Afren Share Discussion Threads

[ldlv] 05/12/2015 13:28

Hpcg we will go for the corrupt and their collaborators! #SaveAfren this is a life time project!

[hpcg] 05/12/2015 11:39

With POO heading lower anyone small and unhedged is screwed. Good judgement from the bondholders not to throw good money after bad here. With storage filling up it is not impossible Nigerian oil will have no customers.

[sleveen] 04/12/2015 16:44

Correct they're skint too.

[jimduggan] 04/12/2015 16:31

Sirius petroleum SRSP to be the next afren of Nigeria I reckon

[ny boy] 28/11/2015 23:04

Well we did tell you a long time ago these would be worthless, plenty of others to follow as the energy/commodity rout of all time.

[ldlv] 28/11/2015 11:02

Court grants firm's injunction over Afren Plc. Lagos High Court has granted an interlocutory injunction restraining the company's Administrators (Messrs Alix Partners) and the Blackstone Group from dealing with Afren assets. Now delayed until 11th Jan 2016!!! Lets hope they NEVER manage to sell the assets! SAVE AFREN!The trial judge, O.A. Adamson will take his time as he has a lot to review...!

[mrwhits1] 20/11/2015 14:52

delisted, but not cancelled in crest....yet....

[david brent] 20/11/2015 10:06

I don't see AFR on the stocklist?
Has it been delisted?

Crime of the century. ..

[ldlv] 13/11/2015 19:17

From Lekoil recently: "Corporate Update Update on OPL 310 discussions Lekoil continues to be in advanced discussions with the administrator of Afren regarding the potential acquisition of its subsidiary which holds a 22.86 per cent. participating interest and 40 per cent. economic interest in OPL 310 (the “Proposed Acquisition”). Should the Proposed Acquisition be successfully concluded, the Company intends to meet the considerations from its existing financial resources and from the proceeds of the Placing"

Senator and relationship Lekoil: hxxp://www.lekoil.com/index.php/significant-shareholders-table.html

Senator and Blackstone relationship , read the following link please, from 2014:


Are we having a potential conflict of interest again? Blackstone selling assets to Blackstone potentially?

[surfer2] 12/11/2015 06:59

Maersk spending hundreds of millions to buy into TLW license in Kenya. Afrens East Africa portfolio worthless apparently. Thanks a lot Afren BOD

[ldlv] 03/11/2015 23:30

A Lagos High Court sitting in Lagos has restrained an English public company operating in the Nigerian Oil and Gas sector, Afren Plc, from dealing with any of its assets in Nigeria or taking any further steps to register or seek the consent of any government authority in respect of any disposition, transfer or dissipation of the said assets pending the hearing and determination of the substantive suit filed by Earl-Act, a Nigerian investor.

Justice Obafemi Adamson in granting the interlocutory order of mareva injunction, also restrained the company’s administrators (Messrs Alix Partners) and the Blackstone Group from the same steps.

The court also ordered the claimant to file a written undertaking within seven days of granting the restraining order, to compensate the defendant in damages if it is found that the restraining order ought not to have been granted or that same was obtained by fraud or misrepresented.

Justice Adamson however adjourned the matter to November 26, 2015, for continuation of proceedings.

In July this year, Afren Plc had announced the suspension of its shares in the London Stock Exchange due to what its management described as “material uncertainty” over its financial position.

The London-based oil firm, with its entire production revenue emanating from Nigeria, further refused to disclose its financial information to the public, on grounds of “significant uncertainty.”

This culminated in, a period described by its board and management as torrid plagued by unauthorised payments by directors, the crude oil price crash and a lack of liquidity.

[ldlv] 03/11/2015 23:30

hxxp://www.thisdaylive.com/articles/financial-crisis-court-restrains-afren-from-dissipation-of-its-assets/224547/

hxxp://energymixreport.com/high-court-restrains-afren-from-dissipating-its-nigerian-assets/

hxxp://nationalmirroronline.net/new/court-reaffirms-orders-against-dissipation-of-afren-assets/

[ldlv] 02/11/2015 21:20

Octant Energy primed as it agrees pivotal acquisition in Kenya and Tanzania!!

The Octant team has already delivered success with these assets, which were sold as part of US$101mln deal with Afren five years ago

Toronto listed junior Octant Energy Corp (CVE:OEL) has revealed its done a deal with the administrators of Afren to buy oil and gas assets in Kenya and Tanzania.

