Afren Share Discussion Threads

[dangersimpson2] 29/7/2015 14:26

I don't think they know anything, I just think they are reacting to the ongoing suspension and trying to cover some of their risk.

Although it's annoying to lock up more margin given the events that led to suspension the outcome is liklely to be admin or even more dilution at sub 1p so happy to wait for the payout.

IG says 84% long and clients with AFR positions also holding GKP 89% long, QPP 97% long & BLVN 100% long. QPP is suspended itself so won't be affected but it's worth watching for any weakness in the other two on friday afternoon if people are overleveraged and have to find margin by selling down other positions. GKP not really my thing but BLVN have big cash backing so could be a bargain on any significant weakness.

[mrwhits1] 29/7/2015 14:11

just had an email from IG, wanting to up the margin requirement to 50%(from 15%) from Friday evening, even though I'm short.

same for the longs on margin.

they either know something, or are making a good second guess at what is about to happen this weekend.

Regards

[htrocka2] 28/7/2015 11:07

seplat results out today... about £85m in the bank....$850m of debt....and they paid a dividend.

Best suggestion that comes to mind is for AFR to get Seplats Auditors to take a look at AFREN's books. (independent of bondholder influence)

[bigsi2] 27/7/2015 15:38

Dead DuckWell done to anyone that had the common sense to bail out of this obviously pathetic bankrupt company

[hpcg] 27/7/2015 09:44

Ockham must be turning in his grave. How difficult is this? The company has put our RNS after RNS saying it needs a cash injection to keep going. It gets a bridge loan, after which the oil price turns south again, and then announces that production is worse than anticipated. It now needs more cash. So the company has just demonstrated it is currently loss making on a cash basis. Anyone lending money, or putting money in through equity no matter what the dilution, will simply lose it. We are now just counting down the days to the RNS which says:

"As per the announcement of 15 July 2015 Afren has been seeking additional funds to secure its near term cash requirements. In the time since your board has been unable to obtain the required cash injection and thus the company has been placed into administration. Given the large debt and the current state of the oil industry it is highly unlikely that shareholders will receive any return from the bankruptcy process."

[whiskeyinthejar] 27/7/2015 09:43

PAUL CURTIS (@paulcurtis123) tweeted at 2:07 pm on Sun, Jul 26, 2015:
Sun Times on Afren. Problem is further delays re connecting Ebok CFB to production wells reducing 2015 cashflow. Plus higher % water content
(

[debbiegee] 27/7/2015 09:12

The night before afren was suspended this board was quiete excited to read that Seplat may still be interested.
I always thought there could be a connection between the delays of the deal and Seplt bid interest.

[hpcg] 27/7/2015 08:29

I can't imagine anyone wanting to put more cash into this endless money pit, especially if the reservoir at Ebok is now screwed. As the days pass administration is a foregone conclusion. Irrespective of bondholders calling in the default it is simply going to be trading insolvent at a cash level.

[lobo] 27/7/2015 07:59

My read on this mornings RNS is that the BoD are packing their bags and everything they can find in the stationery cupboard then running for the exit.

[carla1] 27/7/2015 07:36

Mallorca.... i recall you were not having much luck on the stock market...

You also went in big here... is this you finished if no successful conclusion..??

I recall after XEL you went into another share that Tanked which was supposed to pull you right ??

[desertding] 27/7/2015 07:12

Where's Ben?

[mallorca 9] 27/7/2015 07:06

My read on this mornings RNS is that a better offer may be made to shareholders.

[jarrow3] 26/7/2015 21:53

For those interested in oil companies check this Interview with Gaurav Sharma - an Independent Energy Analyst:

[nash81] 26/7/2015 15:09

better make up your lossess either in JLP or RMP, both are about to rerate big time in the next couple of weeks. DYOR of course

-------------

RMP RNS just out

farm in confirmed. spudding in 2 weeks time for huge gas field off philipines

SHELL is watching like hawk

worth 50p to RMP

hxxp://www.energynewspremium.net/StoryView.asp?storyID=826951023§ion=Asia+Watch§ionsource=s1384047&aspdsc=yes

hxxp://catalysthunter.com/oil-gas/rmp/1-in-3-chance-of-a-20-bagger-offshore-drilling-weeks-away/20150505/

[nash81] 26/7/2015 15:09

better make up your lossess either in JLP or RMP, both are about to rerate big time in the next couple of weeks. DYOR of course

-------------

RMP RNS just out

farm in confirmed. spudding in 2 weeks time for huge gas field off philipines

SHELL is watching like hawk

worth 50p to RMP

hxxp://www.energynewspremium.net/StoryView.asp?storyID=826951023§ion=Asia+Watch§ionsource=s1384047&aspdsc=yes

hxxp://catalysthunter.com/oil-gas/rmp/1-in-3-chance-of-a-20-bagger-offshore-drilling-weeks-away/20150505/

[htrocka2] 24/7/2015 08:49

If some one is prepared to loan them $30m....then there's a bit more to this that they're not telling us.

[julcester] 24/7/2015 08:42

Afren are in no position to negotiate anything.

[htrocka2] 23/7/2015 07:54

The subsidiary is doing well.

[dangersimpson2] 22/7/2015 23:34

what made AFR a good short even late on was that IG were happy to take positions even after the shares had dropped so far. Usually liquidity dries up and they won't accept new positions. It was of course helped by the share price spiking up even after the bond holders and board of directors had publically declared that they believed the equity value to be less than 1p if the recapitilisation went ahead and zero if it didn't. It is rare to get a risk free trade but it just goes to show there are occasionally some about.

[pinemartin9] 22/7/2015 23:17

Shocking isn't it! I'm over it now but will always look back at this period in my life and think what could've been. When the grim reaper comes it'll be peanuts but for now it hurts! Hunker down save the pennies learn the lesson

[hpcg] 22/7/2015 15:09

Jibba - I have some short positions from as low as 1.79p and from as late as the day before the suspension. It is a function of shorting that whilst the maximum gain is 100%, that is the maximum from any and every price. Selling 1000 pounds worth short is the same result from 100p as from 1p if the exit point in 0p. Or to illustrate the maths with another example when selling short an entry at 1p and an exit at 0.5p is the same result as an entry at 100p and an exit at 50p, just as it would be for the other way around and a long position. The only trouble with being late is there tends to be impossible to put on a short position.