< "> 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

no idea on that one .... do i take it that they took it and dumped?

Not all but some did. Placed well under current sp, kept the sp flat for a long time and made for some very unhappy traders. It may well happen here for a similar time, would you ignore 5p if you had a few tens of millions?

Taken from another bb below is email by Afren to me this morning

Talha

Please find attached, released earlier. Note, we were 100% covered on the intended raise going into market opening, showing a tremendous support by existing shareholders. While I am sure you will get some pushback on dilution, its important to note the following:



* The Ebok Early Production System is fully funded now, unambiguously. Phase II will be funded out of internally generated cash flow. We are targeting full field production of between 35-50kbopd.



* 2011 exit rate takes Afren to the top end of UK quoted universe. A fully financed Ebok is a game changer for Afren, which significantly outweighs the equity dilution.



* Strong support by existing shareholders in the challenging environment is a very big vote of confidence.



With the financing overhang removed, the share has no upper ceiling again.



Very best
Galib

Yes blanche, the news is excellent.

What happens over the next few days and weeks, with promise of those millions of discounted shares burning a hole, is what has our attention right now. Don't be too upset if we are red for a few days. It happened to HAWK after a similarly discounted placing but it does pass.

On the other hand, don't be surprised if the sp rises; AFR's potential may well be enough for those discounted shares to remain in the hands of the purchasers!

could do with a drop so i can get more shares for my money :)

kimoldfield - they still can make serious money and hold those shares if they work the market correctly.

gnashl2, Short term things dont bother me. Iam here for the long term and 65000 boe in 2010. Loads of money!!!!!!!!!!!!!!!! 8-) Good luck to all

blanche, same here in at 35, not sweating, much...

With your healthy attitude, take a look at HAWK.

True gnash, but they could lose out trying to buy back in, if they wanted to: would they risk it? yes if they thought AFR had no potential, in which case why did they buy in the first place and risk a fall in sp below the placement price? I have a gut feeling that they bought with a long term view and not to make a 'small' initial profit. Could be wrong though!

blanche hope you are right but don't forget what happened to Stering Energy with their massive investment in Chingueti discovery offshore Mauretania. Production is never guaranteed until the oil is pumped out of the sea bed.

Halifax. True, Everythings a gamble even life. Good luck to you.

The sells loading up like dominoes are a joke, this is being walked down now. Won't be so easy when it says bye-bye to AIM though ;-)

RNS Number : 6470Q
Afren PLC
16 April 2009



Afren plc (AIM: AFR)




Notice of General Meeting




London, 16 April 2009 - The Board of Afren plc gives notice that a General Meeting ('GM') of the Company will be held at the offices of White & Case LLP, 5 Old Broad Street, London EC2N 1DW on 1 May 2009 at 11:00 a.m. The Notice of the GM was posted to shareholders yesterday.




Copies of these documents are available to view on the Company's website. (www.afren.com).

Cut from another board for info:



From UK analyst (just emailed out):

Buy Afren (AFR) at 37.375p
Says James Faulkner of specialist small cap website WatsHot.com
Small cap wizard James Faulkner, editor of Watshot.com, published this tip just 2 weeks ago and subscribers who followed his advice to buy the shares have already made gains of 3p. To access James' advice here.
Afren was one of the worst hit E&P plays during the oil sell off in the latter part of 2008. This presents investors with a great opportunity to buy into a company that could be producing as much as Tullow Oil by the end of 2010. Afren has a well-rounded portfolio of both exploration and production assets and financing issues are more than priced into the shares.
The case for oil
It is unlikely that oil will recover markedly during 2009 as the global economy is likely to be in recession for the duration of the year. However, investors should be aware that the oil price recovery will move in advance of the recovery in the real economy, just as it moved in anticipation of the economic downturn.

Any upward pressure in 2009 is likely to be offset by the continuing high levels of inventories held by developed nations and OPEC. The US economy - still by far the world's largest consumer of petrochemicals - is expected to contract by around 3% in 2009, while an economic rebound is expected to begin in 2010. Average annual world oil consumption is projected to decline by almost 1.4 million barrels per day (bbl/d) in 2009, with consumption in the OECD falling by 1.6 million bbl/d. However, world oil consumption is expected to rebound in 2010, growing by 900,000 bbl/d, in response to an economic recovery which is projected to begin at the end of 2009. The key for the oil price over the short term is whether or not these forecasts are tweaked in the meantime.

However, all this is largely academic. When the recovery does get underway it is quite clear that there is the potential for the oil price to rise dramatically, perhaps even breaking through the highs of 2008. This recession will take out a significant portion of supply as many marginal producers will have been forced out of the market. It will take time for extra supply to come online once market conditions improve, and majors are having well publicised problems with replacing their reserves base. It would also be rather rash to rule out any further geopolitical upheaval which might put pressure on the price.
The Company
Afren was founded in 2004 with the aim of becoming the premier independent pan-African oil exploration and production company. Since its IPO on AIM in 2005 it has built up a portfolio of interests in six countries Nigeria, Soa Tome & Principe JDZ, Gabon, Congo, the Ivory Coast and Ghana and is currently producing at a rate of around 27,000 barrels of oil per day, mainly from its Nigerian interests. The company leverages the insight and local clout of its management team to ensure it has the upper hand in its chosen regions through close relationships with governments and through partnerships with indigenous corporations. This provides a low-risk operating model in what is usually considered to be a relatively high risk area. Headed by CEO and industry veteran Osman Shahenshah, the management team is top-notch for an E&P company of this size.
________________________________________

________________________________________
Click for Full Charting facilities from ShareCrazy.com


Production
Afrens main production assets include Okoro-Setu and Ebok in Nigeria along with its interests in the Ivory Coast which it bought from Devon Energy in 2008. We shall deal with Okoro-Setu first as this provides the backbone of current production.

