< "> 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

can't work out how to blow a raspberry on here otherwise i would

Mitzy ? where do get the idea that oil is going to jump $20 ?....not impossible...but improbable.....

Great finish today , someone has a lot of confidence in the company to back them with that sort of cash.

Its such fun this thread

rf I am expecting a major terrorist incident in early 2010.

I wouldn't disagree with mitzy on that one...it's been over due for sometime.

but even if oil then spikes, though the reverse may happen, it will be no more than a temporary blip

Could be cynic but if it involves Iran who knows.

Hopefully this will go up on it's own merit without a terrorist incident.

what a lovely RNS....why can't they all be like this one. should rise nice and steady from here on.

Brilliant rns! Onwards and upwards fste 100 here we come.

Business Financial Newswire
"Independent oil and gas firm Afren posts a statutory net loss of $16.8m for the year to the end of December - down from $56.1m last time.

Turnover rose to $335.8m - up from $42.5m in 2008 - with a normalised net profit of $50.7m compared with a loss of $96m previously.

Chief executive Osman Shahenshah said: "In 2009, Afren recorded a 100% appraisal success rate at the Ebok project and realised its first full year contribution from its producing assets.

"With first oil expected from the Ebok field in October 2010, and an active exploration and appraisal drilling campaign planned over the period, we are well positioned to deliver significant reserves and production growth, realising the full cash flow impact in 2011.

"With a strengthened balance sheet we have the financial flexibility to deliver long term growth."

Time to top up!!
Will not be under a pound for long!!

105 is proving to be a very stubborn resistance - see chart

Have been watching the chart & can't make my mind up which way the sp is going in the short term. Converging DMA's should provide good support, but as first oil expected only in Oct '10 (should have been may), might see this trading sideways for a while. However, Afren is also drilling two potentially high impact exploration wells in 2010 Ebok Deep, which is expected in the first half of this year and OML 115, so still some drilling results to come.

105 is proving stubborn ,however all good news going forward this year (ramping up production),lets hope it stays that way . This is a strong hold for me ..

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...