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If any shareholder, company official or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly to afrenlegalaction at yahoo com asap Thanks
If any shareholder, company official or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly to afrenlegalaction at yahoo com asap Thanks
Thanks Peter, presumably TNV checks their sources and doesn't just publish any rubbish? Here is some information about TNV: http://m.thenigerianvoice.com/aboutus.asp I look forward to the next RNS specially any related information about "well be temporarily suspended until a new rig could be sourced for a sidetrack in future" And next time don't shoot the messenger!
Maybe time for you to apologise as the article is published: http://m.thenigerianvoice.com/news/207013/oil-rig-quagmire-puts-50-million-investors-fund-at-riskn.html Now, I think Lekoil should respond to this publication and Shareholders worries
Only an insider could say who is in the dataroom as that is all confidential, anyway who do you mean by majors?.
Morning to you. The RNS states "Lekoil will hold a consolidated participating interest of 40% (pending Nigerian Ministerial Consent ("Ministerial Consent")) and an economic interest of 70% in OPL 310 and will become the technical and financial partner." The Pending Ministerial consent of course is part of tbe RNS, clearly. Afleac, our legal team will look at any possible irregularities starting on 2014
Don't take me wrong Texas, but average PI aren't going to be able to make close contacts in the NG regulatory bodies. Are they? If you can probe it, great!. By the way, did you join the ALAG team? I read that you lost money at Afren too, so you should join us at afrenlegalaction yahoo com please. Please let us know if you can get information from Green Energy, I agree it could be a good idea but I don't know how much would they share with you. Thanks for you efforts.. This is for Peter and Lekoil: Guys, we don't know the Texas guy as far as I know and he is not in our team as far as I know, don't easily take conclusions please. Texas, if you are right great, as Afren Shareholders are not happy with the OPL 310 acquisition and people should easily understand it. If there is a minimal chance for Afren to be rescue, we will like to explore the option to recover assets where Ministerial consent has not been granted yet, and I believe people would find easy to understand it. Lekoil RNS was clearly mentioning the Ministerial consent as a condition for the acquisition to be completed. Did I read the RNS badly? We are on the Lekoil discussion board as OPL 310 is a common Subject!
This is an official announcement from Lekoil http://www.lse.co.uk/share-regulatory-news.asp?shareprice=LEK&ArticleCode=8hc96dcl&ArticleHeadline=Acquisition_of_Afrens_Interest_in_OPL_310 Lekoil will hold a consolidated participating interest of 40% (pending Nigerian Ministerial Consent ("Ministerial Consent")) and an economic interest of 70% in OPL 310 and will become the technical and financial partner. Clearly they indicated that it is pending Nigerian Ministerial Consent!!!
Could you point to the source of your information please?
Hi Peter, try to contact Joseph Onyekwere for more information
Hi Peter, I though you were aware of this: http://www.ngrguardiannews.com/2015/11/court-grants-firms-injunction-over-afren-plc/ Apparently still on going? Please let me know if you have any other information about that.
First the high court injunction in Lagos...this could take for ever! Hopefully Afren can be rescue before that. #SaveAfren
Let's see if they achive the Ministerial approval... #SaveAfren
http://www.ngrguardiannews.com/2015/11/court-grants-firms-injunction-over-afren-plc/ Any comments in regards that injunction?? How will that affect OGO.
