< "> 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

AFR steaming now 116+

volume only a bit heavier than normal, but nice to see nevertheless

Got on board this morning.............target 140p initially.

http://www.investegate.co.uk/Article.aspx?id=201201170700146472V

Afren plc (AFR LN)

Okoro East exploration well makes a significant new oil discovery offshore south east Nigeria - 2012 exploration campaign underway

London, 17 January 2012 - Afren plc ("Afren" or the "Company") announces that the Okoro East exploration well, offshore south east Nigeria, has made a new oil discovery having encountered 549 ft true vertical thickness (TVT) of net oil pay and 41 ft of net gas pay in excellent quality reservoir sands. The well result represents a successful start to Afren's 2012 exploration campaign that will see the Company participate in multiple wells across each of its core areas.

The Okoro East exploration well was spudded on 18 December 2011 and reached a total measured depth of 8,751 ft (8,016 ft true vertical depth), with the Transocean Adriatic lX jack-up drilling rig. The well has successfully encountered oil in the Tertiary reservoir sands equivalent to those that have been developed and are in production at the Okoro main field, in addition to the deeper previously unexplored reservoirs. The discovery of significant pay in the previously unexplored deeper zones opens up further prospectivity at similar levels on the main Okoro field and elsewhere on the block.

The objective of Afren and its partner Amni International Petroleum Development Company Ltd. ("Amni") was to explore a separate previously un-drilled structure located approximately 2 km east of the Okoro main field. Okoro East is in a similar structural setting with a fault sealed 3-way dip closure in Tertiary reservoir sands at equivalent intervals to the main Okoro Field. In addition, the Okoro East exploration well was targeting a deeper horst block structure, a play concept that had not been previously explored on the block. The prospect was mapped on good quality 3D seismic data.

Logging operations have been completed and the well is now being prepared for testing, after which Afren and its partner Amni will determine the optimal development of the discovery.

Osman Shahenshah, Chief Executive of Afren, commented:

"We are delighted to have made a new oil discovery offshore south east Nigeria in Afren's core producing area. The proximity of Okoro East to the existing producing Okoro field means that we are well positioned to efficiently monetise this discovery, both in terms of our detailed understanding of the subsurface and proximity to existing infrastructure. The well also opens up additional prospectivity on the block and is a very successful start to our 2012 exploration campaign. With the JS-2 exploration well currently drilling ahead in the Kurdistan region of Iraq, we look forward next to spudding the Nunya-1x (Cuda-2) exploration well offshore Ghana later this month."

i hope "friend hali" is on board here

trades at 134p

Nice result....lot, lot more to come........200p by the year end ?.....dream on RF....

proactive investors

Afren (LON:AFR) emerged among the top risers in the FTSE 250 index after announcing an oil discovery made by its Okoro East exploration well offshore Nigeria.

The well has encountered 549 feet of net oil pay and 41 feet of net gas pay in excellent quality reservoir sands, which are equivalent to those currently in production at the Okoro main field.

Afren called this a successful start to the 2012 exploration campaign, during which it will participate in multiple wells across each of its core areas.

“The proximity of Okoro East to the existing producing Okoro field means that we are well positioned to efficiently monetise this discovery, both in terms of our detailed understanding of the subsurface and proximity to existing infrastructure,” said chief executive of Afren Osman Shahenshah.

“The well also opens up additional prospectivity on the block and is a very successful start to our 2012 exploration campaign.”

The company is now preparing to spud the Nunya-1x exploration well offshore Ghana later this month.

In the meantime, investors are waiting for updates from the JS-2 exploration well, which is currently drilling on the Ain Sifni production sharing contract (PSC) in the Kurdistan region of northern Iraq.

Shares in Afren surged 7 percent to trade at 123 pence this morning, valuing the group at £1.23 billion

Nice ,i'm glad i stayed with this one .

Credit Suisse note:
Okoro East discovery opens up new exploration dimension for Afren.
In addition to finding oil in the shallower Tertiary sands Afren is successful in discovering oil in the deeper unexplored horst block structure that could provide longer term exploration upside within the Okoro field. Although production tests over the next few weeks will be important in proving the overall reserve potential (157mmboe mean and 329mmboe P10 gross oil-inplace), we de-risk the mean resource potential from 20% to 66.7%, increase the recovery rate from 20% to 30% and include the P10 upside (risked at 33%) to arrive at our new TP of 148p (from 130p). We reiterate our O/P.
Attractive fast-track development potential. The Okoro East discovery (at least part of it) can likely be monetised quickly using the two available slots on the existing Okoro platform, but the final test results will determine the overall development plan. The initial reservoir quality has been encouraging – light oil (c30o API), high net to gross (549ft net / 580ft gross pay), good porosities (c30%), multi-Darci permeability ranges and no oil-water contact.
Material resource upside potential. We look forward to Afren’s update on the exploration programme on 23rd January. Up to 14 wells in 2012, worth 32p/sh on our risked NAV with a blue sky upside of 173p/sh, offer a balance of high-risk, high-impact exploration (Keta in Ghana, OPL30 in Nigeria) and lower risk exploration/appraisal (Jebel Simrit wells in the Kurdish region of Iraq, Ebok/Okwok/OML115 wells in Nigeria)."

