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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Afren | AFR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.785 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.785 | 1.785 |
| Top Posts |
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Posted at 08/8/2015 20:42 by kepner Afren’s (AFR) ex head of IR Simon Hawkins has just posted an amazing confession on LinkedIn which really begs the question who knew what and when about the corrupt management team. And have all the bad guys been named and shamed. If you have lost money prepare to explode with rage. Mr Hawkins writes:Mixing business with pleasure - learning that Afren execs privately owned undisclosed stakes in FHN, one of the Company’s subsidiaries. I should have resigned there and then. Reality check - looking out over the sea at our beach house while conferencing in to Afren’s board room only to hear for the first time how our CEO and others had received unauthorised payments. And in the process betrayed so many people who had believed they were better than that. You’re fired! - witnessing the Chairman of a FTSE 250 company suspend the CEO and COO before their dismissal. Simply. Extraordinary. D-Day? - arriving at the office on too many mornings thinking “Surely Afren is going bust today”. And worried the money won't be there for payroll at the end of the month. What a bogey - being told my boss had been dismissed for gross misconduct and realising just how much golf he had been playing after having full access to his Outlook Calendar. Broadsided - getting a call from our interim CEO to say we need to write off 1bln barrels from our Kurdistan assets, after having been told only a few months earlier by previous management that we were about to sell them for $1.2bn. Like we hadn’t been dealt enough blows. Wake up call - woken up at 2am by my iPhone buzzing only to find some bright spark had posted on Twitter the night before an announcement we were due to make later that day (7am) by figuring out the sequence numbers on our website and pressing refresh until it appeared. Not our finest hour. The real victims - taking the flood of calls from shareholders who had lost their life savings and more. Haunting and heartbreaking. Genuinely. We are watching you - being led from the head office back door by Head of Security following a credible and specific threat to my personal safety. Up in smoke - learning about the Company’s ultimate demise from a Bulletin Board post simply saying “Administratio Thankfully I have a strong faith, a wonderfully supportive family and a good therapist (my wife!), without which I may have struggled to get through this crazy time. |
Posted at 15/7/2015 00:16 by whiskeyinthejar BiggerThus- Seplat are dual listed in Nigeria and London main LSE exchange. I think its important that Nigerians can buy shares as foreign oil companies are resented in Nigeria. Afren aren't really a Nigerian company. Anyway I hope you can get some satisfaction from Afren.hpcg- Seplat has a large stash of borrowed cash that it's paying interest on, but not using. Just getting that money working would be bullish for Seplat, even better if it buys Afren's producing assets cheaply. If Afren and Seplat are talking then bondholders must be ready now to deal. Seplat don't want to wait and have cash lying around anyway. But the current bull case for Seplat is gas production and midstream, not oil. It plans to triple its gas production by end 2016 through massive investment: I'm also optimistic that new president (Buhari) can reform the oil sector. He's already sacked board of the national oil company and rumour is he's going to take oil minister job himself because it's critical that Nigeria increases production. They cannot afford to be hard on oil companies in Nigeria as they need the investment imo. Herein lies the risk though and why Seplat is super cheap But PE of 3, dividend over 9% and decent growth story and I cannot think why anyone would buy Afren rather than Seplat. I will watch oil supply data, and maybe traders will go short on oil for a week or so, but fears Iran will flood the world with cheap oil are unfounded imo and oil at current level I think will fuel enough economic growth to keep demand growing. Anyway we'll have to wait see what happens with Seplat and Afren. Nothing until after Egm vote I expect. |
