Afren Share Discussion Threads

[5bag] 08/2/2008 16:16

Its it time yet for an L2 screenie anyone?

[mikey_b] 08/2/2008 15:09

cheers.....next time this dips below 100 I think Ill get me some more ;-)

[leeson31] 08/2/2008 15:07

On Loan as % in Crest 12.79 %

[leeson31] 08/2/2008 15:06

RNS Number:6385N
Afren PLC
08 February 2008

AFREN plc ("the Company")

Shareholding in the Company


The Company was notified on 7th February 2008 that, as at close of business on
5th February 2008, Morgan Stanley Securities Limited, had an interest with
direct voting rights in 24,985,392 Ordinary Shares of 1p each ("Ordinary
Shares") in the Company, representing 9.15% of the total issued share capital of
the Company.


8th February 2008


Enquiries:

Pelham Public Relations

[gpmh1] 08/2/2008 12:46

JB, Cheers...sent you a mail.(to your hotmail...jackobrent)

Regards
gpmh1

Yar'Adua Approves New Gas Policy
02.08.2008

President Umaru Musa Yar'Adua yesterday took a major step forward in addressing the nation's energy and power supply problems by approving a new National Gas Pricing Policy and Regulations.
The policy/regulation is aimed at ensuring short and long term gas availability, at affordable prices, for all domestic consumption and for sectors that have significant multiplier effects on the national economy.
According to a statement by the Special Adviser to the President on Communications, Mr. Olusegun Adeniyi, the two new policy documents approved by Yar'Adua are also expected to boost the pace of industrial development in the country by ensuring competitive gas prices for all gas consuming sectors of the economy.
Under the new pricing policy, Nigeria's gas will be supplied at the lowest commercially sustainable prices to the strategic domestic sector which provides electricity for residential and light commercial users.
"The newly policy for the country's Strategic Industrial Sector, comprising industries that require gas as their main feedstock, such as fertilizer and methanol producers, is expected to make such industries as competitive as their counterparts in other low-cost gas producing countries.
"The new gas policy further stipulates that all operators in the country's oil industry must realign their gas development portfolios in order to ensure that gas resources which are rich in natural gas liquids NGLs), including condensate and LPGs, are directed to strategic domestic sectors.
"The policy objective is to ensure that all NGL-rich gas in Nigeria is preferentially deployed for domestic use rather than for export.
"Under the new policy regime, all oil and gas developers in the country are expected to allocate a specified amount of gas from their reserves and annual production to the domestic market", he said.
The statement added that the amount of gas to be reserved for domestic consumption will be periodically determined by the Minister of State (Gas) in the Federal Ministry of Energy.
"A Department of Gas is to be established in the Federal Ministry of Energy to oversee the implementation of the new gas policy and regulations", he said.
Meanwhile, the President has said Nigeria was watching the situation in Chad Republic, with a view to getting the two sides to the negotiating table.
The President was speaking to the Burkinabe Minister of Agriculture, Water Resources and Fisheries, Mr. Salif Diallo, who brought a special message from President Blaise Campaore to the State House.
"We are watching the situation in Chad, including the efforts of Libya as mandated by the African Union, and will soon bring the government and the rebels to the negotiating table", he assured.
Responding to a request for the supply of petroleum products from Nigeria, President Yar'Adua assured the Burkinabe minister that Nigeria would assist appropriately.
Earlier, Mr. Diallo had called on Nigeria to continue her leadership role in the West African sub-region by intervening for a return of peace to Chad.
Also yesterday, President Yar'Adua received a special message from President Abdoulaye Wade of Senegal. It was delivered by Maitre Souleymane Ndene Ndiaye, Special Envoy of the Senegalese President. The content of the message was not disclosed.

[leeson31] 08/2/2008 10:42

just gone red. lol.

she's on her way now though ...

[keith2006] 08/2/2008 10:38

Morning all another blue day

[jack brent] 08/2/2008 08:28

G

Yes, that matches with what I was told by the company.

Haven't forgotten Dublin. Just trying to work out where I'm going to squeeze it in at the moment.

Hope you're well?

Regards, JB

[5bag] 08/2/2008 08:26

We are trying our best here hector ;)

[hectorp] 08/2/2008 08:24

AFR bouncing back well, keep it up.

[mikey_b] 08/2/2008 08:19

hoping for more but any blue finish is fine by me.

[5bag] 08/2/2008 08:09

morning mikey, 110p close today??

[mikey_b] 08/2/2008 08:07

morning chaps. good start.

[5bag] 08/2/2008 07:58

keith, im hoping for a series of whooshes, but after that dip, its just nice to see a recovery, although it was expected. Just Keeping The Faith here and enjoying watching the events unfold, share price should be driving on to some nice new highs pretty soon. :)

[keith2006] 07/2/2008 18:49

Yes Leeson not a bad day up a few pence at a time is just fine, although we may get the whoosh when production starts or just before lol

[arcadian] 07/2/2008 17:39

That was a solid performance today holding on to yesterday`s breakout even with the selling towards the close presumably traders closing.

[leeson31] 07/2/2008 16:32

nice day though Keith !

[keith2006] 07/2/2008 16:10

Maybe in for a good finish

[leeson31] 07/2/2008 16:07

lots of AT buys...

[leeson31] 07/2/2008 15:07

up again.

On Loan as % in Crest 12.79 %

[gpmh1] 07/2/2008 15:01

JB, Is this the MoU the Nigerian Government want to change? Interesting to see that this is part of an article written by Afren's Constantine Ogunbiyi when he was at Cadwalader in 2004. Good Reading. Regards,gpmh1.



The Nigerian Investment Regime

The government sanctioned the revision of the Memorandum of Understanding (MOU)
which had been in place since 1986, effectively safeguarding petroleum tax rate (set at 85%) and royalty (20%) resulting in a minimum profit margin on equity participation. Since January 2000, a minimum guaranteed margin has been introduced, notionally at US$2.50 per barrel (with the potential to rise to US$2.70 per barrel in years where capital investment exceeds a minimum threshold). The official margin has also been set at US$1.25 per barrel on any NNPC equity oil that the producers lift. Effectively this is a US$0.20/barrel increase in the official margin. The investment regime requires participation by NNPC under JV arrangements with producers (covering onshore and shallow water areas) or through production sharing contracts (PSCs) (covering deep water areas). The JV arrangements give the state a large proportion of equity oil revenue from output (for example, the Shell JV, in which
NNPC has a 55% interest, produces nearly 50% of Nigeria's crude oil. The other JVs, in which NNPC has a 60% stake, are operated by ExxonMobil, ChevronTexaco, Eni/Agip, ChevronTexaco and Total. One difficulty with the JV system is that the government collects revenues on behalf of NNPC, leaving NNPC to seek funding from government (in a similar fashion to other parastatals); a major constraint facing Nigeria's upstream oil sector has been insufficient government funding of its JV commitments, which leads to
delays in development. The general terms of a production sharing contract - the vehicle for investment in Nigeria's deep water areas - require the producer to take the exploration and development risks by paying for all such costs and only recovering such costs from an allocation of production from discoveries. The upside of the production sharing regime is that the producer is able to set the pace of work without the risk of delays being contributed to by NNPC by, for example, late payment on cash calls.

[leeson31] 07/2/2008 13:28

get buyin' you T traders out there ! :-)