Afren Share Discussion Threads

[midasx] 19/6/2015 12:36

“A facility-constrained rate of 5,400bopd, 24.5 deg API was tested on 36/64 choke with GOR of 355scf/bbl and wellhead pressure of 1,248psi. The test data showed no evidence of depletion and preliminary analysis indicates significant reserves addition is confirmed by this well.”


Great news Afren down another 10%.

[midasx] 19/6/2015 12:32

Mr. Osman Shahenshah, Ph.D is the Founder of Afren Plc and served as its Chief Executive Officer until August 6, 2014. Mr. Shahenshah has over 20 years experience of oil and gas finance. His international career began with Credit Suisse First Boston and has included senior positions in the oil and gas finance groups of the International Finance Corporation (private sector arm of the World Bank), and the investment banking divisions of Dresdner Kleinwort Wasserstein and Mediocredito Centrale. Mr. Shahenshah has been actively involved in the African Oil & Gas sector for more than 15 years, working with companies including Shell, Chevron, Total, ENI and the Nigerian National Petroleum Corporation. He served as a Director at First Hydrocarbon Nigeria Limited. Mr. Shahenshah served as an Executive Director of Afren Plc until October 2014. He holds a PhD from the University of Pennsylvania, a Master's Degree from Columbia University and a Bachelor's Degree from Brown University

[midasx] 19/6/2015 12:28

They need to atone!

Shame, ding ding, Shame, ding ding!

[everhopefull3] 19/6/2015 12:24

So, when does the kneecapping start !?

[midasx] 19/6/2015 12:20

hxxp://www.thesundaytimes.co.uk/sto/business/Industry/article1551483.ece

THE chief executive and operations director fired by stricken oil producer Afren over a pay scandal, racked up a bill of nearly £640,000 for “unauthorised” private jet flights.

Afren fired Osman Shahenshah and Shahid Ullah in October after investigators uncovered secret deals with the company’s Nigerian oil partners that would have paid them and a clutch of other directors, known internally as “the A team”, up to $200m (£132m) over four years. Shahenshah and Ullah repaid $9.2m and $7.9m, respectively, plus $3m in legal fees, but admitted no wrongdoing.

In its annual report published last week, Afren revealed that Shahenshah had run up a £288,000 bill for “unauthorised private use” of the corporate jet in 2013 and 2014. Over the same period, Ullah took flights worth £349,000.




A huge game has been played out by the BOD of Afren, with the shareholders paying the ultimate price.

Someone should pay!

[ldlv] 19/6/2015 11:23

Share Holders will like an explanation about this, the new offices in Lagos? hxxp://www.ngrguardiannews.com/2015/05/eko-atlantic-city-ready-for-business-next-year/

[ldlv] 19/6/2015 11:22

I thought there was so much extraordinary good news in the annual report that has not being released in time manner. Why For example Buried in the operational updates it casually mentions that we successfully drilled 6 new wells since January 2015 including a Monster well producing 5600 BOPD of which 70% is attributable to Afren (56% on cost recovery). Several 2000 BOPD wells . All commercial . All with huge reserves and depth. Sadly hidden when they found them !!! Why? Any other form striking 5600 BOPD would issue an RNS . Afren was so successful in exploration in 2015 it became embarrassing to the BoD who were running around with a begging bowl?. Here's a crucial question or two to ask; what is our current cash position ? Or what is our current BOPD production ? What's our drilling programme for the next 3-6 months ? Where are we spending the $200m cash injection ? So so many questions. I am not happy at the way Simon Hawkins markets our business - to be fair he is an accountant - wrong position to play him in . But make no mistake Afren is pumping . It's also hiding its drilling successes from the market . all odd...

[themoocha] 19/6/2015 09:29

HT2 - I agree. I was merely highlighting the fact that the failure to promote the company by the directors by issuing an RNS is a breach of just one of the sections of the Companies Act. It is only one element on which they can be taken to task. I am sure there are numerous others which have been broken in order for the theft of the company from shareholders to bondholders to proceed.

I was merely highlighting Section 172 as a starting point and hoping that current shareholders are taking legal action.

TM

[htrocka2] 19/6/2015 09:17

themoocha... the legal definition of theft is.. 'taking without the owners consent and without the intention of returning'....

Isn't that a breach of S172 of the Companies Act 2006 ?

I think it's a bit more that just the Companies act . The whole operation has been engineered, utilising the law, to extract the company from its owners without the owners consent. This complies with the legal definition of theft, .... yet it's a legal paradox. However, if it can be proven that they violated the Companies 2006 Act, which is also law.. then there's a chance that justice will prevail.

