< "> 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

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.

$84 plus for WTI, and still no sign of the sp leaving the 100p station.....

price of crude is almost an irrelevance here

Hedged ?....waiting for an increase in production and drilling to begin.....still the same...the sp should start to climb...

the last part is true ..... i am already a little o'weight here, and though tempted to buy still more, may wait for 105 resistance to be breached ..... on the other hand, one could argue that having challenged that level 2/3 times already, it will succeed this time

Once the 105 is breached i cant see any other resistance. Should move up to 1.35 ish imvho

i confess that greed - shrewd investment decision! - has got the better of me and have topped up

Looking good so far today! 8-)

maybe, just maybe that 105 resistance has been breached at last

think it's a good day all round so far.....can feel another hol coming on..

New tax year money coming in. Be nice to push thro 1.12 this week. Then onwards and upwards imvho.

Tried to limp over the 105 today ,,, maybe this week ,,,its all blue sky ahead :-)

Once again 105 is resistance ,, although not a good day all round .

JB, have a look at GCM, not a bad day there !!

Business Financial Newswire
"Morgan Stanley has picked up a 3.15% holding in Afren, the African oil & gas company, following the purchase of just over 28m shares. "

though it's a bad day at the ranch and AFR have fallen along with nearly all others (POG a good exception), even i expect to be holding this stock in a year's time at what i hope will be a considerably higher value

Cynic, Is post 972 the closest you come to actually ramping a share. I quote `Even i expect to be holding this stock in a years time at what i hope will be a considerably higher value.` LOL 8-)

pretty much, yes

Here here !! ,,however i dont see it going through that dam 105 at the moment.

lelael ,,no point telling us about it now !!!