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Afren Share Chat - AFR

Share Name Share Symbol Market Type Share ISIN Share Description
Afren Plc LSE:AFR London Ordinary Share GB00B0672758 ORD 1P
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 +0.00% 1.79 0.00 0.00 - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 607.1 -1,255.0 -94.5 - 19.77

Afren Share Discussion Threads

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delisted, but not cancelled in crest....yet....mrwhits1
Yes it's been delisted. It's bust!jaknife
I don't see AFR on the stocklist? Has it been delisted? Crime of the century. ..david brent
From Lekoil recently: "Corporate Update Update on OPL 310 discussions Lekoil continues to be in advanced discussions with the administrator of Afren regarding the potential acquisition of its subsidiary which holds a 22.86 per cent. participating interest and 40 per cent. economic interest in OPL 310 (the “Proposed Acquisition”). Should the Proposed Acquisition be successfully concluded, the Company intends to meet the considerations from its existing financial resources and from the proceeds of the Placing" Senator and relationship Lekoil: hxxp://www.lekoil.com/index.php/significant-shareholders-table.html Senator and Blackstone relationship , read the following link please, from 2014: http://www.bloomberg.com/news/articles/2014-02-18/blackstone-buys-minority-stake-in-senator-hedge-fund-firm Are we having a potential conflict of interest again? Blackstone selling assets to Blackstone potentially?ldlv
Maersk spending hundreds of millions to buy into TLW license in Kenya. Afrens East Africa portfolio worthless apparently. Thanks a lot Afren BODsurfer2
A Lagos High Court sitting in Lagos has restrained an English public company operating in the Nigerian Oil and Gas sector, Afren Plc, from dealing with any of its assets in Nigeria or taking any further steps to register or seek the consent of any government authority in respect of any disposition, transfer or dissipation of the said assets pending the hearing and determination of the substantive suit filed by Earl-Act, a Nigerian investor. Justice Obafemi Adamson in granting the interlocutory order of mareva injunction, also restrained the company’s administrators (Messrs Alix Partners) and the Blackstone Group from the same steps. The court also ordered the claimant to file a written undertaking within seven days of granting the restraining order, to compensate the defendant in damages if it is found that the restraining order ought not to have been granted or that same was obtained by fraud or misrepresented. Justice Adamson however adjourned the matter to November 26, 2015, for continuation of proceedings. In July this year, Afren Plc had announced the suspension of its shares in the London Stock Exchange due to what its management described as “material uncertainty” over its financial position. The London-based oil firm, with its entire production revenue emanating from Nigeria, further refused to disclose its financial information to the public, on grounds of “significant uncertainty.” This culminated in, a period described by its board and management as torrid plagued by unauthorised payments by directors, the crude oil price crash and a lack of liquidity.ldlv
hxxp://www.thisdaylive.com/articles/financial-crisis-court-restrains-afren-from-dissipation-of-its-assets/224547/ hxxp://energymixreport.com/high-court-restrains-afren-from-dissipating-its-nigerian-assets/ hxxp://nationalmirroronline.net/new/court-reaffirms-orders-against-dissipation-of-afren-assets/ldlv
Octant Energy primed as it agrees pivotal acquisition in Kenya and Tanzania!! The Octant team has already delivered success with these assets, which were sold as part of US$101mln deal with Afren five years ago Toronto listed junior Octant Energy Corp (CVE:OEL) has revealed its done a deal with the administrators of Afren to buy oil and gas assets in Kenya and Tanzania. It is acquiring two blocks in Kenya - L17/L18 and Block 1- and one asset, the Tanga Block, in Southern Tanzania. The Canadian company says the acquisition is important for the development of the assets, as it sees them being taken on by a team with extensive regional knowledge Octant is run by the former Black Marlin boss Richard Schmitt, who is already familiar with the assets as they were part of the business he sold to Afren back in 2010. Afren paid US$101mln for Black Marlin in 2010. Whilst the financial details of the proposed transaction have not been disclosed it is likely that the acquisition value will be see a significant discount, given that they’re being picked up in an administrator’s fire sale. The assets have seen considerable investment since Afren acquired them in 2010, with 3D seismic shot across the acreage. Whilst some data interpretation may be required, to all intents and purposes the acreage is “drill ready”. An injection will be required to take the assets forward - Octant’s most recent accounts show the company had just shy of US$1mln at the end of August – though given the team’s strong track record in East Africa the company is expected to find supportive backers. As well as the Black