** The oil producer's shares down 5.5 pct after it said the commissioning of a new platform extension at its Ebok oilfield in Nigeria was delayed until January. ** The shares were among the top losers on the FTSE-250 midcap index. ** The company, which has assets in Nigeria and Iraqi Kurdistan, said it remains on track to meet the lower end of its production guidance for the year. ** Analysts said the slight delay in commissioning of the extended platform was a slight negative, but a new well coming online at the field will enable Afren (LSE: AFR.L - news) to maintain gross production at Ebok over 30,000 barrels per day.
I bought in at 69p which was my target price and thought I did well when the SP started to move up but its dripping back down again now so only wished that I had sold the other day as I would have made a few quid :o( Anyway can only see this dripping back down to 69p again so looks like I will have to sit and wait this one out just like GKP
Buying at this level. Always a chance of seeing the 60s again but happy enough at sub-77p and sure it will come good. A lot of the damage was done by the 'problems' with the directors and exacerbated by oil price drop. Looks overdone to me and I also think we've seen the bottom for oil prices or close to it.
the market place for this share, in MHO is down to governance of the co. The recent departure of another NED, and with a full drilling programme under way, the board may be stretched to the limit. The rns of today was very positive, and if all goes to plan, 2015 will see significant rises in output and profit. If the price of oil doesn't 'crash' again, the share could easily be £1.20-1.30 mid 2015, then climbing to £1,70 by year end. Of course, a T/O is always a play with AFR, but prospective buyers know it will not be a 'steal. I had to buy a few more at this price today. All in MHO of course.
Just had a geologist friend come back from the African oil conference and this is what he emailed me,
"Am back now. Capetown trip was worthwhile. Saw quite a few people. Spent time with quite a few bankers. Its pretty ugly out there. Nobody writing checks these days. Although most money raised has been for Nigeria projects"
Looks like Nigeria is the place to be. No wonder there is so much speculation about Afren being taken over.
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