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

Everybody else has probally got a life. LOL Iam off to crack open a bottle of wine a dream of higher sp`s. Sad or what LOL.

Am not a wine drinker blanche but a shall enjoy some of this chateaus des Lafite Rothschild or Haut Brion
TheFrenchConnection recommends this, it maybe the best but we shall be able to afford it LOL

broke even at friggin last...will it hold though

Would be nice to stay above 60 today, but 63 would be nicer as next level of support.

A small mention in the express this morning, some big buy orders in also nice volume
Onwards and upwards

Looked like 63 might of been on the cards at one stage today. But happy stayed over 60. Should keep ticking up now especially with news to come in june from ofa etc! Hers hoping we see those 70`s again. 8-)

I think now with a steady news flow we should start to tick up
Some further drilling to start soon

blanche don't know if you check other sites, but i asked JB what would be the cost of this new partnership and he gave this reply. Hope he doesn't mind me posting this )



Jack Brent - 9 May'07 - 11:29 - 7960 of 7977


Keith

To answer your question from yesterday, the two well appraisal programme will cost around $4M with a further $20M required to develop the flow station which will feed into the Shell export line.

The credit agreement with BNP Paribas can be extended with an increase in certifiable reserves so no further fund-raising required.

As I've already posted IEL's management team are very well connected and also have very good relations with the local communities in the Northern Nigerian delta. This should hopefully reduces the risk of attack from local militants.

Other good news is that the drilling of the Doungou prospect in La Noumbi will be brought forward from August /September to June. It also appears that the six other contingent wells budgeted for 2007/2008 year will go ahead as well. A conservative estimate of the field is 50-75 mmbbls but there's a good chance of significant uplift here too. The M'Boundi field has ca. 300 mmbbls 2p reserves.

We should also see new brokers notes imminently with upgraded targets to include the Ofa field.

Hopefully we've set a new solid base with yesterdays announcement and with all the news flow expected in June (Ofa appraisal and Doungou) then Okoro/Setu development starting in August we should start to address the shortfall between the brokers NAV estimates and the current sp.

Best regards, JB

Mes amities / ....ln my opinion the Northern Niger delta, which both Woods and Mckenzie and Baker Hughes, labelled "the new north sea " more than supports current s/p.. lt was only geopolitics rearing its ugly head and manifesting itself in sabotage and kidnappings that sent AFR into decline .l concur IELS close connections with the citizens of this region will arrest such a decline ...ln addition after studying French Total/ ELF and M&P's success at the M'Boundi field, i would submit AFR have made a company making decision in acquiring the adjacent pospect in La Noumbi which shares a very similar geology.................l have long been convinced that both the republic and democratic Congo s along with other central African states will soon be wooed by "BIG OIL" who as yet have merely nibbled the West African coastal waters........................Angola is very exiting as witnessed by BP s exploration there ,,,,,,,Six wells sank / six successes // bonne chance / a'toute ,,,,,,a'bientot ,,,,,,,,,,,,@+ J ...

Keith, many thanks more realationship building, more projects,Good news about Doungou. Can only see this going one way, `NORTH` 8-)

It maybe we have now seen the last of the 50s and started to attack the 60s although every penny increase as met resistance , but you have got to ask yourself given the company targets of between 15 to20k bpd and the recent farm-in
agreement with Independent Energy Ltd (IEL) for an interest in the Ofa field what will be the s/p then.

Nice to see this one looking like its on a break-out; its certainly hung around in the doldrums for long enough. Plenty of newsflow this year should see it motoring hopefully, with the prospect of some serious production in 2008.

What a good day a nice round 10% rise i would think we may have some news due
You still hear blanche crack open a bottle of wine, me am going to have a few pints and a curry LOL -)

Warming up a bit!!

Keith, bottle of wine well and truly opened. Glad i brought more @53.
Enjoy your curry & weekend.

Something's going on with this one. Volume's been very high over the last few days but no newsflow. Anyone got any ideas?

Hi chad
Don't know for sure some talk of the company buying back shares also the production targets could be increased. But in my own opinion
I think like you say lots going on at the moment, am sure all for the good in the long term

development drilling soon, but even b4 that should be the exploration wells.....

Looking good at the moment not long before a new record high, mid 80s i think

The afren machine just keeps rolling along. We are all gonna be rich beyond are wildest dreams



Fingers crossed anyway

lol, don't know about that, I have pretty wild dreams sometimes. But I'm sure Afren will do well for us all sometime soon. :-)