Posted at 14/7/2015 16:18 by whiskeyinthejar Seplat is eyeing an acquisition, speculation that Afren is the target again.CSL brokers have increased their target price from N457 to N749/share for Seplat. In Sterling, that's increase in target from £1.47 to £2.42. Seplat currently trades around £1.05, so that would be a 150% gain. Dividend is over 9%, PE is 3.2. =-----=-------- JUL 14 NIGERIA | OIL&GAS | SEPLAT - Eyes on Afren · Seplat has announced the release of US$368m in escrow cash. This is part of a total amount due of US$453m, which was allocated for an underlying acquisitions earmarked in Q1 2015. · Investors may have thought that given the escrow nature attached to these funds, there was never any doubt that they would be repaid. We were aware of a timing issue related to exactly when the funds would be remitted. · We have therefore added back N134/share (43p/share) in value from the US$368m remitted, which increases our target price from N457/share to N749/share, and maintain our Buy recommendation. · We know that Seplat previously unsuccessfully bid for Afren (Sell, TP 0, price 1.9p), and so, given the timing of the proposed recapitalisation vote due on 24 July, a full takeover could still be possible if a ‘No’ vote is successful. · In our previous note dated 9 January ‘Bargain Hunting in the Delta’ we examined the logic of any merger/acquisition between the two companies. We concluded that it could create the largest indigenous E&P in Nigeria, doubling Seplat’s 2P reserves, and trebling 2P and 2C reserves/resources, with the potential to achieve 200kboepd in production by 2018/19. Any acquisition of Afren would be a transformation in our view for Seplat, and could provide a significant catalyst to its shares given the discounted price which they could achieve now. |
Posted at 24/6/2015 05:49 by 4627192 hxxp://www.smallcapnAfren share price spikes amid city whispers & speculations that Nigeria richest man could be bidding for Afren Nigerian operations at 12p per share. Afren share price spikes amid city whispers & speculations Afren share price spikes amid city whispers & speculations By Mega_X 23 Jun 2015 17:40:42 | 710 View(s) Nigeria richest person, joined the list of Africa’s 50 Richest. Mr Dangote has been betting on Oil refinery since 2013 and AFR will fit well in his mix of business empire. Mr Dangote quotes, He said, "Let me tell you this and I want to really emphasize it...nothing is going to help Nigeria like Nigerians bringing back their money. If you give me $5 billion today, I will invest everything here in Nigeria. Let us put our heads together and work." Please DO NOT buy any stock recommended in this post basely solely on what you hear. The opinions in this comment are just that, opinions. Please do your own research before investing. |
Posted at 10/6/2015 08:30 by osirisra p0pper I'm afraid that all the revenue will be going to pay the interest. I have been around AFR a very long time and it is a very sad tail. Here's is my level headed revue:AFR management (now departed) signed up to lots of debt at high interest rates LIBOR +7% etc and expanded the company quickly. During the expansion there were various legal and illegal director actions designed to enrich said directors. The legal one was the creation of FHN using under priced AFR assets which they took a stake in and then after a couple of years AFR bought the assets back at a much increase price! The amount of debt carried by the company is almost unsustainable and the creditors are currently holding AFR to ransom offering a new loan (principally to pay some of their original maturing debt) and in return AFR are to hand over 89% of the Co. The news release today says that AFR are going to use a grace period on some debt and then not pay the amount due after that. Importantly they state that regarding the default the creditors at this moment in time "has no current intention to take enforcement action". Meaning negotiations on the new equity for loan swap is ongoing and at any moment the creditors can call AFR in and say "enough is enough, we're taking your company". That is of course the worst case scenario for us. As undesirable as it sounds, the best case is the equity for loan swap. Unfortunately AFR's future is in the hands of the creditors who will run the Co to service their loans,,,, of which there will be more. AFR is now effectively broken and a cash cow for the creditors, any hope we may have had of profit has long since gone. This sad story was perpetuated by the greed and mismanagement of those now departed who incidentally trousered millions when in charge and have walked with no criminal charges. Our money here is dead. Osi'. |
