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

Thats very good news.

LONDON (AFX) - A 'buy' recommendation in the Investors Chronicle saw oil company Afren rally 2-1/4 pence to 51-3/4. The weekly financial magazine pointed out that prior to the Heritage Oil assets acquisition, Bridgewell Securities estimated NAV at 93 pence a share.

So given Afren's progress, the recent share price weakness is a good opportunity to buy, the IC said.

newsdesk@afxnews.com

l wonder how much UBS paid for their stock. ??.Down from 80p to 45p Nothing quite like a good treeshake in bringing out nervous holders thearby allowing the mms to cheaply mop up stock to forfill that order of UBS . . Now its both oversold andremarkably undervalued and i am buying . l admit AIM has become a dustbin for a number of miners and pure expo oilies ; and even the decent ones have taken a larruping from Mr. Market but this is a share i have really done my homework on. .lgnoring the mechanics and dynamics of the oil market and taking the vantage point of a resource analyist and not as an active trader this stock has become a pure giveaway . .lt will prove a gem !!. Back to 70p within a month at the most ..Volume could do with being a little higher BUT that will t. ..What with both Afrs own organic growth inc. handsome Revenues from Chevron and the quality aquisitional leases they have bought; but mostly the calibre and knowledge of the board reg. West Africa and thier connctions within the petrochemical industry on a global scale. ,ln the mining world there is a saying i have overheard many times that workers always FOLLOW those with the best geologists ...... Well we have them .Definately a nice bounce to come as the market digests previous RNS all of which were positive as is this last one. The market always corrects itself but with no gret haste , l cant believe i have had the chance buying at this price again ...... l think the Bridgewell Securities estimate is either dated or juste plain wrong . My fag packet calcs place them nearer to a fair value NAV of 136p . When full business model is established i see 800p .. YES !! 800p We are not merely Expos now ,,BUT producers !!!!! ..and best of everyting -the sao tome driling results which Chev/Tex .....{ So as not to appaear bias i freely admit l have quite a substantial interest in this company } .......Quite a plethora of info out there - worth investigating @+ J

Amities / Roly ? my thought on EEL. ? Well my position is still in place . Nothings changed for me . .lt has an abundance of oil sitting beneth its concessions . They have forfilled thier obligations in a very lucrative j/v to earn thier 40% from prospect OML ~1 by financing the 2 wells both on time and within budget ...Once again massive buyers , { some in the millions ] very few sigmificant sells and yet the stock drops like a stone . ...lt will recover.: you cant ignore fundementals such as making nice profits to feed the s/p ...@ +J ......@+ J

Afren PLC
04 July 2006

Afren plc (AIM: AFR)

US$50 million Convertible Bond Issue

London, July 04, 2006 - Afren plc ('Afren' or the 'Company') announces the
closing of the private placement of US$50 million equivalent in British Pounds
of Convertible Senior Unsecured Bonds due 2011 (the 'Bonds').


Background

The proceeds from the issuance of the Bonds will fund Afren's ongoing investment
in its diversified portfolio of assets. The closing of the financing follows
the significant portfolio upgrade announced on 1 June, to develop the Okoro and
Setu fields offshore Nigeria, with estimated recoverable reserves of 35 to 60
million barrels of oil. According to the Production Sharing and Technical
Services Agreement, Afren will be entitled to 90 percent of the production to
recover appraisal and development costs of the Okoro and Setu fields. Afren also
receives 50 per cent of profit oil pre- and post- recovery of its appraisal and
development costs.

Afren has contracted the Seadrill-7 Jack-up drilling unit for two wells offshore
Nigeria. The Seadrill-7 is currently on location in Nigeria with another
operator. Appraisal and development drilling on the Company's offshore Nigeria
fields is expected to commence in Q4 this year, and the Company is targeting
production of 15,000 to 20,000 barrels of oil per day by 2008 from its existing
portfolio.

As a result of recently announced transactions, Afren is well positioned with a
diversified portfolio of 10 assets across Nigeria, Nigeria Sao Tome &
Principe, Gabon and Congo comprising production, near-term development and
exploration assets.


Summary of the Bonds

The Bonds, privately placed with institutional investors, were issued at 100 per
cent. of the principal amount and denominated in British Pounds. The Bonds bear
a coupon of 9 percent per annum (payable semi-annually), mature in 2011 and are
convertible into ordinary shares of the Company. The conversion price of 60
pence per ordinary share, was set at a 25 percent premium to the price
determined in the pricing period leading up to closing. The Bonds also contain
other terms, including anti-dilution provisions effective in the event of
certain future issuances, a bondholder put option, payable in cash or shares (at
a discount to the share price during the period prior to the payment) at the
Company's option, a Company call option, and the ability to make coupon payments
in cash or shares (at a discount to the share price during the period prior to
the payment) at the Company's option. Jefferies International Ltd acted as Sole
Placement Agent for the Bonds.


Brian O'Cathain, Chief Executive, commented:

'Afren has made significant progress in 2006. The agreement with Amni to
develop the Okoro and Setu fields offshore Nigeria underpins our target
production of 15,000 to 20,000 barrels of oil per day in 2008. We will commence
appraisal and development drilling in Q4 this year. Following this financing we
are in an even stronger position to continue to create significant shareholder
value.'


