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

POSTED ON ANOTHER BB
From Upstream newspaper today

West Africa-focused independent
Afren is set to award a contract
by the end of June for the
provision of a floating production,
storage and offloading vessel at its
ebok field off Nigeria.
Chief executive Osman shahenshah
said that the competition is
now down to two or three contenders
from the five companies
originally invited to bid for the
lease contract last year.
He said the aim is to award a
contract this quarter and discussions
are under way.
shahenshah declined to name
the FPsO bidders but one wellplaced
industry source suggested
the Norwegian trio of Aker
Floating Production, BW Offshore
and Fred Olsen Production may
all be in the running.
However, the same source also
believed that Oceaneering may
get a look due to recent personnel
changes in Afrens project team.
Malaysias Bumi Armada,
which supplied the FPsO on
Afrens first Nigerian project,
Okoro-setu, is not thought to be
a key contender.
the exact specifications of the
FPsO are unclear while Afren
evaluates whether to go for a
smaller early production system
and later either modify this unit
to boost its capacity or replace it
with a larger FPsO.
Alternatively, the operator and
its Nigerian partner Oriental
energy could perhaps go straight
for a larger vessel.
If an ePs is selected, it could
begin handling between 15,000
and 25,000 barrels per day of oil
early next year from five or more
horizontal production wells and
one water injector drilled in two
of eboks fault blocks.
An expanded project would
involve drilling at least eight more
development wells and increasing
production to between 35,000 and
50,000 bpd by the end of 2010.
Afren recently completed the
ebok-4 appraisal well and,
according to reservoir specialist
Netherland, sewell & Associates
(NsA), the field could hold likely
in-place reserves of 148 million
barrels in the two fault blocks.
Recoverable reserves are estimated
to be just over 41 million
barrels.
An additional 21 million barrels
of contingent reserves and 33 million
barrels of prospective
resources have been assigned by
NsA to other areas of the field,
including the ebok West and
ebok North fault blocks.
Afrens view is that the first two
fault blocks to be exploited hold
178 million barrels of in-place
crude and 52 million barrels of
recoverable reserves.
the ebok-4 well flowed 1450
bpd of 20 to 25 degrees API oil but
the operator believes a rate of
about 3500 bpd per well could be
achieved.
Due to these better-thanexpected
results, Afren has decided
to drill the ebok-5 appraisal
well as part of the shallow-water
fields development drilling programme.
shahenshah said a development
plan will be submitted to
Abuja shortly.
ebok lies about 50 kilometres
offshore in OML 67 where Afren
holds a 40% stake, leaving Oriental
with 60%.

Don't forget the directors last purchased chunks of shares around 125p--they are free to buy more next week after the results--bet they do! Look out around midday for the usual sharp pull back as morning traders take profits--then I hope for a closing whoosh!!

currently very happy to have gone o'weight here

BYE BYE 40P.

CYNIC THIS COULD MAKE YOU VERY HAPPY IN YOUR OLD AGE

i am already very very old!
but i would certainly have been much happier had you edited your most useful article so it was actually readable - i.e. used the "delete" button so that lines became the proper length!!

Sorry try to make it easier on your eyes next time.8-)
Looks like they are trying to shake a few loose.

Time to BUY before the expected good results on Monday ! IMO

i am already quite heavily o'weight here, and though i currently have itchy fingers, am manfully resisting the temptation

anyone here watching YELL---whoosh!!

Be the force with you.
cyril

i'll soon be able to buy another mouse.

Resist any temptation to scratch, At least before 2.00

i have here, but see YELL - lol!

Yell, yes good rise today heard about first thing but had no funds to buy. well done if you managed to.

well foir a change, i have been acting like a prudent financial advciser (is there really such a thing?) and banking a number of profits over the last week or so,, thus leaving myself with a healthy war chest ..... i am sure yours is very nice too!

Brilliant day! Have a fantastic weekend, see you all bright and early 7am Monday morning.

Better keep off the wine blanche to have a clear head, an early morning start -)

Looking forward to the new thread Cyril, charts the full works

A good day for us all, have a nice weekend

delete

Let's not get too excited, many a time on results day ; a share will drop...perhaps not this time, because AFR is mighty impressive and vastly underpriced still, but the way things have been going ; when I've expected a sp to rise ; it falls....anyway we shall see....if there is a drop it will only be for a day or so !.

looking back at yesterday's trades, buy/sell were quite evenly matched though volume was 5x norm .... but then it was last trading day of fiscal year - see also YELL

that said, there will certainly be a lot of lemmings who will have bought in ahead of the results, so a fall-back is reasonable to expect