Posted at 29/5/2015 07:05 by htrocka2 They're seems to be no control...income = $130m...Capex=$212m (Q1)Afren plc: Interim Management Statement · US$200 million interim funding provided by existing Noteholders by way of new private placement notes in April 2015; proceeds to be used for general corporate purposes and capex; wider recapitalisation programme to be completed by the end of July 2015 · Nigeria projects progressing: Completion of top-side Ebok CFB extension; options for Okoro FFD with a low oil price under discussion; completion of first Okwok development well; fifth production well completed on OML 26 · 2015 capex guidance US$0.4 billion expected to focus on existing producing assets in Nigeria; average production guidance expected to be 23,000 - 32,000 bopd, reflecting lower share of production from Ebok following end of cost recovery · Q1 2015 net production at 36,035 bopd, above FY guidance range but in line with expectations; Q1 2015 Revenue of US$130 million; Operating cash flow before movements in working capital of US$59 million; Capex US$212 million; Net Debt US$1,196 million London, 29 May 2015 - Afren plc ("Afren" or the "Group"), (LSE: AFR), announces its Interim Management Statement ("IMS") and financial results for the three months ended 31 March 2015 and an update on its operations year-to-date 2015. Information contained within this release is unaudited and is subject to further review. Operational Update Afren delivered revenue of US$130.3 million (Q1 2014: US$269.0 million) and operating cash flows before movements in working capital of US$59.1 million (Q1 2014: US$169.1 million) in Q1 2015, driven by average net production at 36,035 bopd in line with expectations to meet our guidance range for 2015, averaging 23,000 - 32,000 bopd. The fall in revenue was due to lower realised oil prices and production liftings from Ebok utilised to settle a net profit interest (NPI) liability. NPI represents a contractual profit share payable to previous owners of the Ebok field for which liftings made in settlement are offset against cost of sales (NPI liftings commenced in Q4 2014). Our 2015 production guidance range reflects a lower share of production following end of all cost recovery at Ebok. At Ebok, following completion of the installation of the CFB extension wellhead jacket in late Q4 2014, the Partners completed the top-side installation of the bridge and decks in March 2015 and are targeting hook-up and commissioning of the facilities by Q4 2015. Gross production at the Ebok field was 30,954 bopd. As previously announced, Afren and Oriental have reached an agreement to end cost recovery. Oriental will fund its share of expenditure from May 1 2015. As a result of the agreement, Afren will receive a lower share of production to reflect its share of working interest in Ebok. At Okoro, gross production at the field was circa 15,073 bopd in the period, incorporating planned downtime. The Partners are currently in discussions on how to manage the Okoro Further Field Development Plan in line with the current low oil price environment with a view to re-engineering the forward work programme. At Okwok, Afren and its JV Partners Oriental and Addax Petroleum, have completed and flow tested a first development well, which was completed in April 2015 from the Okwok jacket having been drilled to a total measured depth of 9,202 ft and flow tested successfully at a maximum rate of 5,400 bopd (24.5 deg API oil). At OML 26, following the receipt of Field Development Plan (FDP) approval by the Nigerian regulatory authorities in H1 2014, the Partners successfully drilled two producers in H2 2014. A third producer was spudded in December 2014 and completed in February 2015, a fourth producer was completed in March 2015 and a fifth producer has just been completed in May 2015. All five new wells have been drilled with the same rig and from the same location cluster. Two of the wells tested at over 2,000 bopd and a third around 1,000 bopd during post completion well tests without any gaslift. The new wells will undergo the statutory well tests and gaslifted to realise their full production potential in the coming months. Submission of the OML 26 FDP to the Nigerian authorities for Isoko is expected in Q2 2015. At the Barda Rash field in Kurdistan, following a material reduction to previously published estimates of reserves and resources resulting from the reprocessing 3D seismic shot in 2012 and results from the Company's drilling campaign as well as the publication of an updated Competent Person's Report (CPR) on 12 January 2015, Afren is in discussions with the MNR regarding potential divestment opportunity options for the field. Following the play-opening Ogo discovery, offshore Nigeria, Afren completed the fast track 2,716 km2 marine 3D seismic programme across OPL 310 and OML 113 to complement existing coverage on the two licences. Processing of 3D seismic data has been