Enquiries:

Afren +44 20 7182 1800
Brian O'Cathain
boc@afren.com
Osman Shahenshah
os@afren.com


Pelham Public Relations +44 020 7743 6673
James Henderson
james.henderson@pelhampr.com
Alisdair Haythornthwaite
alisdair.haythornthwaite@pelhampr.com





Background information


Afren


Afren (
www.afren.com
) was founded in December 2004 by a management team
including Dr Rilwanu Lukman with the vision to become the leading pan African
independent Exploration and Production company. Since its listing on the AIM
market of the London Stock Exchange, Afren has rapidly expanded its portfolio
and the management team has delivered ten assets in the Joint Development Zone
of Nigeria Sao Tome and Principe, Nigeria, Gabon and Congo.

Afren will continue to add to its diversified portfolio of production, near term
development and high impact exploration with the overall objective of creating
substantial shareholder value.



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

Nice work if you can get! Looks like after interest these will be getting converted
at 30p.....

And then the shares will go to around 250p by mid 2009 (assuming no great change to the oil price, etc).

Looking like a good investment for the medium term. Buy to hold, current SP seems to be fair.

All IMO, etc.

Increased holding looking good


Afren PLC
11 July 2006

AFREN plc ('the Company')

Shareholding in the Company


The Company was notified on 10 July 2006 that, as at close of business on 6 July
2006, UBS AG, acting through its business group and legal entities detailed
below, had an interest in 7,709,853 Ordinary Shares of 1p each ('Ordinary
Shares') in the Company, representing 4.05% of the total issued share capital of
the Company.


UBS business group/legal entity Breakdown of position held (%)

UBS Global Asset Management (Life) Ltd 7,709,853 Ordinary Shares 4.05%

UBS AG Total 7,709,853 Ordinary Shares 4.05%


11 July 2006

Sao Tome and Nigeria launch new round of oil licensing in 2008 [ 2006-07-12 ]

London, England, 12 July Sao Tome and Nigeria plan to launch the next round of oil exploration licenses in 2008 for the countries joint development area, officials said.

Carlos Gomes, the president of the Nigeria-Sao Tome Authority for Joint Development, cited by international news agencies, said that over the next year new seismic surveys would be carried out to determine the most attractive areas for international oil companies.

More seismic data will allow us to evaluate the area before planning the next round, said Gomes on the sidelines of an oil conference in London.

In May, Chevron announced an oil strike, at a depth of 1,720 meters in Bloc 1 of the joint development area, the first in the archipelago.

Exploration of blocs 2, 3 and 4 will begin in the third quarter of next year, Gomes said.

ChevronTexaco has a 51 percent stake in the blocs in partnership with Exxon Mobil, with 40 percent, and Dangote Energy Resource, a Nigerian-Norwegian consortium, with 9 percent.

Bloc 1 cost ChevronTexaco and its partners US$123 million in signing bonuses.

According to Gomes, the fund obtained for the four blocs totaled US$270 millions.

The joint exploration treaty signed between Sao Tome and Principe and Nigeria in February 2001, states that Nigeria receives 60 percent of revenues while 40 percent goes to Sao Tome.

The US Energy Department estimates that oil reserves in the area total 14 billion barrels. (macauhub)

Safer plays out there and probably more rewarding. risk reward does not look to healthy..Too may snouts been in the trough already!

good morning all

Afren PLC
17 July 2006



Afren plc (AIM: AFR)

Upsizing of Convertible Bond Issue by US$25 million to US$75 million

London, July 17, 2006 - Afren plc ('Afren' or the 'Company') is pleased to
announce that it has upsized the previously announced private placement by US$25
million to US$75 million equivalent in British Pounds of Convertible Senior
Unsecured Bonds due 2011 (the 'Bonds').

On July 4, 2006 the Company announced the closing of a private placement of
US$50 million equivalent in British Pounds of Bonds, to be used to fund the
exploration, development and production programme of its diversified portfolio
of 10 assets across Nigeria, Nigeria Sao Tome and Principe, Gabon and Congo.

The entire upsizing of the Bond issue of US$25 million has been placed with a
private investment fund of the Heerema Group, a Dutch based market leader in
global oilfield services, focused on the design, fabrication, transportation and
installation of offshore facilities. The Heerema Group has an expanding presence
in, and commitment to, West African offshore activities and this investment
reflects its support for developing indigenous African energy companies. The
additional Bonds have been issued under identical terms to those previously
announced, as summarised below.

Brian O'Cathain, Chief Executive, commented:

'The upsizing of the issue highlights investor support for Afren and its plans
to create shareholder value through rapid expansion in the Gulf of Guinea
region. We are particularly pleased that the Heerema Group has chosen to become
a significant Afren stakeholder, which offers strategic benefit for the
Company.'