Marlin success, Schmitt was formerly president of Africa Oil where he played a key role in building what has become a significant portfolio of assets in the region. Schmitt, in a statement, said: “I am encouraged to be working with assets I know well from my past experiences. “This portfolio that Octant has secured is pivotal in the future development of Kenya and Tanzania as they further movement towards energy security and domestic growth in the countries. “For me, being a part of East African growth and development again is a great opportunity and privilege.” Octant’s proposed transaction is conditional upon the securing of customary approvals, and once those approvals are in place it expects to complete the acquisition within 7 days. The company added that it is currently evaluating its future capital requirements and it will provide an update in due course.ldlv
Looks like LEK quick off the mark to pick up some prime Afren assets!royaloak
From subscription based Africa Intelligence 27/10/15 Local juniors first in line to pick up Afren's assets Working quickly to liquidate its assets, Afren is already in advanced talks with several Nigerian companies. To start mopping up its Afren’s debts, a firm specializing in restructuring companies, AlixPartners, retained Blackstone Group International Partners to sell off all of the assets of the bankrupt group. Blacksone has contacted no less than 46 potential investors, including 20 in Nigeria, and given all potential buyers access to the data room. And it’s indeed in Nigeria, where Afren already produced a little over 30,000 bpd on Ebok and Okoro, where the process is most advanced. According a report written by AlixPartners that Africa Energy Intelligence was able to consult, three local partners of the junior appear closest to finalizing the acquisition of several blocks. One junior in question is Oriental Energy, a firm headed by Mohamed Ndini, which has already approved a transition plan on Ebok in August that gave it full operational powers on the concession. Oriental Energy is also favoured to acquire Afren’s shares on the Okwok permit. As for Okoro, Amni International headed by geologist Tunde Afolabi has refused to allow Afren - which owns half of the production on the field - to transfer the terms of the production sharing and technical services agreement to a third company. Amni, which already put up $1.5 million recently to finance certain operational costs linked to the development of the field, wants to buy Afren’s interest itself. On OML 113 (Aje), which is due to go into production next year, Yinka Folawiyo Petroleum offered a higher price than that of Panoro Energy, Afren’s third partner on the block.zengas
no, we need legal action and we are moving. afrenlegalaction@yahoo.com if anybody wish to join us in a no win no fee basis...ldlv
Ldlv - Did you even notice the price of seaborne crude? Are you aware of the surplus in the Atlantic basin and the drop in Nigerian market share? The company told shareholders multiple times over a 7 month period that it was bankrupt but holders and buyers were either too stupid or too ignorant to come to accept those transparent statements. You were blinded by greed that some magic would take place and the share price would return to its all time highs for reasons which are unfathomable given the industry environment. What you need is a period of introspection to analyse your mistakes.hpcg
comment from somebody on iii: "At least a robber doesn't hide the fact that he is robbing you when he holds you up. All the plastic smiles and legal applications involved are enough to make your stomach churn.... and then these people go and sit down with their families at Christmas to share the spoils of their ill gotten gains."ldlv
Ldlv, I'm really sorry you don't like my comments; they're the cold hard facts. Shareholders can challenge all they like but they've lost all economic interest in the underlying assets and will get nothing. All the money belongs to the banks; even the bondholders are going to lose, possibly as much as 100%. JakNifejaknife
you understand me well...your arguments are only excuses...we are monitoring the situation very closely and this will be a life time project for many. The bridge Loan arranged in very questionable circumstances would be challenged.ldlv
But WHY KEEP banging with the FULL debt!!! Between $200m and $1.7b there is plenty of room! Why the black or white position? Somenthing in between will do it for all parts.ldlv
lol !!!!!!!! A bit late late now aint it ??????? I LOVES NIGERIANShvs
Unless you have someone willing to make an offer at a level that makes all debt holders whole and funds any ongoing capex/opex then you still have a zero for shareholders. I agree with Jak if you had $1.8b of funding then you wouldn't be on advfn!dangersimpson2
If you had the evidence then you wouldn't be chatting about it on ADVFN, you'd be trying to get the deal closed.jaknife
what if we hypothetically have the evidence? What if the assets are sold and the price paid for them is significantly lower than the offer of the investor and its European partner?ldlv
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