completed. The fast track post-stack time migration was delivered in August 2014 and the final production pre-stack time migration was delivered in late Q4 2014. The pre-stack depth migration was delivered in April 2015. The interpretation of these data sets will be used to finalise a well location. Afren has instructed NSAI to commence the preparation of a CPR for OPL 310 incorporating the new block wide seismic data. Capex guidance for 2015 remains at US$0.4 billion, focussed on high margin Nigerian cash generating producing assets. Commenting today, Alan Linn, Chief Executive Officer of Afren plc, said: "Afren has delivered a solid first quarter result despite the continuing low oil price and additional NPI liftings from Ebok. We have already significantly curtailed immediate capital expenditure and are now working with our Partners to optimise forward investment in development projects in Nigeria. Business and process streamlining has commenced and we expect to begin seeing improved bottom line results from these efficiencies across the business as 2015 unfolds. Whilst interim funding is now in place, it will take time to work through historical issues and funding remains extremely tight. We will be working with shareholders in the coming weeks to explain the benefits of our proposed new funding structure and encourage them to support us in resolving our financing issues in order for Afren to deliver the long-term value and attractive future I see for the Company." Production Production Q1 2015 ( |
Posted at 24/4/2015 12:27 by arbez Afren Shares Still Waiting for that Break-OutDetails Written by Rob Shelton Category: Finance Last Updated: 23 April 2015 Afren breakout The Afren plc share price (LON:AFR) remains confined to an extremely tight trading range and the patience of investors continues to be tested. Strategically the placement of a stop-loss at 0p appears to be an attractive proposition for traders: Should AFR recover to the 2015 opening share price at 47p then a very attractive risk-reward ratio becomes apparent. However, such a move remains elusive as even an improvement in crude oil prices has failed to prompt any buying interest of significance. Of course further declines should by no means be discounted. Technical analysts at Trading Central suggest that should a breakout below the pivot level at 2.5p be achieved then a run lower to 1.7p and 1.3p could occur. It is noted that the only momentum discernible at the present time on the Afren share price is sideways in nature with signals being mixed and advocating for neither substantial gains nor losses. The waiting game continues, but as we said, the risk-reward on AFR that would come on a successful bet on an upside breakout remains extremely attractive. |
Posted at 18/4/2015 09:19 by arbez London, 20 March 2015"The Company has reported to the committee of the bondholders preliminary concerns arising from work carried out by Willkie Farr & Gallagher (UK) LLP ("WFG") regarding the hire of an INDIVIDUAL within its OPERATIONS in 2012 and the payment of certain travel and accommodation expenses connected to Afren's activities." -------------------- Technical management appointments RNS Number : 4916C Afren PLC 02 May 2012 Afren plc (AFR LN) Technical management appointments London, 2 May 2012 - Afren plc ("Afren" or the "Company") today announces senior technical management appointments for its OPERATIONS in the KURDISTAN region of Iraq. In addition, Afren is pleased to announce two further senior appointments. Mr Mark Maurin joins as Operations Manager for the Kurdistan region of Iraq and Dr David Goggin joins as Subsurface Director. Mr Maurin will assume RESPONSIBILITY FOR THE SAFE AND EFFICIENT MANAGEMENT of Afren's OPERATIONS in the KURDISTAN region of Iraq, including field development and production operations at the Barda Rash field development. Mr Maurin has over 25 years of international upstream oil and gas experience, and joins Afren from Hess Corporation where he most recently fulfilled operational management roles at Hess Equatorial Guinea. Prior to this, Mr Maurin held senior engineering, operational and project management roles at ExxonMobil, including international assignment in Nigeria. Mr Maurin has a B.S in Petroleum Engineering from Texas Tech University. |
