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

a camping stove should suffice

With this mornings RNS, surely the sp here can do better than just +3p, I would like to think that this stock should carry on up to the high forties from here....!.

Patience, patience - presumably profit taking today, but at the same time I'd have thought a new floor is now being established.

Then we can go on the next wave up.

All imo, DYOR etc etc

Agreed, and I've noticed that What's hot.com are tipping Afren.....which helps !.

does it? .... never 'eard of 'em, but shall be more than happy to see AFR go off like a rocket, and shall then prob sell before it falls like a stick! ..... actually, from what little i read this morning, this find is pretty hefty (i'll stop short of spectacular as that would be over-egging)

This looks good Cynic as we both agree....the find is tremendous,....the tip site is the sister website of t1ps.com.....can't take all their tips for granted but there are some excellent writers and comments on there.....frankly I think the best tips are here with our good bunch of bloggers right here !.

oh i think there are plenty here who just think i'm a (de)ramper and a total pain in the arse or even the arsehole itself!

confess i did not make the time to read the whole RNS, but prob should do

cynic something for you to think about.

Afren is fully-funded through its budget spending, and had a cash balance of $269 million, with net debt of $13 million, at the end of June. We dont need to raise finance, Shahenshah

Its transformational for us, Afren Chief Executive Officer Osman Shahenshah said in a telephone interview, adding the company will continue to look for further assets to develop. Were open-minded to anything in Africa, but we see the greatest opportunities in the Gulf of Guinea.

cyril

cyril ... think that was the bit i read .... anyway, i bought in twice, so am happy to wait and see

Considering Bowleven received a bid of 1.50, AFR has got to be a better bid prospect, even if it goes down the long term prospects have now got to be excellent !!!

Massively undervalued just like Rift oil.

Several posts back i alikened this to Tullow, well here's a recent post by a seasoned investor,

I remember sitting on a little share called "Tullow Oil" back in about 2003 or 2004 with a price of 63p, still got my paperwork LOL

We were talking on the boards in those days about the price breaching 1, but like so many I sold out long before the heady heights of today's SP. As I remember and I'm sure many will correct me if I'm wrong, But Tullow's position then was no where near as good as Afren's is today.

So Rob, to make my point again, I'm not going to let this little tiddler (or not so little anymore) off the line for some time, infact the strength of my line is going to take me well into 2010, 11 or further.

Afren is without doubt a serious play with a big eye on becoming Africa's finest, well managed and cleaver with its financials, we got nothing to worry about, just keep your head down and enjoy the ride.

cyril

africa's finest might be pushing credibility a bit far, with the likes of TLW and even HOIL well established there, but this morning's sp non-performance is prob more down to lemmings exiting (for DGO?) than lack of enthusiasm for AFR in general

Dont know about lack of enthusiasm Up nearly 8% in the first half hour.

There is also the fact that there is a hell of a lot less money around for investing now, but still the same rising gently now, my target is around 50p, and even there I might stay put and wait for more, and over a period of 4 to 6 months this might be touching the 70p's or 80p's even, perhaps more....flavour of the month tipping KAH in to second position !.

8% on 40p (2.88p actually) is scarcely earth shaking let alone shattering especially when the spread is 0.75p (not unreasonable)

There is no pleasing some people ...... lol

8% better than a kick in the teeth. If all your shares were up by that, Even you would be a happy bunny 8-)

Patience Cynic.....this looks a cracker.....I'm almost tempted if more funds were available to buy some more....great "buy and forget" share now this one as well as a "quick buck" one !.

Get your cash into Gasol Afrens little brother, loads of upside.