< "> 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

Still waiting i happen to know of one investor who has e-mailed just that thought to one of the majors and had a reply aknowleging it from their CEO.
cyril

Nice thread Cyril thanks
A good read yesterday in the Express about oil stocks how undervalued some are, we got a small mention

Ass I stated earlier on previous thread, if Bowleven had a bid of 1.50 and AFR is a greater prospect, I hate to think what this is worth with it's results from EBOK. I believe that this company will be taken over if it starts to meet all of it's potential. When the market picks up 9-12 months time there will be consolidation amongs the smaller oil companies. I would put my money on Tullow as they are already in the region !

Kkeith, any chance of stating what oil companies got mentioned in the express, thanks.

The full article

Express
OIL FIRMS IN GEAR FOR THE BIG DRILL


OIL TANKER: Companys are gearing for great finds
Saturday April 4,2009
By David Shand OIL-company bosses are given to waxing lyrical about potential blockbuster discoveries even though there may be a distinct jam tomorrow flavour about many of the prospects.


The glass half-empty is an alien term to them but even this band of natural optimists must have had their confidence tested by the swathe of value destruction among quoted exploration and production companies since the crude price went into freefall from last summers near-$150-a-barrel peak.

Traditional investors such as hedge funds have had their spending instincts curbed, while the companies themselves have had to face up to the possibility of mothballing projects as money dries up.

But the recent stability of oil prices around $50 underpinned by the prospect of Opec (the cartel of leading oil-producing countries) cutting back production and a reawakening of merger and acquisition activity have fuelled hopes of an upturn in fortunes for prospectors in outposts from Vietnam and Kazakhstan to West Africa.

Predators have noted the huge gap opening up between explorers assets and their stock-market rating. Pulses across the industry quickened after the huge takeover premium ascribed to Africa-focused explorer Bowleven by a mystery suitor. Although cynics did not have long to wait before the bidder cut its offer price by a third, consolidation appears to be firmly back on the agenda.

This was exemplified by British Gas owner Centrica buying a 22 per cent stake in FTSE 250 company Venture Production, which could lead to a 1billion-plus takeover.

Backed by this speculative appeal, exploration companies with good stories to tell such as West Africa-focused Afrens exceptional drilling results from the Ebok field by Nigeria offering the potential of 106 million barrels of oil have begun to tempt investors back into the market. Petroceltic International has high hopes for its forthcoming drilling campaign in Algeria, having secured funding from Spanish energy giant Iberdrola, while Xcite Energy has reported outstanding progress in demonstrating the commercial potential of Bentley, one of the biggest proven but undeveloped fields in the UK North Sea.



Xcite shares have nearly trebled this year but the company is still worth about one-eighth of its initial value when it floated on Aim in November 2007. Richard Savage, oil analyst at broker Mirabaud, warned against investors being swept up by hopes of a rising tide of merger activity and buying stocks indiscriminately, pointing out that large integrated oil companies are likely to keep their spending powder dry for maintaining dividend payouts rather than chasing acquisitions.

He said: I would expect to see more consolidation, with funding difficulties leading to lowly valued stocks. The industry is finding it difficult to pay a big premium to farm into an asset (a co-investment arrangement), so why not buy the whole company? The kind of stocks we think are vulnerable have great assets attractive to bigger players but need funding. There will be some that could go under such as Oilexco (the Canadian explorer whose North Sea assets are being bought for 346million by Premier Oil), while others may not be overleveraged, just short of cash.

Savage said: You are more likely to see mid-cap companies acquiring small firms. We have seen banks willing to lend money to businesses they think are sustainable.

The danger of chasing the sector is that you will get flurries of activity, followed by periods where nothing is happening. Investors should be buying specific companies for the long term where you believe in the strategy.

Citigroups Marc Kofler reckoned acquisitive companies would be more likely to cherry-pick assets than target full-blown takeovers. Shopping lists might include FTSE 100 companies Tullow Oil, which has delivered a string of impressive updates from Ghana and Uganda, and India-focused Cairn Energy.

