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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
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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
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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

I think it's premature to write off another banking crisis, but good luck with AFR.
2517

There is something fundamentally going on in the markets at the moment irrespective of company prospects. I thought after Xmas the market had decided that we weren't going back down but now I am not so sure. On that basis AFR could go anywhere as the big institutions short sell. I still try to trade shares but wouldn't try and hold anything long-term until the picture becomes clearer.

I reckon that at some stage...can't say when : we are going to have the scramble to get in day.....could come at anytime....

DD i reduced my portfolio by roughly 40%,inhind sight it would have been better at
100%. Tin hat time ne thinks?
cyril

I agree 100% cyril. Unfortunately I still hold loads so I have 2 tin hats on.

I doubled my holding here some time back ,so i'm sitting in a Tank..

I think AFR is a buy now.

Might be worth waiting for their next trading statement, cash generation is the key to their success.

Am tempted to get back in at about this level. Oil price ($72.89) not helping any of these companies, but chart support is round about 85p.

AFR is moving upwards now...looking cheap at 93p

Normal service resuming here. I feel such a wally for topping up at 93p! 8-)

11m+ traded (96p)and oil back up over $76 i'm just wondering whether to replace my tin hat with a baseball cap?Seriously a little too soon to count the chickens but signs are looking good.
cyril

I'm out of my tank.

January 28, 2010

Afren Adds Another Piece To Its Planned Production Hub In Nigeria With Farm-In To OML115


Afren plc, the ambitious E&P stitching together a patchwork of development projects in Nigeria, has added to its footprint in the West African energy powerhouse by agreeing joint venture terms with Oriental Energy and Energy Equity Resources. Afren has paid US$6 million upfront to buy into OML115 in the south east of Nigeria, which lies adjacent to its existing Ebok and Okwok fields.
Afrens strategy is to develop a series of marginal or fallow oilfields to build a sizeable production business in Nigeria its business model is Addax Petroleum, which built a production base of more than 130,000 barrels per day and was acquired by Sinopec for over US$7 billion last year. With this strategy, there are two factors critical to success: picking the right indigenous partners and picking projects in close proximity to help understand the geological setting and deliver cost-savings during the development phase.

The latest acquisition meets both criteria: OML115 is adjacent to the companys Ebok/Okowk complex and Oriental Energy Resources has proved to be an effective partner in the companys Ebok and Okwok projects. The latter point is not to be underestimated: partner problems are notorious for derailing development projects in Nigeria as smarting investors in Tuskar Energy and more recently Equator Exploration can testify.

Under the terms of the farm-in agreement, Afren will act as technical adviser to London-based Energy Equity Resources and acquire a 32.5 per cent legal interest in the project. Afren will fund the drilling of one exploration well on the block, at an estimated cost of US$30 million, after which Afren and EER will jointly fund costs on a pro-rata basis (81.25 per cent and 18.75 per cent). During the cost recovery phase, Afren will have an effective economic interest of between 81.25 and 65 per cent. Following cost recovery by both Afren and EER, Afrens effective economic interest will revert to between 32.5 and 40.625 per cent of field revenues.

OML 115 lies in the prolific offshore eastern Niger Delta, surrounding the Afren/ Oriental-operated Ebok and Okwok development area and close to the giant Zafiro complex. The southern portion of the Okwok structure (Okwok South) extends into OML 115 and there is also additional prospectivity in the channelized Qua Iboe system. Afren reckons there is a gross unrisked resource potential of 270 million barrels based on work done to date.

Afren will be keen to chase down this potential: it has never knowingly hung around and has a track record of meeting or beating its own production goals, most recently exceeding its 2009 production expectations with average net working interest production of 21,000 bpd. In the near term, it plans to undertake a detailed study of the subsurface to finetune a location for an exploration well, which it intends to spud in the second half of this year.

Success here would mark a significant step forward in the companys ambitions to build a production hub in this part of the Niger Delta, where it recently had appraisal success with the Ebok field, confirming a 116 million barrel development project with upside of 182 million barrels. Okwok would take that upside to 304 million barrels and investors will have to wait until later in the year to get a feel for the potential in OML 115. At this point, the company can start to plan for joint storage and export operations not to mention shared drilling and other services, enhancing project economics. The close proximity of OML 115 to the Ebok - Okwok complex will provide a pre-existing export solution for any development on the block, said Afren CEO Osman Shahenshah.

The company is already making solid progress towards bringing Ebok onstream this year. It recently scored another reserves triumph on the Ebok field after the Ebok-6 appraisal well exceeded pre-drill expectations, 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 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 since joining Oriental in the project in 2008 have added an incremental 91 million barrels of recoverable oil.

Ebok, which lies in shallow waters some 50 km offshore, was discovered in the late 1960s by Mobil and appraised in the 1970s. Afrens appraisal work has moved it from being a marginal discovery to a project in development, with the first phase development plan now underway. Production guidance points to year-end production of 15,000 bpd from the first phase development with another 20,000 bpd coming from an accelerated phase 2 development. With Okwok and any finds in OML115 still to be added to this tally, this could shape up to be a significant first production hub for the London-listed company.

this reads like oilbarrel or some similar self-promoting site ..... please clarify

Bought more AFR today...looking cheap at 81p.

Sorry blanche but I did try to warn you (post 734)

Anybody who thinks there is easy money in this market will get burnt.

reckon blanche is smarting now.....oh dear

perhaps he's already baled-out ..

;-)

Long term prospect for me. Iam here til end of 2012 when this company will be 3 - 4. And if i can find some more cash will be topping up again today. EASY MONEY!!!!