< "> 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

.. Shorters desperately trying to buy back IMO. Intriguing how the SP has shot up around the DOW jones opening time?

AFR would make a good long term takeover by a Oiler Major. Expect something wrt near term good news.

I continue to hold my increased holding of long shares.

SP has much higher to rise IMO.

DYOR

HAb

re - What about dates when shareholders are able to apply for them

5pm 6 of August is the record date.
Ex entitlement Date for the Open .Offer on 7 August 8.00 a.m
--------------------
Time and DateEvent 2015

Announcement of the Restructuring
and Open Offer 13 March
Publication of Prospectus 19 June
11.00 a.m.
Annual General Meeting on 25 June
Latest time and date for receipt
of Forms of Proxy or submission 11.00 a.m.
of proxy votes electronically on 22 July
11.00 a.m.
General Meeting on 24 July
Determination as to whether the
Restructuring or Alternative Restructuring
applies and the Open Offer will
proceed 24 July
Effective Date of the Scheme 5 August
Record Date for entitlements under 5.00 p.m.
the Open Offer on 6 August
Ex entitlement Date for the Open 8.00 a.m.
Offer on 7 August
Open Offer Entitlements and Excess
Open Offer Entitlements credited
to stock accounts in CREST of Qualifying
CREST Shareholders 10 August
Latest recommended time and date
for requesting withdrawal of Open
Offer Entitlements and Excess Open 4.30 p.m.
Offer Entitlements from CREST on 17 August
Latest recommended time and date
for depositing Open Offer Entitlements
and Excess Open Offer Entitlements 3.00 p.m.
into CREST on 18 August
Latest time and date for splitting
Application Forms (to satisfy bona 3.00 p.m.
fide market claims) on 19 August
Latest time and date for receipt
of completed Application Forms and
payment in full under the Open Offer
or settlement of relevant CREST 11.00 a.m.
instructions (as appropriate) on 21 August
Results of the Open Offer announced 7.00 a.m.
through an RIS on 24 August
Admission and commencement of dealings
in the Ordinary Shares expected 8.00 a.m.
to commence on 24 August
CREST stock accounts expected to
be credited for the Ordinary Shares 8.00 a.m.
as soon as practicable after on 24 August
Share certificates for Ordinary
Shares expected to be despatched By 7 September

Genel could buy into Iraq interests or some Nigerian oil group could be interested in buying Nigerian interests.
Also they found oil onshore Madagascar - but is it extracting ???

Genel could buy into Iraq interests or some Nigerian oil group could be interested in buying Nigerian interests.
Also they found oil onshore Madagascar - but is it extracting ???

nice spike on nothing today - like it

Took a punt at 2.35p on the last intraday retracement 2.17p AT ( was bid price ) was a 61.8% fibonacci retracement

Today's RESUME

Things are looking good today, yesterday's closing Candlestick was giving a clue ( unchanged on the day)
today's rise with volume 125M is bullish
and intraday retracement was a full 61.8% fibonacci retracement 2.17p AT ( was bid price ) at the end of the day
all together with closing UT at 2.39p ( above offer price ) looks much better for the bounce back.

OPEN OFFER
The Company has announced that it proposes to raise up to GBP49.2 Million (approximately USD75 Million) by way of Open Offer subject to, inter alia, the passing by Shareholders of the Resolution at the General Meeting to be held on 24 July 2015 at 11.00am, by the issue of up to 4,922,491,218 New Ordinary Shares. The Offer price IS GBP0.01 per Ordinary Share.
Under the Open Offer, qualifying Shareholders may apply for Open Offer Shares at the Offer Price, payable in full on application, free of all expenses, up to a maximum of their pro-rata entitlement, which shall be calculated on the basis of 4 New Ordinary Shares for every 9 Existing Shares held by them and registered in their names at 5.00pm on the Record Date and so in proportion for any other number of Existing Shares then held.
Terms: 4 New Ordinary Shares for every 9 Existing Shares held at GBP0.01 per Share.
Relative Details and Dates:
25 June 2015 – Annual General Meeting,
24 July 2015 – General Meeting,
6 August 2015 – Record Date for entitlements under the Open Offer.

This time next year Rodney ..........

The talk around town why share price bounce today.............

Afren's share price has mysteriously shot up 82 per cent

Shares in embattled oil producer Afren closed up 59.33 per cent to 2.39p per share today - however nobody knows why.
Earlier today pundits had taken to Twitter in a guessing game after the oil producer's share price mysteriously shot up as much as 90 per cent to 2.78p per share.
The jump is particularly surprising because it means someone is buying the shares despite Afren's proposed debt for equity deal announced on Friday, which would significantly dilute shareholder value.
One theory is that investors are buying up shares in order to block the proposal.

And one Twitter user joked that perhaps Rob Terry was buying up the shares. When Terry increased his stake in broker Daniel Stewart in March its shares jumped as much as 750 per cent.
HTTP://www.cityam.com/218637/afren-share-price-shoots-82-cent
------------
rumours

Afren share price spikes amid city whispers & speculations that Nigeria richest man could be bidding for Afren Nigerian operations at 12p per share.

Nigeria richest person, joined the list of Africa’s 50 Richest. Mr Dangote bas been betting on Oil refinery since 2013 and AFR will fit well in his mix of business empire.
http://www.smallcapnetwork.com/Afren-share-price-spikes-amid-city-whispers-speculations/s/via/49021/article/view/p/mid/1/id/1/

You'd think they'd want to update shareholders on a new well producing 5.4K bopd and put an effort into raising the share price, even if to try and put a stop to a no vote... but almost it went unnoticed

Fri Jun 19, 2015 - Oriental Energy, Afren Energy Complete First Devt Oil Well - Okobi

Oriental Energy Resources Limited (OERL) and its JV Partners, Afren Energy Resources and Addax Petroleum have announced the completion and flow testing of their first development well, Okwok 13 in the OkwokMarginal Field in OML 67.

