< "> 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

what are you on about, think you've lost it now cynic. must be the broth & bromide combination.

cynic bullshit and brains spring to mind.

From Oil Barrel.....................................

January 13, 2010

Afren Rises Again As Ebok-6 Exceeds Pre-Drill Expectations





Shares in Afren plc, which breached the 100 pence a share threshold earlier this month, continued their relentless march upwards this week after the London-listed E&P with big ambitions in Africa scored another reserves triumph on the Ebok field in Nigeria.
Results from the Ebok-6 appraisal well have exceeded pre-drill expectations, with the well finding 107 feet of gross oil pay and boosting the oil-in-place number for the D2 reservoir sands in the southern lobe of the field by a whopping 400 per cent. The shares added another two pence on the news to close at 105.5 pence.

The well has upgraded the volumetrics for the D2 southern lobe to 135 million barrels of oil, of which 23 million barrels is reckoned to be recoverable; pre-drill, the recoverable volume for this portion of the field was just eight million barrels. The success of Ebok-6 has lifted the total 2P recoverable reserve estimate to 116 million barrels, which means the three appraisal wells drilled by Afren on the field have added an incremental 91 million barrels of recoverable oil.

This shows the value a well-resourced and technically clued-up company can bring to these types of so-called marginal discoveries. Ebok, which lies in shallow waters some 50 km offshore, was discovered in the late 1960s by Mobil and appraised in the 1970s. This is still Mobil territory, with the field surrounded by producing ExxonMobil fields that pump some 850,000 bpd. Ebok joined the ranks of undeveloped discoveries discarded by the oil majors as too small to develop and that were later handed out to local companies as the government sought to nurture an indigenous oil industry.

Yet many of these indigenous companies lacked the funding or know-how to bring these finds to market. The smart ones partner up with western companies with the right blend of financial, technical and commercial skills to ensure a successful project. Here, indigenous company Oriental struck gold by pairing up with Afren, an E&P start-up with an impressive management team and ambitions to become a leading pan-African energy company.

Since Afren joined Oriental in the project, the field has grown in materiality. The partners drilled the Ebok-4 appraisal well in late 2008, a well that exceeded pre-drill expectations. The well encountered a total gross oil column of 284 ft in high quality reservoir sands and produced 1,450 bpd under drill stem testing. The oil was 20 to 25-degree API. The partners have since clocked up a 100 per cent strike rate on the field, materially adding to the resource base.

This is no longer a marginal field and work on the first phase of the development got underway last month. The first phase 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. The associated gas will be used to fuel the processing plant and as gas lift to help drive production rates.

All wells will be drilled from a Well-head Support Structure and mobile offshore production unit. The WSS has already been built and is en route to the field and contract discussions for the production facilities are underway.
After the initial development phase, there will be additional work to bring onstream the reserves in the D2 Southern Lobe, the D1 reservoir and Fault Block West. There is also additional upside to appraise, including the potential within the West Flank Qua Iboe structure, the D2 Upside Extension and the Fault Block North, which could bring another 66 million barrels of recoverable reserves to the table.

Production guidance issued earlier this year pointed to fast-track output of 25,000 bpd in early 2010 with full-field development of 50,000 bpd. Given that the company has made a virtue of meeting or beating its targets, there seems every chance this timetable will be met and that next year the company will take yet another significant step towards its production goal of 100,000 bpd by the end of 2012.

hope this one doesn't end up like SEY.

Dont be such a pessimist halifax.

if you lived in halifax, you'ld be pretty glum too!
that said, i no longer pay attention to oilbarrel as i came to the conclusion that the postings were self-serving rather than objective reporting

:-) Still good projections going forward though cynic.

Questor share tip: Afren is a risky buy but there's plenty of upside
Further drilling success in Nigeria has boosted Afren shares this week but there could well be more good news to come.

By Garry White, Questor Editor
Published: 6:30AM GMT 14 Jan 2010

Afren

102p -3


Related Articles
Questor share tip: BP regains crown as Europe's largest oil group
RM: Education spend in UK should be safe
JP Morgan offers a promising passage to India
Questor: Good news could well flow from Dana's exploration
Still too much risk for a stake in Old Mutual
Sunday share tips: Cobham has gone great guns - do not surrender your holding quite yetQuestor says BUY

The company has completed its programme at its offshore Ebok field, with the final well exceeding the group's "pre-drill expectations". The company has therefore increased the recoverable oil figure at Ebok-6 to 23m barrels from 8m barrels. This propelled Afren's shares to a 16-month high. The company still has an active drilling programme in 2010, but you must remember that all drilling programmes carry risk.

The average price target of the 15 analysts monitored by Bloomberg with ratings on the shares is 118p, not much more than the current share price. However, as drilling programmes are "de-risked" this price could move higher. Of the 15 analysts, 13 of them have a "buy" stance on the shares.

Upside remains from the group's 10-well drilling programme in Nigeria, Congo, Ivory Coast and Ghana, which is targeting 600m barrels a day in total.

There is also the chance of acquisitions. When Afren raised 105m in a placing in November, Osman Shahenshah, the company's chief executive, implied that some of the funds could be used for strategic purposes. This week he said that the group was studying a couple of acquisitions.

The shares are up 74pc since their initial recommendation on July 2 at 58p compared with a market up 30pc. The shares are a buy, but investors must consider the inherent risk involved in the oil exploration industry.

Back from bloody cold florida. Coldest 3 wks in 20 years there. Even had snow flurries. Well at least afren has warmed me a bit. Thought the last news would have got us through the 1.10. But i suppose this is afren and nothing is straight forward. Anyway coffee time check in later.

perhaps we can get some sence back on the board now then blanche, cynics been super critical of me since you been gone, reckon he's pining.......lol. sorry it wasn't so sunny, should have come to tenerife with me........now theres a thought.....maybe next year.

or dubai with me next week!

oi, get back in your cupboard and lie down!!

Must be a big cupboard then ......

He howls at the moon too...

+ hairy palms

Announced today J P Morgan increased its stake to over 5%.
cyril

RNS states indirect shareholding.

blanche , which coast were you on in Florida ?? i live on the Gulf Coast and it has been cold but i dont know where they have had snow flurries.

jimmy b, Travelled all over. But listening to local tv stations a few places had record lows and some people had sent in photos to the station to show a very light dusting of snow. Just guessing but i think it was ocala way. I arrived on xmas day to 75`f spent three weeks traving round temps whole time late 20`s to 30`s at night. Only up to 50`s if you were lucky during the day Brrr!!!!!. Except new years eve in siesta key sat outside the skob ( Siesta key oyster bay) til the pineapple dropped. Then sods law back in the 70`s yesterday in Sea world.

Bad luck blanche ,you probably picked the worst 3 weeks in Florida history.
Friends of mine who have lived there all their lives say its never been that cold.