Located 12 kilometres offshore Nigeria, Okoro-Setu (Afren: 50% working interest) reached the first oil milestone in June 2008 two years from announcing the financing and production sharing agreement with its partner Amni in 2006. STOIIP (stock tank oil initially in place) estimates for Okoro-Setu range from 80-130 million barrels. All 7 wells have now been brought onstream and are currently producing 22,000 barrels of oil per day (bopd).

Afren bagged Devon Energys Ivory Coast interests back in March 2008 for $205 million funded through a financing package with BNP Paribas. They consist of a 47.96% working interest and operatorship of the producing Block CI-11, a direct 65% interest and operatorship with rights over an additional 15% interest in the undeveloped Block CI-01 and a 100% interest in the onshore Lion Gas Plant. These assets provided Afren with an immediate 3,000 boepd (barrels of oil equivalent per day) production uplift and boosted 2P (proven and probable) reserves by 28 million boe. There is also significant potential to upgrade both reserves and production, and Afren is targeting total net daily production volumes of 6,000 boepd from the projects by 2010.

But the real biggy has to be Ebok. Afren announced a farm-in agreement with Oriental Energy Resources for the development of the Ebok field, located off-shore South East Nigeria, in April 2008. In March this year the firm announced a successful outcome of its Ebok field appraisal which resulted in the pre-drill expectations of 23 million boe of 2P reserves being doubled to 41 million boe. Additional contingent reserves and prospective resources could see this figure doubled again if the Ebok West and North fault blocks are successfully appraised. The company has plans to fast track well development with a production system that will deliver up to 25,000 bopd in early 2010, with a full field development achieving up to 50,000 bopd by end 2010.
*The value of investments can go down as well as up. Investing in equities can lose you part or all of your capital. Smaller company shares can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares. UK-Analyst.com is owned by t1ps.com Ltd which is authorised and regulated by the FSA and can be contacted at 5-11 Worship Street, London EC2A 2BH or on 020 7562 3370.
Exploration
Up until the Ebok appraisal, Afren had been having some bad luck with it exploration activity which undoubtedly contributed to the depressed state of the share price. The Cuda-1x exploration well on the Keta Block (Afren: 68% interest), Eastern Basin, offshore Ghana was plugged and abandoned in December 2008 after it encountered an unexpectedly severe high pressure zone in the top of the Upper Cretaceous zone. This was prior to the well penetrating the primary Cretaceous objectives which remain of high potential but untested. Exploration activity will continue throughout 2009 and 2010 and there remains the potential for a giant resource discovery.

The La Noumbi prospect (Afren: 14%) in the Congo is highly prospective given its proximity to the world-class MBoundi field. Exploration drilling is planned for the first half of 2009 and mean estimates for prospective resources stand at 440 million boe. Afren also has small interests in the Iris Marin and Ibekelia prospects in Gabon and the JDZ (Joint Development Zone) off Soa Tome and Principe, which could host a billion barrel resource.
Funding
The firm had cash of $60 million at the end of March 2009 with $89 million still to repay during the year. Irritatingly, cash generated from the Okoro-Setu field can only be used to repay debt related to this project, but there is a possibility that this restriction might be removed in the near future. It is clear that extra financing will have to be secured at some point if the firm wants to capitalise on the Ebok field, but the good news is that the share price is already telling us this, so the announcement of a fundraising would most likely be a positive catalyst for the shares. There is also the prospect of higher production volumes from the Ivory Coast assets in 2009 along with access to funding from the groups strategic partners, the Sojitz Corporation and EDF. Management is therefore confident that it will be able to cover the groups exploration and development budget requirements in 2009 and beyond.
Valuation and Recommendation

The firms production base is sizeable and growing, currently standing at 27,000 boepd net to Afren. On top of this it has a growing reserves base of 86 million boe. If funding can be secured for the Ebok development this could push production to around 65,000 boepd by the end of 2010, which would propel the company into the arena of the established mid tier oilers such as Tullow. Broker Evolution reckons that the recent upgrade to Eboks reserves could be worth 30p per share to Afren, while its core NAV (net asset value) is 100p. With the shares currently at 37.375p the upside is clear. Buy.
Key Data
EPIC: AFR
Market: AIM
Spread: 37p - 37.75p (1.9%)
WatsHot.com is THE site for those wishing to make money out of fast-moving small caps. If you are looking to make money from hot tips and rumours from outside the FTSE 350 this is the site for you. For more on the site click here.

all a bit hypothetical, but am happy to be holding an average portion

Nice start today, need to be above 40p by the end of the day. After bullish finish yesterday.

would like to think that the interest was of more substance than just the lemmings jumping on board, but not convinced

Had a few days away but now back to the grindstone. This certainly looks the part chartwise, just need oil to start moving north.

that is some way off (2/3 years to production?), but we know they have already placed orders with their main contractors, so relatively imminent action should be on the cards