The companies stated that the completion followed an extensive field appraisal programme, the acquisition and processing of a 4-component OBC seismic and the approval of the Field Development Plan (Okwok FDP) by the Department of Petroleum Resources (DPR) in early 2014.

It was learnt in a statement issued on Thursday, that the Okwok-13 development well was drilled in early 2015 to a total measured depth of 9,002 feet and was completed as a horizontal producer in the LD-1B Lower reservoir with over 1500ft pay section.

According to the statement, “Following the completion, the well was successfully tested to reconfirm commercial deliverability and reservoir connectivity.

“A facility-constrained rate of 5,400bopd, 24.5 deg API was tested on 36/64 choke with GOR of 355scf/bbl and wellhead pressure of 1,248psi. The test data showed no evidence of depletion and preliminary analysis indicates significant reserves addition is confirmed by this well.”

They noted that the well would be suspended in readiness for regular production when the planned Mobile Offshore Production Unit (MOPU) and the Okwok crude oil sales export pipeline are installed.

The Okwok wellhead jacket was installed in late 2014 and “this permitted the drilling of this first development well.” The pipeline to transport Okwok processed crude over the 15kilometre distance to Oriental’s Ebok Terminal has been procured and is currently awaiting installation.

The statement quoted the Oriental Chairman, Alhaji Muhammadu Indimi, as saying: “I am extremely pleased with the results of the testing of the Okwok-13 well at a rate over 5000 barrels per day of quality Nigerian crude oil, as it further confirms the commercial viability of the Okwok Field.

“The company looks forward to bringing Okwok production online within a short time. Produced Okwok crude will be stored for export in the Ebok Terminal Floating Storage and Offloading (FSO) Veer Prem operated by the Oriental JV.”

Okwok is the second asset that Oriental and its partners are developing under Farmout from ExxonMobil. The Oriental JV also operates the nearby EbokField development where a number of major technological innovations were deployed.

The Ebok field currently produces over 30,000 bopd and is believed to be the largest offshore ESP operation in Africa.

Founded in 1991, Oriental Energy Resources Limited appreciates the opportunity provided by the federal government with the support of the DPR to be an Indigenous Upstream Exploration and Production operator and the company disclosed that it is proud to be among the leaders in this laudable programme.

British Bulls tonight.......

AFREN - AFR
Last Signal:BUY
Last Pattern:BULLISH DOJI STAR
Last Close:2.39p +0.89p

Signal Update Our system’s recommendation today is to BUY.
The BULLISH DOJI STAR pattern finally received a confirmation because the prices crossed above the confirmation level which was at 1.57p

Pattern Description
This pattern appears in a downtrend and warns that the trend will change. It consists of a black candlestick and a Doji with a downward gap at the opening.

there is other talk also - not quite so favourable - remember this is afr which is bad enough in itself, and those uber undesirable locations nigeria and iraq lol................

lets see what occurs today ;

Looking good from the start on reaching 2.90p like yesterday and then retrace, we are close to the top again on 37M volume on short of 1 hour trading.
just now there is a two ways trading, with some large trades over the bid side price

order book just level

2.68p +0.37p

A Miracle Will Soon Happen on Afren
By AZEEZ MUSTAPHA - 24 Jun 2015 @ 08:39

A miracle is expected to happen on Alfren shares (LSE:AFR), which would make them soar. This is what sensible speculators have been waiting for and they almost would not get disappointed. The market was in a strong downtrend late last year and in January 2015. However, since February, there has been a very tight sideways movement in the chart, which is valid till now.

The sideways movement might continue, but there is bound to be a breakout. A breakout to the downside is not a possibility to be ignored, though a breakout to the upside is more likely.

It can be seen that the price has been moving within the upper and lower Trendlines, and it is yet to break out above or below one of them. The RSI period 14 is going towards the level 50, which means that the bullish strength is a kind of rising. When the RSI is above the level 50, the best option would be to go long, especially when the price breaks the upper Trendline above. The reverse is true of a bearish breakout, which is a price break below the lower Trendline and a movement of the RSI below the level 50.

There are trading methodologies which are worthless and there are useful methodologies. Astute speculators remain faithful to their useful methodologies when they work and when they do not work; thus making average gains that are more than average losses. There is no way bad times will not come occasionally, irrespective of a trading method used, but it is important to remain faithful to one’s methodology.

This forecast is ended by the quote below:

“I’ll try to give you a few things to think about, but unless you can overcome your inability to accept risk, you don’t have much of a chance to make it as a trader.” – Andy Jordan

The "RSI" theory

With the SP @ 2.45p the RSI is standing now at 49.52 just short of the 50

SP was on the way down and on reaching 2.40p, there it was the support so an auction lasting 3 minutes took place. since is rising again

do not forget RSI is now over 50 on " Miracles do happen" theory

gl mentor but i will stick with what i heard yesterday here and it wasnt positive - except for the bond holders and some other select few....................

I agree ,the miracle here will be if they find a billion quid down the back of the sofa .

mentor is very good at reading charts and the like
however, i don't think AFR is a very good candidate for charting as it's a bit of a special case

not one for me, that's for sure, nor mentor's other "twiddly" faves, GUSC, CPX and CONCH
in % terms they may look quite tasty, but 25% (say) of a penny stock is hardly big beans especially when the spread and other expenses are taken out

good luck to any who think otherwise