Enquiries:

Afren +44 20 7182 1800
Brian O'Cathain
boc@afren.com
Osman Shahenshah
os@afren.com


Pelham Public +44 020 7743 6673
Relations
James Henderson
james.henderson@pelhampr.com
Alisdair
alisdair.haythornthwaite@pelhampr.com
Haythornthwaite


Background information

Summary of the Bonds

The Bonds were issued at 100 per cent. of the principal amount and denominated
in British Pounds. The Bonds bear a coupon of 9 percent per annum (payable
semi-annually), mature in 2011 and are convertible into ordinary shares of the
Company. The conversion price of 60 pence per ordinary share, was set at a 25
percent premium to the price determined in the pricing period leading up to
closing. The Bonds also contain other terms, including anti-dilution provisions
effective in the event of certain future issuances, a bondholder put option,
payable in cash or shares (at a discount to the share price during the period
prior to the payment) at the Company's option, a Company call option, and the
ability to make coupon payments in cash or shares (at a discount to the share
price during the period prior to the payment) at the Company's option.

Afren

Afren (
www.afren.com
) was founded in December 2004 by a management team
including Dr Rilwanu Lukman with the vision to become the leading pan African
independent Exploration and Production company. Since its listing on the AIM
market of the London Stock Exchange, Afren has rapidly expanded its portfolio
and the management team has delivered ten assets in the Joint Development Zone
of Nigeria Sao Tome and Principe, Nigeria, Gabon and Congo.

Afren will continue to add to its diversified portfolio of production, near term
development and high impact exploration with the overall objective of creating
substantial shareholder value.

UPSTREAM NEWS JDZ - Chevron targets drilling to firm up Obo-1 discovery

CHEVRON may resume drilling at the Nigeria-Sao Tome&Principe Joint Development Zone Block 1 within three months, writes Barry Morgan.

Depending on rig availability, Chevron, alongside partners ExxonMobil and the Dangote-Energy Equity Resources-Afren tie-up, will be anxious to determine the commercial extent of the Obo-1 discovery, said sources within the Abuja-based Joint Development Authority (JDA).

Drilled in March, the Obo-1 wildcat hit hydrocarbons. Samples are still being analysed but at least two wells are committed under the work programme.

Drilling is also planned this year for blocks 2, 3 and 4, operated by Sinopec, Anadarko Petroleum and Addax Petroleum respectively, but the consortia are still "shopping around for rigs".

The JDA this week confirmed all budgets and work programmes had been approved.

Production-sharing contracts for the remaining joint development zone blocks 5 and 6 have yet to be signed because partners still have to finalise the joint operating agreements.

Operatorship of Block 5 has gone to private Iranian outfit ICC-OEOC, while Block 6 has gone to Nigeria's Filthim-Huzod.

Houston independent ERHC Energy has a 15% stake in both licences.

Examination of these two remaining licences will be uppermost on the agenda of the new JDA chairman Ado Yakubu Wanka, who took office late last week, and will also head up the Finance&Administration Department.

Also appointed last week was fellow Nigerian Morrison Anthony Fiddi, a Florida-trained geologist, who will lead the JDA's Monitoring&Inspections Department.

Wanka replaces Sao Tomean Carlos Gomes under Article 10 of the JDZ Treaty, which requires the chair to be rotated annually between Nigeria and Sao Tome.

Hmmm . . .

NAV estimated in IC to be 93p/share.

40 million in the bank.

Oil & Gas found at Obo-1.

PSA in place for Okoro and Setu, production due to begin in 2008, 7,500 bopd net to AFR approx.

Targeting production of 15,000 to 20,000 barrels of oil per day by 2008 from existing portfolio.

Acquisition of Congo assets from Heritage Oil:

IMPACT ON AFREN

* Immediate production (25% interest of 1,093 bopd gross Kouakouala field
production)

* High impact exploration potential on the La Noumbi licence with 2,830
sq km of under-explored acreage (Afren: 14%)

* Share of potential of the Mengo Field which has 2 billion barrels of
oil in place (Afren: 30%)

* Strategic entry into Congo

* Continuation of pan-African diversification strategy


I'm beginning to wish I was in this, especially at current low SP. The future looks good, IMO.

ST,

Agree .......I'm already in with a smallish holding. This is a longer term hold for me.

Right. Currently my risky Africa experiment is in GBP (not forgetting HNR). Once again I find myself fully invested and hoping that the next few months are going to be exciting.

Still keeping my eyes open though.

AFREN plc ('the Company')

Shareholding in the Company

The Company was notified on 29 August 2006 that, as at close of business on 24
August 2006, Lehman Brothers International (Europe) had an interest in
22,443,303 Ordinary Shares of 1p each in the Company, representing 11.80% of the
total issued share capital of the Company.

is that more or less than they had before ? could be the start of some big selling if they've just started reducing...

13.02 to 11.8 %

Amities/ Numerically from 24.67 million to 22.44 million . Quickly snapped up and strangely l suspect this will lead to a hike in the s/p today and in the next few weeks . @+ J

good afternoon all
some very big trade's today a 16m broker to broker sell and a 1m buy at present over 25m trade's , some suggested why does a broker need 16m ? ,well a small rise today and am looking forward to the next few month's maybe some very good news
Keith