Credit Suisse (FT AV)

Okoro East discovery opens up new exploration dimension for Afren.
In addition to finding oil in the shallower Tertiary sands Afren is successful in
discovering oil in the deeper unexplored horst block structure that could
provide longer term exploration upside within the Okoro field. Although
production tests over the next few weeks will be important in proving the
overall reserve potential (157mmboe mean and 329mmboe P10 gross oil-inplace),
we de-risk the mean resource potential from 20% to 66.7%, increase
the recovery rate from 20% to 30% and include the P10 upside (risked at
33%) to arrive at our new TP of 148p (from 130p). We reiterate our O/P.


Attractive fast-track development potential. The Okoro East discovery (at
least part of it) can likely be monetised quickly using the two available slots
on the existing Okoro platform, but the final test results will determine the
overall development plan. The initial reservoir quality has been encouraging
– light oil (c30o API), high net to gross (549ft net / 580ft gross pay), good
porosities (c30%), multi-Darci permeability ranges and no oil-water contact

Material resource upside potential. We look forward to Afren’s update on
the exploration programme on 23rd January. Up to 14 wells in 2012, worth
32p/sh on our risked NAV with a blue sky upside of 173p/sh, offer a balance
of high-risk, high-impact exploration (Keta in Ghana, OPL30 in Nigeria) and
lower risk exploration/appraisal (Jebel Simrit wells in the Kurdish region of
Iraq, Ebok/Okwok/OML115 wells in Nigeria).

How is that different from the post above?

It is'nt
It is'nt

it isn't.,.

http://www.rigzone.com/news/article.asp?a_id=114326&hmpn=1
Analysts Welcome Afren's Success at Okoro East
by Jon Mainwaring
|
Rigzone Staff
|
Tuesday, January 17, 2012
Oil and gas analysts who follow London-listed Afren were upbeat about the company's prospects Tuesday after it reported success at its Okoro East exploration well that is located offshore south-east Nigeria.
Afren, which is mainly focused on exploration and production in Africa, said that the company has made a new oil discovery at Okoro East well, having encountered 549 feet true vertical thickness (TVT) of net oil pay and 41 feet of net gas pay in "excellent quality reservoir sands".

The Okoro East exploration well was spud on Dec. 18 2011 and reached a total measured depth of 8.751 feet (8,016 feet of true vertical depth) with the jackup Transocean Adriatic IX (350' ILC).

The well successfully encountered oil in the Tertiary reservoir sands, equivalent to those that have been developed and are in production at the Okoro main field, in addition to the deeper, previously-unexplored reservoirs. The discovery of significant pay in these previously-unexplored zones "opens up further prospectivity at similar levels" on the main Okoro field and elsewhere on the block, said Afren.
Analysts who follow the firm reckon believes the discovered oil could be brought on line soon.
"We would expect Afren could develop the tertiary sands that are currently in production at the Okoro field relatively quickly, but the discovery in the deeper intervals could be large enough to be a stand alone development, in our view," said investment bank Citigroup in its research report on the company Tuesday.
Jefferies International – the New York-based banking group – noted that the existing infrastructure "provides opportunity for some quick tie-backs". "Afren currently has the 25,000 barrels of oil per day-capacity FPSO (floating production storage and offloading vessel) on the Okoro field," its analysts wrote Tuesday.
"The most recent production update stated current production was 17,000 bopd. In addition, the existing well head platform has two free well slots. This could allow the company to drill several production wells in the near term and tie it into existing facilities, increasing short term cash flows."
Meanwhile, analysts at fellow investment bank Credit Suisse agreed that at least part of the Okoro East discovery "can likely be monetized quickly using the two available slots on the existing Okoro platform".

A former engineer, Jon Mainwaring is an experienced business journalist who has written about the technology, engineering and energy industries. Email Jon at jmainwaring@rigzone.com.

Solid bounce off the 200 DMA would be nice. Might be tempted to take profit then.

just resting, on it's way again soon to 130+

was expecting a bit more blue here today - surprising - probably tomorrow instead - a pause for breath

How do you spell "ramping"?

I wouldn't wana be out of afr.......