Afren Share Discussion Threads

[ldlv] 20/10/2015 09:57

Production at the Okoro-Setu field ran smoothly during 2014, however, planned re-engineering works resulted in downtime at the site early in that year. Overall, the production from the field declined by 9% year-on-year.

did we see a 616% hit in the okoro production assets? $31m vs $191m!!! field declined by 9% year-on-year no 616%

[mrwhits1] 19/10/2015 11:50

@danger,

when I spoke to them about paying the profits out they said they would no pay out until the shares were cancelled in CREST.

As regards them pro-actively doing something after the creditors meeting, they only made the change when I emailed them the document, within an hour, even though the creditors meeting was a few days before, and I'm quite sure they wouldn't have done anything had I not actively asked the question backed up with documented evidence etc.

Can anyone find out how to tell when the shares are cancelled on CREST, as I thought it was done when they delisted the shares , or as they put it, taken of the lSE "list"?

Regards

mrwhits.

[mrwhits1] 19/10/2015 11:50

@danger,

when I spoke to them about paying the profits out they said they would no pay out until the shares were cancelled in CREST.

As regards them pro-actively doing something after the creditors meeting, they only made the change when I emailed them the document, within an hour, even though the creditors meeting was a few days before, and I'm quite sure they wouldn't have done anything had I not actively asked the question backed up with documented evidence etc.

Can anyone find out how to tell when the shares are cancelled on CREST, as I thought it was done when they delisted the shares , or as they put it, taken of the lSE "list"?

Regards

mrwhits.

[hvs] 19/10/2015 08:39

U was warned.

Bring in the Nigerian General.

[dangersimpson2] 19/10/2015 08:35

@Robin, glad they saw sense. Did they give any indication exactly what they were waiting for to release the funds? The result of the creditors' meeting obviously led them to close the positions and move profits into a 'Ledger' account - did they say what would cause them to release them? Official delisting?

[robindroppings] 17/10/2015 16:06

@Danger - I had a chat with IG and they were very reasonable - they agreed straight away that it was a bit unfortunate how their action had caused the Genel position to be closed, so they've re-opened it, putting me back in the position I was in previously (several hundred quid underwater but that's not their fault!). Thanks for your comments though, which helped me to get my head around what had happened.

[ldlv] 17/10/2015 10:52

The main aim of administration is to rescue the company as a going concern, The administration procedure is a way of facilitating a rescue of a company

[ldlv] 17/10/2015 10:41

"near-term oil production is likely to be materially lower" can anybody explain that? We still don't know."The board believes that all the possible routes have now been explored during the course of this process"Are you sure? Did you even try the Shareholders despite the fact that some like SRM requested to do a RI several times.

[ldlv] 16/10/2015 23:21

Okoro using Barclay's valuations from January 2015 & 15% discount should be worth $191m. Did Alixp sell it for $31m!??? A lot to explain if so.

[dangersimpson2] 16/10/2015 08:01

I think the bond holders would love those sort of figures since they would actually get something back. Seems unrealistic to expect them in a firesale in a low oil-price environment though - a lot has happened since January. Obviously even if those figures turn out to be spot on shareholders will still get nothing since it won't cover the debt. Since it is in admininstration then the administrators have a duty to pay out in accordance with debt security covenants and capital hierarchy.

[ldlv] 15/10/2015 19:27

Ebok and Okoro fields are clearly the company's most valuable assets. According to Barclays, using valuations discounted from 1 January 2015 and 15% discount rate, Ebok could be worth about $420 million, or risked net asset value per share of 2p, Okoro $191 million/0.9p and Okwok $370 million/1.8p, out of $1.1 billion, or 5.3p a share.

[...]

[ldlv] 14/10/2015 19:40

Afren-There are more questions than answers... The situation at Afren appears to get worse and I cant help but feel that there is something very suspicious going on here. I read with interest that leading oil trader Gunvor has expressed an interest in some of Afren's African assets which must be good news for the investors who may lose everything. However I also note that they have been given only until August 17th to come up with a bid on the assets they are interested in. How can it be possible to value and do even the vaguest of due diligence in a week, and also if the administrators are doing their job, surely any possible interest must be explored to the maximum benefit of all who have lost money? And they are saying its not a fire sale which doesnt rub with the above, unless they have other buyers in the wings... The administrators appointed by the company are Alix Partners but maybe questions should be asked of the Ad Hoc Bondholders Committee and also why Blackstone are involved, who they report to and why? Oh well, i'm sure there is a totally innocent explanation... - See more at:

[pyemckay] 14/10/2015 10:17

im on holiday and havent contacted IG myself yet but my short position is now saying 0 with 0 profit. It also has the entry price as 0. Seems bizarre.

[dangersimpson2] 13/10/2015 21:54

That is seriously bad form imo. I would be threatening to take my business elsewhere if I were you. For them to make an internal decision to take money from your account that was more than the agreed margin, without even informing you and for that to cause them to close your other positions is what I would expect from the cowboy end of the market not IG. If this is indicative of a more general policy change in IG they are likely to lose a lot of customers over time and could be a good short themselves in time.

[robindroppings] 13/10/2015 18:39

Humph - I didn't even get a margin call. IG simply closed my only other open position in Genel without any reference to me. Not impressed at all.

[dangersimpson2] 13/10/2015 16:16

Yeah I don't know what they are playing at really becasue they have effectively removed the profit from the suspension price from people's accounts as well the future profit that people were required to margin for from the suspension price.

Not helped by the fact that they closed the positions at zero and credited the profits to the accounts before deciding to take the whole lot away an hour or so later without warning.

Margin not an issue for me but if I was getting margin calls based on this I would be having firm words with them.

[hpcg] 13/10/2015 15:49

Ouch for you Jak. That didn't happen to me as my profit in waiting compared to in-profit was 2:1, so I saw a huge drop in margin and a lesser drop in equity. It is a complete nonsense really. If they are not going to release the funds they should just leave it alone. Or release the in-profit and carry the residual as if the trades had been opened at the final price.

[holts] 13/10/2015 15:11

RED letter day for LEESON31 , IG index paying out all shorts at 0.00p , well ramped LEESON31 , pity the poor sods who listened to you .

[mrwhits1] 13/10/2015 14:37

IG confirmed they have removed margin requirements but not releasing profits/loss at this time until it is definite, even though the administrators have said there will be nothing for shareholders, as follows,

"Please be advised that, based on current information, the Administrators do not anticipate that there will be any funds available for distribution to the shareholders in this case."

the wait goes on...

[mrwhits1] 13/10/2015 14:11

any idea why they might be doing this?