I'm not a fan of Share Prophets but ihat article seems right on the button. I bought at a much higher price and I'm still satisfied that I will be looking at a profit early next year. The oil price already looks to be crawling back from its extreme low as could have been expected given that at the current price it must be costing the frackers money. The intransigence of the Iraq government may make the Kurdish fields less profitable than they should be but with the new pipeline into Turkey there should be no problem selling the oil, The US are unlikely to try to stop the sale of Kurdish oil given they rely on the Kurds to continue to fight ISIL.
LONDON (ShareCast) - Oil and gas exploration and production company, Afren (LSE: AFR.L - news) , updated investors on Tuesday on its numerous operations located offshore Nigeria. Both Afren and the company's operating partner, Oriental Energy Resources, announced the installation of a jacket for the Ebok Central Fault Block Extension (CFBx) platform for the firm's offshore operations in Ebok, south eastern Nigeria. The installation of the decks and bridge will complete in early January 2015 once the well-head jacket at Okwok has been installed; following which the Partners (Other OTC: PGPHF - news) will commence the hook up and commissioning of the CFBx platform. The CFBx work programme includes up to 9 new wells to be drilled and brought on-stream by the end of 2015, targeting both producing and undeveloped reservoirs. The company also announced the expected completion of the third new producer at its North Fault Block (NFB) in mid-December 2014. Onve that is copmpleted drilling at the Ebok Deep exploration tail is expected to commence in the final quarter of 2014. The programme at the NFB will incorporate up to an additional 5 wells by year-end 2015. Elsewhere, the partners have spudded the Ameena East well located on OML 115, offshore Nigeria. The drilling campaign at Ameena East is expected to be completed in December, 2014. Analysts at Westhouse Securities said the update was a slight positive for investors. They value the 65mmb of gross unrisked resources being targeted at Ameena East at 1.6p/share risked and the 50mmb of gross unrisked resources at Ebok Deep at 5.1p/share. Toby Hayward, interim chief executive of Afren, said: "Afren is expecting to deliver strong production and cash flow growth in 2015 and beyond. We are pleased to have commenced our drilling campaign at the Ameena East prospect and are excited about the potential there and at Ebok Deep." As of 8:28am, Afren's share price dropped 3.46% to 79.60p per share.
** 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.
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