It is acquiring two blocks in Kenya - L17/L18 and Block 1- and one asset, the Tanga Block, in Southern Tanzania.

The Canadian company says the acquisition is important for the development of the assets, as it sees them being taken on by a team with extensive regional knowledge

Octant is run by the former Black Marlin boss Richard Schmitt, who is already familiar with the assets as they were part of the business he sold to Afren back in 2010.

Afren paid US$101mln for Black Marlin in 2010.

Whilst the financial details of the proposed transaction have not been disclosed it is likely that the acquisition value will be see a significant discount, given that they’re being picked up in an administrator’s fire sale.

The assets have seen considerable investment since Afren acquired them in 2010, with 3D seismic shot across the acreage. Whilst some data interpretation may be required, to all intents and purposes the acreage is “drill ready”.

An injection will be required to take the assets forward - Octant’s most recent accounts show the company had just shy of US$1mln at the end of August – though given the team’s strong track record in East Africa the company is expected to find supportive backers.

As well as the Black Marlin success, Schmitt was formerly president of Africa Oil where he played a key role in building what has become a significant portfolio of assets in the region.

Schmitt, in a statement, said: “I am encouraged to be working with assets I know well from my past experiences.

“This portfolio that Octant has secured is pivotal in the future development of Kenya and Tanzania as they further movement towards energy security and domestic growth in the countries.

“For me, being a part of East African growth and development again is a great opportunity and privilege.”

Octant’s proposed transaction is conditional upon the securing of customary approvals, and once those approvals are in place it expects to complete the acquisition within 7 days.

The company added that it is currently evaluating its future capital requirements and it will provide an update in due course.

[royaloak] 27/10/2015 20:11

Looks like LEK quick off the mark to pick up some prime Afren assets!

[zengas] 27/10/2015 08:12

From subscription based Africa Intelligence 27/10/15

Local juniors first in line to pick up Afren's assets

Working quickly to liquidate its assets, Afren is already in advanced talks with several Nigerian companies.
To start mopping up its Afren’s debts, a firm specializing in restructuring companies, AlixPartners, retained Blackstone Group International Partners to sell off all of the assets of the bankrupt group.

Blacksone has contacted no less than 46 potential investors, including 20 in Nigeria, and given all potential buyers access to the data room. And it’s indeed in Nigeria, where Afren already produced a little over 30,000 bpd on Ebok and Okoro, where the process is most advanced. According a report written by AlixPartners that Africa Energy Intelligence was able to consult, three local partners of the junior appear closest to finalizing the acquisition of several blocks.

One junior in question is Oriental Energy, a firm headed by Mohamed Ndini, which has already approved a transition plan on Ebok in August that gave it full operational powers on the concession. Oriental Energy is also favoured to acquire Afren’s shares on the Okwok permit.
As for Okoro, Amni International headed by geologist Tunde Afolabi has refused to allow Afren - which owns half of the production on the field - to transfer the terms of the production sharing and technical services agreement to a third company.

Amni, which already put up $1.5 million recently to finance certain operational costs linked to the development of the field, wants to buy Afren’s interest itself.

On OML 113 (Aje), which is due to go into production next year, Yinka Folawiyo Petroleum offered a higher price than that of Panoro Energy, Afren’s third partner on the block.

[ldlv] 22/10/2015 20:08

no, we need legal action and we are moving.
[e-mail] if anybody wish to join us in a no win no fee basis...

[hpcg] 22/10/2015 17:48

Ldlv - Did you even notice the price of seaborne crude? Are you aware of the surplus in the Atlantic basin and the drop in Nigerian market share? The company told shareholders multiple times over a 7 month period that it was bankrupt but holders and buyers were either too stupid or too ignorant to come to accept those transparent statements. You were blinded by greed that some magic would take place and the share price would return to its all time highs for reasons which are unfathomable given the industry environment.

What you need is a period of introspection to analyse your mistakes.

[ldlv] 22/10/2015 15:49

comment from somebody on iii:
"At least a robber doesn't hide the fact that he is robbing you when he holds you up. All the plastic smiles and legal applications involved are enough to make your stomach churn.... and then these people go and sit down with their families at Christmas to share the spoils of their ill gotten gains."