News & Information for followers of Afren
***15th April - RESULTS OF PLACING*** http://www.afren.com/uploads/MicrosoftWord090415PricingAnnouncementFINAL.pdf http://www.afren.com/uploads/MicrosoftWord090415PricingAnnouncementFINAL.pdf
***6th April - FINAL RESULTS*** http://www.afren.com/uploads/MicrosoftWord2008PrelimResults060409FINAL.pdf
***26th March - EBOK RESULTS*** http://uk.advfn.com/p.php?pid=nmona&cb=1238058544&article=37029195&symbol=L%5EAFR
26th March - Osman Shahenshah, Chief Executive of Afren, commented: "The exceptional results from the Ebok appraisal drilling, well ahead of pre-drill expectations, confirm a material 52 million barrels recoverable oil development with upside potential of up to 106 million barrels. The Field Development Plan which will be submitted shortly by the partners for approval, encompasses a fast track Early Production System that will deliver up to 25,000 bopd in early 2010, with a full field development achieving up to 50,000 bopd by end 2010. This represents an outstanding success for the Ebok field partners and a transformational outcome for Afren. With a visible exit production rate of circa 65,000 bopd by end 2010, this ranks Afren firmly towards the top end of the London quoted established independent producers."
(27th March)The announcement brings forward Afren's production profile and cashflow dramatically," said Merrill Lynch, as it increased its 2010 earnings-per-share forecast by 62 per cent.
(27th March) - Evolution Securities' target price is 130p.
26th March - UBS Investors Presentation Must Read - New Afren Presentation http://www.afren.com/uploads/UBSInvestorPresentationFinal260309(1).pdf
ROB's DRAFT FIGURES FOR 2009 REVENUE (This has been put together quickly based on the sale prices from 2008 against my view on expected production for 2009 - http://spreadsheets.google.com/ccc?key=p9lm8F4ZI_wDQuPMx_8O_ZQ - Any suggestions on calculations let me know robwoodt@gmail.com)
Results of Ebok field **just released** smash ecpectations - material 52 million barrels recoverable oil development with upside potential of up to 106 million barrels, fast track Early Production System that will deliver up to 25,000 bopd in early 2010, with a full field development achieving up to 50,000 bopd by end 2010, visible exit production rate of circa 65,000 bopd by end 2010
altough the company have circa $350 million of debt (to be confirmed in results) this is being paid off from 90% of revenue from Okoro (currently producing 22,000 bopd), so debt is ringfenced against reserves, prefect. To compliment this the producing fields have oil hedged at $55 & $83.
Afren have great management, an impressive track record and are aiming for a WI production rate of 65,000 bopd by the end of 2010. Long term when the economy turns a corner and the price of oil rise (and it will) this company will be printing money, a rare, confident hold for long term returns, DYOR!
Ebok results are double what where expected and as quoted we could have "visible exit production rate of circa 65,000 bopd by end 2010"!!!
IMPORTANT If you read nothing else on this blog look at the recent presentation at http://www.afren.com/uploads/UBSInvestorPresentationFinal260309(1).pdf and the recent Ebok Update http://uk.advfn.com/p.php?pid=nmona&cb=1238222104&article=37029195&symbol=L%5EAFR
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