Afren Share Discussion Threads

[jungmana] 01/8/2015 19:04

Joosepi - i agree that aim is corrupt and full of crook directors. And so is the entire market as AFREN was not on aim but main market ftse 250 :-(

[cephalosaurus] 01/8/2015 14:50

Yes, but most people will be very shocked and surprised if or when they see a downturn in property again. It was brutal in the late 80's. It could easily happen again if interest rates go up, and foreign money leaves London. Everyone is in a false sense of wealth and security at present. Over time, property is good, but don't assume it is a straight upward line of growth.

[jungmana] 01/8/2015 14:36

If you kept it you would be selling for at least 200% profit today. Thats how house price have jumped in london over last 20 years :-)

[harrison ford] 01/8/2015 10:57

I bought a flat in London in 1987. Sold it in 1992 - for a LOSS.

Be careful out there..

No Guarantees.

[molatovkid] 01/8/2015 10:18

My advice is think of your wealth as a pyramid. The base needs to be strong and property is as good as anything (though obviously this is not foolproof either - buy carefully).

Do not put 100% of your wealth in shares...too volatile

[hpcg] 01/8/2015 09:54

I almost added Seplat to the list of likely to fail. The chart is terrible, their assets are no good, but I think their cash position is OK. It needs some study to work out as they have cash and debt. If they waste the cash in bad assets then they are a short to zero too.

I would count any marginal field in Nigeria as a bad asset, and if Ebok does have a water break through then it is ruined. Oil is less dense than water so it floats up. The idea of water flood is to keep the pressure up but the oil-water contact horizontal. If a column of water breaks through the oil reservoir then the water pressure will preferentially transit through there and not support the oil. This is because water is a much smaller molecule than long chain hydrocarbons so it is more mobile.

[htrocka2] 01/8/2015 09:41

I'll be curious to see who picks up these assets...my bet is Seplat will now 'cherry pick' without having to carry any debt.

[pyemckay] 01/8/2015 09:36

I too feel sad for the investors who lost it all here. Some posters have mentioned previously some sort of diversification is the key to investing. Over or underdiversification is another story, but even if you only had 4 equal wieghted shares in your porty you would recover sooner than a total wipeout.

I am personally short of afren but that is due to 20 years of experience investing. I'm a better investor now than i was and these experiences and mistakes make you a better investor over time. We all still make mistakes and I got drawn into silverdell 2 years ago. cashflow was tight and the company folded. It was 2% of my portfolio so still hard to take but part of the investment process. I tightened my parameters of investments and moved on.

[hpcg] 01/8/2015 09:17

htroka2 - it won't be the last either. GKP, IAE, ENQ, PMO are all at risk to one degree or another. Debt and a narrow asset base are company killers. The even smaller ones have no hope of making money but can survive on hope and placings. That is death by a thousand cuts rather than a headlong fall, but the result is the same.

[stephen1946] 01/8/2015 07:24

bigger thus, litigation will bring you into the arms of even bigger frauds, charlatans and robbers, than ever existed at Afren (lawyers). Of course you will be told you may have a case, then 2-3 years down the line you will be told it`s pointless.

Take it from one who knows from bitter experience. Wipe your mouth and look elsewhere for recompense, lots of good opportunities but always keep a look out for them killers like, Afren.

Biggerthus, all meant in good faith, the hurt will stop, don't waste your life on Afren.

[biggerthus] 01/8/2015 00:52

bigboots,

There are a lot of us in the same boat.

However, why waste your money on Shahenshah & Ullah? They built the company, then maybe felt somewhat underpaid for that, so organised tips from Oriental. They have since paid it back, & the independent enquiry that uncovered the issue confirmed that AFR was not impacted either financially or operationally by that.

The real culprits -whether through design or gross incompetence- are Omomoh, Comyn, and Hayward in my opinion. They together have trashed the company starting as soon as they managed to gain control ... just look at the timeline. Oh, and they all resigned before being called to account.

-----
Furthermore I will be investigating with my solicitors on Monday whether I have grounds to take a private action against CEO Osman Shahenshah, and former COO Shahid Ullah to the misuse of companies monies and for the collapse in of Afren, thus causing my investment to worthless which inturn they have caused partly or fully.

I have enough money to throw at this if there is an action to be had

[paulypilot] 31/7/2015 22:17

Hi,

I'm really sorry to read some of the awful personal stories here of heavy losses on Afren shares.

If it's any consolation, I lost pretty much everything in the 2008 financial crisis (due to being highly geared in illiquid small caps, and being unable to exit from positions as market liquidity dried up).

It took several years to emotionally recover from the impact of losing my house, savings, and social standing. However, I learned the lessons from it, after a long period of analysing in depth what I did wrong, and created a set of rules which I now follow, to ensure that such a disaster can never happen again (e.g. diversify - with no more than 20% in one stock, not using gearing on speculative shares, not taking position sizes which are too big to exit, and above all - only investing in companies with strong balance sheets & little to no debt).

The worst thing to do after a heavy loss is to chase the losses by gambling on another highly speculative stock - as decisions made after a big loss are usually bad decisions. Better to take some time out, maybe even withdraw from the market, and think things through properly.

Above all - it's only money. As others have said, health, happiness, family & friends are more important.

Paul.

[temmujin] 31/7/2015 21:40

i did..i sold out with a profit but didnt think it would actually fold

[bustedflush2] 31/7/2015 21:26

well I told everyone months ago that this would go bust.

If only you had listened.

[temmujin] 31/7/2015 21:19

hmm..didnt expect this

[irnbru2] 31/7/2015 20:40

Was in AFR many moons ago.

Sold because it controlled from Nigeria.

Total corruption.

It was never going to work.
-----
As I understand it, production from the Ebok field has "suddenly" declined.

This is just another part of the scamm,so the guys that buy it, get a low price.

Stay away.

[snoopy12] 31/7/2015 20:17

Sorry folks the best tip moving forward is invest in your family and friends.

[still waiting] 31/7/2015 20:01

Bob, not good.

Never tip shares to friends and family, been there done that.

[mallorca 9] 31/7/2015 19:48

Well done to all those who pushed for a no vote.