Don't really understand the bonds, stupid me, just believe that one day this share will be worth a fair bit, great hit rate and when their production gets more, next year I think, then Kurdistan is sorted, up to who knows.
In euroweek that afren looking to issue 7 yr paper next week to refi the bond buy-back, talking about $360m with a coupon c.6.75%. Looks like uptake so far has been around this level, out of $800m combined outstanding bonds, but still almost 2 weeks to for acceptances of the tender price so perhaps a further bond or a larger issue above. Looks like average saving of about 450bp on the cost of finance, so about $16m savings per annum based on the euroweek estimate. Would be great to see full take up on the tender.
Afren jumps 8.6%. Afren and its AIM-listed partner Lekoil reported that drilling results at the OPL310 site offshore Nigeria are nearly four times higher than previous expectations. The two companies said that the OPL310 site showed a gross recoverable P50 resource estimated at 774 million barrels of oil equivalent, almost four times more than their originally targeted 202 million barrels. Afren holds a 22.86% participating interest and 40% economic interest at the site. Both companies said they intend to drill the OPL310 appraisal well in the second half of 2014, ahead of their original development plan, on the positive results.
Great RNS, this share can surely only go one way, and that's hopefully to £2+, there's still more drilling to come and with 100% success rate this now looks a superb investment, good look to all who hold this share
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