But his top pick is Dana Petroleum, which he said has healthy finances and a pipeline of new flow, with more than a dozen exploration wells planned for this year and six already drilling.

Kofler added: While we retain a degree of caution , we believe the prospect of sector consolidation will act as a shot in the arm for the UK exploration and production companies.

Given the uncertainty over explorers being able to turn exciting discoveries into guaranteed black gold, not to mention funding requirements, would-be investors probably have more homework to do on stock selection than in most other industries but there are potentially rich pickings for those who get it right.

Gearing up for tomorrow, from another board.


i was informed they held off results as they wanted to release on clean day with full analyst attention (Cairn where reporting on the 31st) well i think every analyst will have there eyes on this tomorrow ;p


http://www.scotsman.com/business/City-Diary.5138774.jp
Published Date: 03 April 2009
THE following business news is expected on Monday:

It is a quiet start to the week with none of the major FTSE 100 companies due to post results. Of those that are due to post results are oil and gas exploration and production firm Afren and online financial services firm Intelligent Environments. The rest of next week is also set to be very quiet with very little in the way of company results expected

cyril

It's not the sort of thing you would do if they had nothing for the market to see or to hide, they must feel confidant

Pumben, Bowleven bid has been reduced by 33%. Remains to see if it is acceptable, but caution advised as it looks like it might be a buyers market for any asset which may be a bit cash strapped. Hope AFR is profitable with minimal debt - monday all will be revealed.

cyril, saw a copy of that email post, i think it was to Cairn. interesting times.

the market cap. of this is a joke, keep adding.

Afren plc (AFR LN)

Preliminary Results for the year ended 31 December 2008



London, 6 April, 2009. Afren plc ('Afren' or 'the Company'), the African oil and gas Independent, announces its unaudited preliminary results for the year ended 31 December 2008.




Highlights




Operational achievements

First organic production, with Okoro Setu successfully brought onstream

Current profitable and stable production base of over 26,000 working interest boepd (all Afren operated)

Outperforming asset base, with Okoro producing circa 47% above guidance and increase in CI-11 production by 10% since Afren assumed operatorship

Outcome of Ebok field appraisal (post year-end) transformational; a material 52 mmbbls oil development, with upside to 106 mmbbls and field production of up to 50,000 bopd, subject to financing, expected by end 2010

Financial

Total annual production of 1.3 mmboe (delay in Terminal Establishment Order for Okoro)

Revenue of US$42.5 million net of royalties (average oil price of US$48.1 per barrel before royalties)

Pre tax loss of US$56.0 million (2007: US$39.0 million)

100% take up of early Convertible Bonds conversion offer, removed US$70.9 million of debt from balance sheet

Total gross and net debt of US$405.2 million and US$287.4 million respectively

Balance of debt amortising, with US$86.1 million remaining to be repaid during 2009

Fully funded through current firm work programme

US$117.7 million cash on the balance sheet at year-end (subject to short term restrictions in Nigeria and Ghana)


Corporate

Strategic alliance with Sojitz Corporation to pursue joint acquisitions of scale

Partnerships established with the national oil companies of Ce d'Ivoire and Ghana

Continued progress on gas monetisation strategy; co-operation agreement entered into with E.ON Ruhrgas, Memorandum of Understanding with Electricitde France and two licences in Anambra Basin, Nigeria

Significant portfolio growth - completed the acquisition of seven assets across Nigeria and Ce d'Ivoire / Ghana (new country entries)

Outlook

Strongly cash generative production base with 43% operating netback at asset level at US$40 per barrel

Significant production hedged (100% of oil production from CI-11 at an average US$85 per barrel to mid 2012 and 14% of Okoro production at an average US$54 per barrel to end 2010)

Continue drive to identify cost efficiencies, with early evidence encouraging, including 10% headcount efficiencies post-period end

