Long term this share surely will do well, production and profits are increasing all the time and once kurdistan is all sorted out with its ongoing disputes with the Iraqi central government then Afren will have a world class asset which as they say is transformational to Afren. But short term and medium term this will do nothing unless a takeover materialises but I don't believe it will. I still find it so hard to believe the SP is only 5p higher now than 10 months ago. It has been a brilliant year for Afren and all we have to show for it is 136p? This SP is being held back by the mm's. So many brokers and investors have speculated that this SP would reach anything from 170p to 250p but it's impossible because of how this SP is purposely being held. The only way to invest in Afren is buy everytime the sp drops to 130p and sell out at 145p, look to make a quick 10% repeatedly.
If only you stuck by some of your previous statements.....like selling half when it nexts hit 145p (the Sp did but you didn't) Of course investing/trading is not a Science and like most folk (when their expectations are not met) they FOLD. Time will tell whether your right or wrong but at least you have made a decision. ATB For what its worth I have been out on the sidelines for quite some time but one day......................
Have you sold out completely? I agree with you that there appears no point to keeping money here for now as the share price will not rise past about 140-145p. I do feel that the mm's controlling Afren's share price has made this share a dud. Seriously who is going to buy at these prices if they have followed the share these last ten months and seen that it cannot rise despite so much positive updates and performance? This is a share price that goes down to 130p for no reason, picks back up to 140-145p everytime there is good news and then drops back to 130p for no reason. Afren is a great company clearly going places but the share price never reflects the rapid growth of the company. The share price is clearly being held back. The mm's are making this exciting company a complete waste of time and for that reason I am out!
I think a lot of us have lost patience with AFR. I for one certainly have.... Sold out in the mid-130's and I purely check back from time to time for an update. I just had too much dead money invested here.
There are many moving shares out there. For example, I made 15% on my AFR investment elsewhere in just over a week.
AFR will come good (eventually.... some day .... maybe ) so good luck to you all.
Thanks for the reply. I too have read those reports and as far as I can see most of it is cut and paste from company reports or other sources. I'm not disagreeing with you at all. The issue that I'm throwing into the arena is that maybe the actual production is not matching the reported production. I have no doubt that the Bardarash concession will be an excellent asset but perhaps it is not running to schedule. Just a thought and all imho.
There is significant information on various websites ...
An independent website indictated they have 'commenced an extensive testing programme at the BR-1 well in July 2012 and establishing oil rates in excess of 6,000 bopd of 28° to 32° API oil, as well as obtaining valuable information on the production characteristics of the Mus/Adiayah reservoir, the Company commenced production operations in August 2012 and has produced its first cargo of sales specification oil to tank.
Initial storage capacity limits during the early phases of start-up at the field led the Company to restrict flow-to-tank from the well to 2,472 barrels as at 11 November. Workover operations continue on the BR-3 well and a second rig is being contracted in order to commence the Phase 2 drilling campaign. Drilling pads for the first 2 wells are nearing completion and locations are being finalised for the remaining Phase 2 wells.'
The Group will commence drilling and completion of multiple new development wells with the intention of increasing production to a planned trucking capacity of 35,000 bopd and ultimately to a targeted 125,000 bopd by 2017.
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