Investors' Room :: AFREN (AFR) Is this the next TULLOW??? - MoneyAM - Free Share Prices, Stock Quotes, Charts, News, Level2

niceonecyril - 04 Apr 2009 08:30

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Chart.aspx?Provider=EODIntra&Code=AFR&Si

required field - 25 Mar 2010 17:11 - 938 of 3666

It's going to have production like Tullow Oil by the end of the year...there's no doubt that with oil holding the $80 mark that this is undervalued on nearterm earnings.....the sp has got to go higher !.

cynic - 25 Mar 2010 17:24 - 939 of 3666

+/-$80 is certainly the (new) natural level for crude

mitzy - 25 Mar 2010 18:05 - 940 of 3666

and $100 plus in 2 months time dont forget..

cynic - 25 Mar 2010 18:12 - 941 of 3666

can't work out how to blow a raspberry on here otherwise i would

required field - 25 Mar 2010 23:48 - 942 of 3666

Mitzy ? where do get the idea that oil is going to jump $20 ?....not impossible...but improbable.....

jimmy b - 26 Mar 2010 01:44 - 943 of 3666

Great finish today , someone has a lot of confidence in the company to back them with that sort of cash.

blanche - 26 Mar 2010 07:34 - 944 of 3666

Its such fun this thread

mitzy - 26 Mar 2010 08:10 - 945 of 3666

rf I am expecting a major terrorist incident in early 2010.

Balerboy - 26 Mar 2010 08:22 - 946 of 3666

I wouldn't disagree with mitzy on that one...it's been over due for sometime.

cynic - 26 Mar 2010 08:23 - 947 of 3666

but even if oil then spikes, though the reverse may happen, it will be no more than a temporary blip

mitzy - 26 Mar 2010 08:34 - 948 of 3666

Could be cynic but if it involves Iran who knows.

jimmy b - 26 Mar 2010 11:57 - 949 of 3666

Hopefully this will go up on it's own merit without a terrorist incident.

Balerboy - 29 Mar 2010 07:55 - 950 of 3666

what a lovely RNS....why can't they all be like this one. should rise nice and steady from here on.

blanche - 29 Mar 2010 08:02 - 951 of 3666

Brilliant rns! Onwards and upwards fste 100 here we come.

HARRYCAT - 29 Mar 2010 09:00 - 952 of 3666

Business Financial Newswire
"Independent oil and gas firm Afren posts a statutory net loss of $16.8m for the year to the end of December - down from $56.1m last time.

Turnover rose to $335.8m - up from $42.5m in 2008 - with a normalised net profit of $50.7m compared with a loss of $96m previously.

Chief executive Osman Shahenshah said: "In 2009, Afren recorded a 100% appraisal success rate at the Ebok project and realised its first full year contribution from its producing assets.

"With first oil expected from the Ebok field in October 2010, and an active exploration and appraisal drilling campaign planned over the period, we are well positioned to deliver significant reserves and production growth, realising the full cash flow impact in 2011.

"With a strengthened balance sheet we have the financial flexibility to deliver long term growth."

Adacol - 30 Mar 2010 13:01 - 953 of 3666

Time to top up!!
Will not be under a pound for long!!

cynic - 30 Mar 2010 15:05 - 954 of 3666

105 is proving to be a very stubborn resistance - see chart

HARRYCAT - 30 Mar 2010 15:19 - 955 of 3666

Have been watching the chart & can't make my mind up which way the sp is going in the short term. Converging DMA's should provide good support, but as first oil expected only in Oct '10 (should have been may), might see this trading sideways for a while. However, Afren is also drilling two potentially high impact exploration wells in 2010 Ebok Deep, which is expected in the first half of this year and OML 115, so still some drilling results to come.

jimmy b - 30 Mar 2010 16:59 - 956 of 3666

105 is proving stubborn ,however all good news going forward this year (ramping up production),lets hope it stays that way . This is a strong hold for me ..

kuzemko - 30 Mar 2010 21:01 - 957 of 3666

today's ft
Afren to mop up Nigeria as majors leave
By Miles Johnson

Published: March 30 2010 01:39 | Last updated: March 30 2010 01:39

On the rise: the explorers first profits will drive expansion in west Africa, where it has identified 100 fields that are too small for the sector leaders

Afren, the oil explorer focused on west Africa, reported the first full-year profit in its history and is preparing to snap up more Nigerian oil fields from international operators who are retreating from the country.

Osman Shahenshah, chief executive, said Afren could make further Nigerian acquisitions in the first half of this year as it seeks to take advantage of majors such as Shell and Exxon scaling down operations in the country.

Last year the FTSE 250 explorer established First Hydrocarbon Nigeria, a vehicle created to make acquisitions in Africas largest oil producer.

FHN was set up to take advantage of divestment from the majors. We have identified more than 100 fields that have 50m-200m barrels, which is of interest to us but too small for the majors to develop, Mr Shahenshah said.

Afren reported a pre-tax profit of $483,000 (323,000) for the year to December, having made a $55.6m loss the year before, as the first full-year production from its Okoro field, Block CI-11 and the Lion Gas Plant pushed up revenue almost eight-fold to $335.8m.

Mr Shahenshah also ruled out further dilutive equity fundraisings after the company raised money via share placings in May and December last year. Afren, which last week secured a $450m reserve-based credit facility, saw gearing cut from 82 per cent to a net cash position of $54.2m.

Afrens independently audited proved and probable reserves for its key Nigerian Ebok field rose from 19m barrels to 108m, confirming its earlier assessment. The company also said that it planned to bring Ebok into production this year, taking production to 35,000 barrels a day.

As a tale of swashbuckling success, Afrens is compelling. Nigeria has the second-largest oil reserves in Africa, but persistent troubles with government and militias means the majors are now leaving the bounty behind. Small operators such as Afren are well positioned to take their place. But like many adventures, the journey has been bumpy. Afren shares may have risen 380 per cent last year, but two share placings have diluted investors. Investors should hold on to benefit fully from Afrens $450m credit facility, $54m cash pile and 35,000 barrels of daily production.

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AFREN (AFR) Is this the next TULLOW??? (AFR)