Fully funded through 2009 budgeted firm expenditure

Visible exit production of 65,000 boepd by end 2010, with material Ebok development

Active on-going discussions to further grow and diversify the portfolio, capitalising on established indigenous identity and adherence to Founders' strategy




Osman Shahenshah, Chief Executive of Afren Plc, commented:




'Throughout 2008 we have continued on the consistent growth trajectory set in previous years. Operationally, we achieved the important First Oil milestone and we are currently outperforming on our Okoro and CI-11 production expectations by over 47% and 10% respectively. We have responded proactively to the current environment with early encouraging signs from the cost deflation initiative. Afren is cash generative at the current low oil prices and is rapidly reducing its existing debt. Strategically, we have adhered to the Founders' strategy, continuing the partnership-based, acquisition led growth with the addition of seven assets in three countries and of these, two new country entries. Following the exceptional Ebok appraisal drilling results, 2009 is set to mark a new paradigm for Afren, with a visible 2010 exit production rate of over 65,000 barrels of oil equivalent per day.'


Looks very good to me.

06 April 2009




Gasol plc

('Gasol' or 'the Company')




Gasol in Joint Venture with SONAGAS




Gasol plc is pleased to announce that the Company is now in a direct joint venture agreement ('JVA') with Sociedad Nacional de Gas, GE ('SONAGAS'), the national gas company of Equatorial Guinea, after African Gas Development Corporation Limited ('AFGAS') assigned its rights and obligations under the JVA to Gasol as per the disclosure in the Company's June 2008 Admission Document.




Enquiries




Gasol plc
Tel: 020 7290 3300

Soumo Bose, Chief Executive Officer

Caroline Houry, Investor Relations



Pelham PR
Tel: 020 7337 1500

Alex Walters

Francesca Tuckett



Jefferies International Limited
Tel: 020 7029 8000

Jack Pryde

Oliver Griffiths









About Gasol




Gasol's strategy is to identify and develop commercially attractive opportunities in the gas sector, with initial focus on liquefied natural gas (LNG), sourced from Africa's Gulf of Guinea region.




Through the creation of a substantial value chain via a series of partnerships involving gas gathering, liquefaction and the shipment and regasification of LNG into high-value markets worldwide, Gasol aims to become the premier Africa-focused gas independent.




Gasol works in partnership with governments, energy majors, utilities and independents in Africa, the USA and Europe. Gasol is Afren's exclusive downstream liquefaction partner in developing an LNG monetisation strategy.




Further information is available from the Company's website: www.gasolplc.com








This information is provided by RNS
The company news service from the London Stock Exchange

END

This is also gr8t news all you afren fans should be in here to gr8t upside Afrens little cousin

Fasten your seatbelts.

Look at gas go !!!!!

Good morning, not so sure on any great gains today as i believe the results to be
solid. No great pieces of news to excite, but then hopefully i'm wrong. That said i'm comfortable with them.
cyril

Nice 237000 buy just gonr thro on afr

Theirs a lot of s/termers getting out, down over 1p at the minute. Allow the market time to settle down before getting a clear picture on how they view the results.
cyril

Theirs a lot of s/termers getting out, down over 1p at the minute. Allow the market time to settle down before getting a clear picture on how they view the results.
cyril

When is this rocket going to fire, bit of a damp squib at the moment? Early days.

i am not nearly clever enough to work out how good the figures were, but my impression was to be singularly unimpressed ...... it seems to me that AFR's one (major) saving grace is the Ebok field which has the potential to make the company a t/o target ..... we shall see

Usual nowadays thing...it drops on results.....they really have only just started production.....come back in a year or two and the figures will look a lot better !.

RF thats the market today, more short term for the majority of tradres, take profit and look for the next bargain. Of course the large institutions will mop up these with a long term view. 9.30am seems to tell the truer picture once the excitable have gone.That said i should have closed at least one of my positions, didn't see the drop quite so big.Those on the sidelines a great buying opportunity for long term.
aimho
cyril