Posted at 17/3/2015 16:01 by batman9 From another site.Afren proposal attacked By Lee Wild | Tue, 17th March 2015 - 13:05 Share this Afren proposal attacked A lot has been written about Afren (AFR) in recent days, and rightly so. A complex recapitalisation will leave bondholders in control of the Africa-focused oil company and shareholders with next to nothing. And with many existing investors having held a long-term interest in the business, information is crucial. It's why a weighty 16-page note written by Barclays detailing Afren's proposals makes interesting reading. "Afren's proposed recapitalisation protects the business from the consequences of imminent default. However, in our opinion, it fails to provide a capital structure capable of supporting a long term future for the business," writes the broker. "Pro forma net debt exceeds our revised valuation of the core assets, despite a partial debt-for-equity swap and injection of additional capital that dilutes existing equity holders to ~9%. Once recapitalised, we expect the company - now for all intents and purposes in the control of the ad hoc committee of bondholders - to pursue asset sales to maximise the recovery of value and repay debt." Even the $75 million open offer for existing shareholders does not indicate that a sustainable recovery "is unlikely to materialise within a reasonable timeframe". Barclays currently pencils in pro-forma year-end 2014 net debt of $1.4 billion on completion of the restructuring, versus its $1.1 billion valuation of the Nigerian production/developme The proposed super senior private placement notes, and the new 2017 high-yield notes that would replace it, are top of Afren's new capital structure. Holders will also get over 50% of the equity. "This is the cost of enabling Afren to continue as a going concern," writes Barclays' James Hosie. "We believe the motivation for bondholders to support the restructuring is due to the risk that a default event would lead to Afren losing claim to its key assets - the producing Ebok and Okoro fields." What should shareholders do now? "The stock has option value on the basis that a rapid recovery in Brent towards $90/bbl and the disposal of non-core assets (Kurdistan, East Africa, undeveloped Nigerian fields) enables Afren to accelerate debt reduction," says Hosie. "The restructuring remains subject to 75% shareholder approval, but if rejected an alternative proposal would result in a pro-forma net debt ~$0.3 billion higher, increased borrowing costs and a covenant requiring initiation of a formal sales process before the end of 2015." Best-case for equity investors is 5p, reckons Barclays. This assumes that investors do assign option value to the potential recovery of the business through both higher oil prices and asset sales which bring in more cash than expected. Ebok and Okoro fields are clearly the company's most valuable assets. According to Barclays, using valuations discounted from 1 January 2015 and 15% discount rate, Ebok could be worth about $420 million, or risked net asset value per share of 2p, Okoro $191 million/0.9p and Okwok $370 million/1.8p, out of $1.1 billion, or 5.3p a share. This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. |
Posted at 16/3/2015 19:34 by prmoldoaks What Afren is worth nowThere really is no argument that Afren's (AFR) recapitalisation is complex and that ownership of the business now sits with bondholders, not shareholders. And, despite heavy dilution for equity investors, the Africa-focused oil company needs money fast, so it will likely receive the 75% of votes needed at an EGM in May to get the proposals through. But even then, Afren is not out of the woods. "If approved, we believe the plan should see Afren survive, but the immediate impact on the current equity valuation is negative," says Barclays. The heavily-indebted oil company could receive an extra $300 million of net total funding by the end of June, which will cover the immediate capital needs of the business. Other than equity dilution, the main features of the deal are extending maturities across the loans and notes to 2019/2020 and a shift to payment in kind for interest payments. Management will get much-needed breathing space, but they'll need a bit of luck, too. "Given the weighting to 2019, this capital structure appears heavily reliant on an improving oil price, with ~$900 million of principal and interest charges due in 2019," writes JP Morgan. After reworking the numbers, the broker's estimate of core net asset value (NAV) falls 93% to 3.61p, which is where it sets its December 2015 target price. JPM is also surprised, given Soco's big write-down last week, that Afren has not revised lower its 2P reserves estimates, seeing as the forecast capital investment plans are materially reduced - year-end 2014 2P reserves are 162 million barrels of oil equivalent (mmboe), which excludes January's revision on Barda Rash which essentially wiped out all gross 2P reserves of 190 million barrels. |
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