< "> 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

Shorts taking profits probably IMO.

Surprised the share has not been suspended temporarily. Given the dire straits which AFR are in am not convinced a recovery is feasible at the current $Oil price.

Perhaps Seplat will now look around for another small Oiler with a shed load of reserves; BLVN / GKP / SOLO / AEX - etc.

I will stay out and keep powder dry for the moment.

DYOR

HAb

in your/their dreams harry, i'm afraid

Hope your heavily short then cynic.

my last position was short but i got out a bit early albeit with a decent profit
i absolutely cannot see how AFR can come back from here ...... it doesn't even have a proper board of directors any more

Well i know you were on the wrong end of a few trades here long and short .

i wouldn't deny it, and at least i own up which is more than many or even most do here
however, that in no way alters my present opinion, though i shall be very interested to read what you may have to say to the contrary

Debt restructure, new CEO's , a placing , another bidder ,who knows what will happen here now .
A rising oil price would help .
May be worth reading cyril's post from the other day ,interesting .

http://news.sky.com/story/1419273/ex-bp-boss-hayward-lures-monaghan-to-genel

If we knew the market value of Afrens separate operations i.e Madagascar, Kurdistan,
off shore Nigeria, on shore Nigeria, etc etc and its other operational assets, any one of which may be sold, then we may be in a position to know whether Afren "can come back from here".

Also at least it seems we can now trust the Board that we do have, plus there will be advisers about who may help broker any deals. We presently do not need any expansionist minded oil experts, rather we need deal makers.

How is your crystal ball - Mr Cynic ?

if it wasnt very high risk before...........................................

would expect this to be a totally different entity when all done and dusted

Are SEPLAT going to make an offer before 5pm?

so they got 70 minutes left.

The company got other option naturally ...... refinance or selling parts of their exploration rights.

The oil price is going their way at the moment, just like they went against them earlier

It was better off if SEPLAT did not turn up

my crystal ball tells me that AFR will fall over the precipice, at least as far as PIs are concerned

i confess i don't know the true set-up in nigeria, but then i doubt that anyone does
however, i guess the nigerian gov't already owns a large slice of the action, and it may be that they'll just gobble up the balance
having done that, they'll need outside expertise to exploit the reserves as and when it becomes profitable to do so
anyone recollect what the extraction costs are?

I don't think the current oil price has much to do with this. Of course many companies are suffering at the moment and some are already going to the wall, but most analysts and strategists will be looking to the future (5 - 10 years), imo. There are always going to be fluctuations in the price of crude, but it's an average over a period of time which will affect the profitabilty.
The biggest hurdle with AFR seems to be the huge debt pile and how to meet the deadlines for interest payments, which of course are affected by cash flow.

Take it your pleased Seplat walked HARRY ?

the offer that seplat did make was less than the massive debt here - nothing new since

if there is no one else afr is .............................

no one else has been mentioned and time on the 50M + 15M will run out plus the company is illiquid currently - and look at the countries where they are based - hmmmm nigeria and.................... lol
gla

therefore not sesplat but just SPLAT!

The first of those deadlines is just 2 weeks away.
2517

Also the oil price is up today

Afren – Seplat pulls out this is NOT GOOD news
By Waseem Shakoor | Friday 13 February 2015

Disclosure: The author has a short position in one or more of the shares mentioned.

I wrote yesterday that I doubted that Seplat would offer a deal that would prove acceptable to Afren's board and so it has proven. They have been told to sling their hook and off they go, having proved themselves to be time wasters.

Astonishing as it may seem, retail shareholders have convinced themselves that this is GOOD news, as Afren's board must have a better offer lined up for its shareholders, right? Wrong.

The shares have cratered, but nearly as much as they should have as shorts close (not me!) and retail buyers think they have a chance of squeezing the shares higher on bull**** rumour once more. I'm afraid that boat has sailed, and it will be a matter of a fortnight before reality hits home once again.

This is the key thing to remember - Afren turned Seplat away because it's bondholders weren't willing to accept a significant haircut on their bonds.

The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.

The stakeholders being referred to are bondholders, like me, who have always questioned why we should hand the Company to Seplat if they are not going to make us whole. Rather, we'd prefer to recapitalise the Company ourselves via fresh funds, debt for equity and any money that new investors want to contribute. This is likely to take the form of a highly discounted rights issue, underwritten by bondholders.

Shareholders will have little say in what goes on from here. Interim funding will be provided bondholders whilst plans are made for a long term solution that offers no value to existing shareholders, unless they are willing to put up fresh capital.

Anyone who thinks that a discounted rights issue means that new shares will be issued at a premium to the currenty price is mad. My own choice would be 1p - that's logical and will stand the greatest chance of success. I wouldn't rule out 2p, however.

I won't be joining any shorters who are closing into today's news. That may seem a bit mean of me, as I already have a significant profit, but think about it. I will soon be in possession of a mass of Afren shares as a result of a debt/equity swap at the discounted price of 1 or 2p - why on earth would I buy them now at 6p?

Finally, a message to shareholders who are learning a harsh lesson in restructuring: stop listening to spivs and conmen on bulletin boards who claim they know something - they don't. More often than not, the guys concerned are trading a few grand and willing to carry out market abuse to pay a few bills.

Listen to them at your peril.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12249263.html

Seplat would have had to bid 30p or more....they probably didn't want to...now can Afren raise funds to keep going and hope for a rebound in crude.....?...anything can happen....cap in hand to banks I'm afraid....