times. Buy, at 88p.
Key Data
EPIC: AFR
Market: AIM
Spread: 87p - 89p

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Apologise if this has been posted before ,,looked interesting

Admission to the main market scheduled for Dec. Great news following on from yesterday.

This could be a 5.00 stock by end of 2012 imo