http://www.ngrguardiannews.com/2015/11/court-grants-firms-injunction-over-afren-plc/
From ALAG to Alixp, will they respond? Alixp, In regards Lekoil announcement, obviously all assets come with obligations, and presumably the liabilities only relate partially to 2015 so can't be that huge. How much is exactly? It would be good to see these quantified as this is a huge amount of oil as assessed, and it's appraisal, not exploration. Can we see all this detail to understand the real value of the deal? Furthermore, a bid would normally also reflect the amount spent by the seller on drilling/appraisal/seismic etc to date. Surely that would offset -and more- any recent unsatisfied liabilities? Also, we are confused as to how this fits with the Administration. As these are Afren liabilities, shouldn't they be put in the pot with all of the other debts due to creditors, and settled proportionately according to the official hierarchy? Or do JV partners somehow jump to the front of the queue ahead of the banks etc ? It would be good to get an explanation from Alix. This is from today, that asset is just huge!! http://www.lse.co.uk/share-regulatory-news.asp?shareprice=LEK&ArticleCode=d56vehrr&ArticleHeadline=Operations_Update_and_Analyst__Investor_Day OPL 310 The Company announced on 1 December 2015 the acquisition of Afren's participating interest in OPL 310, taking Lekoil's economic interest to 70 per cent. and its participating interest to 40 per cent. With the removal of Afren from the partner group, Lekoil and Optimum can now accelerate appraisal work on the licence. Early analysis of the new 3D seismic data acquired in 2014 has identified other prospects and leads similar to Ogo in size. The Company expects to complete interpretation in the first half of 2016. Following this the partners plan to spud an appraisal well before the end of 2016. As a result of Lekoil's increased economic interest in OPL 310, the Ogo risked prospective resources net to Lekoil is estimated at 541.8 mmboe. This is from yesterday: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=LEK&ArticleCode=8hc96dcl&ArticleHeadline=Acquisition_of_Afrens_Interest_in_OPL_310 Acquisition of Afren's Participating Interest in OPL 310 Lekoil (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, has agreed to acquire Afren plc's ("Afren") entire 22.86% participating interest in OPL 310, which contains the Ogo discovery, for a total cash consideration of US$13 million (the "Consideration") (the "OPL 310 Acquisition") ALAG
Afrenlegalaction@yahoo.com we will never give up! #SaveAfren
Keep watching for Lagos Court decision... http://lensng.com/court-grants-firms-injunction-over-afren-plc/?utm_source=dlvr.it&utm_medium=facebook
Many of the Afren PLC investors who have lost countless sums during the scandals of the past years are seeking legal advice to seek redress and to gain recourse over the significant amount of irregularities that have occurred within and by those associated with this company. We are not convinced of the impartiality of many of the key players involved in this company over the period and the motive or the methods of those who are either involved in irregular behavior or who have assisted this malicious destruction of a multi billion pound company into its current condition. Some parties seem to be trying to rush through even further unacceptable outcomes to add insult to injury and the only way for us to counter this is to work methodically with the appropriate regulatory authorities and professionals in order to carefully and clinically reverse the damage inflicted upon many investors through what is alleged illegal and unethical actions. This is a marathon not a sprint. Ultimately, this will be resolved by a judge and jury and will probably require multiple litigations in more than one jurisdictions to seek the best outcome for all those who have been dispossessed. If a straight forward solution is not found it may take a long time to resolve fully but we feel that a positive resolution is likely regardless of any counter narrative that is deployed to deter us. In the interim, we request that no genuine supporter publically reports on any key historic events, allegations or developments on any bulletin board. Justice is slow but pure and we request and suggest that any posters do not waste their time in engaging with the deliberately provocative posters who are being paid to undermine our efforts or who seek to benefit from the dubious transfer of Afren PLC assets to key third parties. These malevolent parties have caused enough damage already and Pied Pipers have misled enough innocent investors to date that we do not want to encourage them further. If needed a legal class action point of contact will be advertised, published and distributed to all qualifying claimants by our lawyers in due course and they will become the key future unifying voice for the escalation of this pursuit for justice. Be assured, we will continue regardless until this injustice has been rectified.
Afren drama holds five sharp points for investors There aren’t many corporate insolvencies that would make a good movie. But any scriptwriters out there wanting to emulate the success of the Enron film should read our coverage of Afren this week. The story’s got it all: the CEO, COO and other executives sacked for taking back-handers from joint venture partners; a shadowy, super-aggressive hedge fund boss nicknamed Keyser Söze; even a Nigerian ex-general called Theophilus Danjuma. All that is froth, however. The real drama for financial market participants would play less well on the big screen. What destroyed a company that once symbolised a new, exciting nexus between London’s capital market and Africa’s burgeoning oil fields? That will take time to emerge, but we could start by looking at five things: not colourful, but gravely important. One. Afren was listed on the London Stock Exchange. Yet a supposedly high standard of corporate governance did not prevent a corruption scandal claiming its top bosses. Two. How much should oil companies hedge the oil price — and how soon should they have to tell investors if they change their policy? Afren was underhedged, in one shareholder’s view; then the oil price halved; and then it sold its hedges. Three. If a company is struggling to pay its debt, should it have to give shareholders a chance to inject fresh money, before yielding the whip hand to lenders? Four. Resources companies depend above all on technical estimates of reserves in the ground, and on how much of the commodity can actually be extracted. Some of the world’s smartest financial players, and Afren’s management, failed to spot that these were going badly awry. Five. When Afren failed, investors said even its claims on its assets were shaky: the licences were only safe if Afren was still pumping oil. When that is the case, an oil company is a much flimsier thing than investors may imagine.