< "> 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

Harry this article is certainly a warning shot across the bows and PI's may well take heed, especially after SEY's disappointment offshore Mauritainia.

I'm sure that those who may consider taking up the olacings will look very carefully at such issues,so lets see what they decide?
A thought had crossed my mind of the days RNS,perhaps encouraging a drop before discount???
cyril

81p placing....market seems to like it...

Business Financial Newswire
"Afren has raised 104.9m before commissions and expenses by the placing of 129.5 million new ordinary shares with institutional investors at 81p apiece.

This represents in aggregate approximately 18.0% of the issued share capital of Afren prior to the placing. "

Result of Placing - GBP104.9 million (US$175.0 million) Raised


Afren plc ("Afren" or the "Company") announces that it has raised GBP104.9
million (US$175.0 million) before commissions and expenses by the placing
completed today of 129.5 million new ordinary shares of 1 penny each in the
capital of the Company (the "Placing Shares") with institutional investors at 81
pence per share (the "Placing"). Merrill Lynch International ("Merrill Lynch")
is acting as global coordinator and joint bookrunner, Morgan Stanley Securities
Limited ("Morgan Stanley") as joint bookrunner and Jefferies International
Limited ("Jefferies"), Nomura International plc ("Nomura") and Evolution
Securities Limited ("Evolution") as co-lead managers in relation to the Placing.


The Placing represents in aggregate approximately 18.0 per cent. of the issued
share capital of Afren prior to the Placing. The Placing Shares will, when
issued, rank pari passu in all respects with the existing issued ordinary shares
of Afren, including the right to receive all dividends and other distributions
declared, made or paid after the date of issue.


The Company will apply for admission of the Placing Shares to the Official List
of the UK Listing Authority and to trading on the London Stock Exchange's main
market for listed securities ("Admission"). It is expected that Admission will
take place and that trading will commence on 3 December 2009.


The Placing is conditional upon, inter alia, Admission becoming effective and
upon the passing of the resolutions (without amendment) at the general meeting
of the Company scheduled for 30 November 2009. The Placing is also conditional
on the placing agreement made between the Company, Merrill Lynch, Morgan
Stanley, Jefferies, Nomura and Evolution not being terminated. It is anticipated
that the settlement date will be 3 December 2009.


As announced on 4 November 2009, it is expected that the cancellation of the
trading in Afren's existing ordinary shares on AIM will take place at the same
time as the existing ordinary shares and the Placing Shares are admitted to the
Official List and to trading on the London Stock Exchange's main market for
listed securities, which is expected to occur on 3 December 2009, subject to the
receipt of the necessary approvals from the UK Listing Authority and the London
Stock Exchange.


Exercise of Founder Warrants


Afren also today announced the exercise, by certain shareholders including some
of the Directors (the "Founder Shareholders"), of 40,000,000 warrants over
Ordinary Shares (the "Founder Shares") issued pursuant to the Company's
Founders' Investment and Warrant Scheme, which are due to expire on 11 December
2009, raising approximately GBP15 million (US$25 million) (before expenses) for
the Company. The proceeds from the exercise of the warrants do not form part of
the proceeds of the Placing but will be used in conjunction with the net
proceeds of the Placing.


In order to finance the exercise of these warrants and to pay tax obligations
arising from the exercise, the Founder Shareholders agreed to sell 24.5 million
of the Founder Shares in the Placing at the Placing Price.


Capitalised terms used, but not defined in this announcement have the same
meanings as set out in the announcement released by the Company earlier today in
relation to the Placing.


cyril

will reach 0.90 today i reckon ,,,

much more important than cobras 1-2p prognostication is that (a) the placing was at only a modest discount and (b) has been readily absorbed ..... this gives much comfort, even if not necessarily substance to AFR's fairly immediate and promising future

would you hold or top up now??

topped already this morning. Think long term here.

cynic ,how much you think they be soon???

moi? .... i already hold more than enough .... shall probably trade some out in due course, but that is why i bought the last tranche

Have recently taken profit on 25% of my holding, but am happy to retain the rest.
Still haven't seen any broker targets over 110p from memory.

theres a mixture... one topped up, one not sure and one taken profit....... Great, lol
i'm a hold for now..

typical analysts, except they usually take all 3 stances in the same article

directors cashing in not a good sign.

unless i am much mistaken, that was always their idea behind this placing ...... the nigerians are of course a most honourable and honest bunch! ...... that said, i remain confident that AFR will bring home the bacon, easily within my lifetime - it has actually found very significant reserves, as is well published

cynic reserve estimates often disappoint.

you cynical old bastard!
you're not talking about TLW now you know

oil/gold in the ground is worth just that,would like to see some actual significant production.

27000 barrels of oil at the moment if I'm not mistaken...all the talk is about future production with the newish discoveries. Isn't the 15000 barrels of oil by mid 2010 on top of what they already have ?..if not then I'm mixed up....will have to check...