[12bn] 19/6/2015 08:55

Down again I see,I am not surprised.Next month is July and the dreaded D4E/RI at well below 1p!!! Don't say that I didn't warn you all! I hope this post helps.

[themoocha] 19/6/2015 08:51

HT2 - Isn't that a breach of S172 of the Companies Act 2006 ?

I do hope you shareholders have sought legal advice. That is really the only way you are going to stand any hope of getting your company/losses back. The blue print used at Yell/Hibu is clearly operational here too.

Good luck.

TM

[htrocka2] 19/6/2015 08:22

Why have Afren not reported this good news?


They can't do that...it'll send the share price north and upset their take over strategy.


(only bad is allowed to be posted ...to promote the take over plan)

[harebridge] 19/6/2015 08:19

I see this corrupt lot are burying/ hiding good news yet again regarding their wells.It will all come out in court for this lotEgbert ImomohToby HaywardDarra ComynPeter BinghamJohn St JohnPatrick ObathSheree BryantIain McLaren

[midasx] 19/6/2015 08:10

Why have Afren not reported this good news?

[midasx] 19/6/2015 08:05

preliminary analysis indicates significant reserves addition is confirmed by this well

[midasx] 19/6/2015 08:00

Worth pasting in full. The good news will roll when shareholders have been wiped out, anyone gone to prison to pick up the soap yet? because that is what has happened to shareholders here.


19 Jun 2015
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Sunday Okobi

Oriental Energy Resources Limited (OERL) and its JV Partners, Afren Energy Resources and Addax Petroleum have announced the completion and flow testing of their first development well, Okwok 13 in the OkwokMarginal Field in OML 67.

The companies stated that the completion followed an extensive field appraisal programme, the acquisition and processing of a 4-component OBC seismic and the approval of the Field Development Plan (Okwok FDP) by the Department of Petroleum Resources (DPR) in early 2014.

It was learnt in a statement issued on Thursday, that the Okwok-13 development well was drilled in early 2015 to a total measured depth of 9,002 feet and was completed as a horizontal producer in the LD-1B Lower reservoir with over 1500ft pay section.

According to the statement, “Following the completion, the well was successfully tested to reconfirm commercial deliverability and reservoir connectivity.

“A facility-constrained rate of 5,400bopd, 24.5 deg API was tested on 36/64 choke with GOR of 355scf/bbl and wellhead pressure of 1,248psi. The test data showed no evidence of depletion and preliminary analysis indicates significant reserves addition is confirmed by this well.”

They noted that the well would be suspended in readiness for regular production when the planned Mobile Offshore Production Unit (MOPU) and the Okwok crude oil sales export pipeline are installed.

The Okwok wellhead jacket was installed in late 2014 and “this permitted the drilling of this first development well.” The pipeline to transport Okwok processed crude over the 15kilometre distance to Oriental’s Ebok Terminal has been procured and is currently awaiting installation.

The statement quoted the Oriental Chairman, Alhaji Muhammadu Indimi, as saying: “I am extremely pleased with the results of the testing of the Okwok-13 well at a rate over 5000 barrels per day of quality Nigerian crude oil, as it further confirms the commercial viability of the Okwok Field.

“The company looks forward to bringing Okwok production online within a short time. Produced Okwok crude will be stored for export in the Ebok Terminal Floating Storage and Offloading (FSO) Veer Prem operated by the Oriental JV.”

Okwok is the second asset that Oriental and its partners are developing under Farmout from ExxonMobil. The Oriental JV also operates the nearby EbokField development where a number of major technological innovations were deployed.

The Ebok field currently produces over 30,000 bopd and is believed to be the largest offshore ESP operation in Africa.

Founded in 1991, Oriental Energy Resources Limited appreciates the opportunity provided by the federal government with the support of the DPR to be an Indigenous Upstream Exploration and Production operator and the company disclosed that it is proud to be among the leaders in this laudable programme.

[htrocka2] 19/6/2015 07:42

A message from the AFR BOD... We're expanding at the expense of shareholders....thankyou for your support (and shares)






The Ebok field currently produces over 30,000 bopd and is believed to be the largest offshore ESP operation in Africa.

[underhill2] 18/6/2015 23:15

Harebridge - Why do you keep posting the same comments.We all know that Afren is run by dodgy management. You are telling us nothing new

[jayrh] 18/6/2015 17:56

Vote no no dilution