ldlv
20 Oct 2015
Alixp OML 113????? Are Alixp selling OML 113 for $35m!? Great timing again if you take in account the news released this week!These two wells represent the first of a three phase development programme of Aje. Phase 1 is targeting first oil in December 2015 and peak gross production of 41 API oil from these two wells is expected to reach 11,000 bopd, as stated in the June 2015 Competent Persons Report ("CPR"
. The CPR also states that Phase 2 is targeting an increase in gross production to 19,000 bopd from an additional two well development. As announced on 13 July 2015, MX Oil has agreed to invest in a 5% revenue interest in OML 113 via Jacka Resources[link] tandem with the development of the field, work is on-going to interpret the newly acquired 3-D seismic data. This new data will be used for planning Phases 2 and 3 on Aje and also to fully evaluate the exploration potential over the whole of the OML 113 licence, including the syn-rift exploration play that has been significantly de-risked following the 2013 Ogo discovery on contiguous block OPL 310.
meanmachin
20 Oct 2015
Re: Am I just unlucky? i bet u research more before buying a tv than a share so here are results
3Dimensional
19 Oct 2015
Duty of care to shareholders Afren showed a complete lack of care to shareholders, in fact for a FTSE 250 Co it was utterly negligent and reckless to boot.If after the administration is wrapped up the BoD do not face criminal charges I will take this to the house of commons personally. I am quite shocked that the FCA and SFO have not brought charges yet, hopefully they are garnering more info before they strike.Watch your backs the Afren 5, they are onto you.3D
ldlv
17 Oct 2015
Administrators The main aim of administration is to rescue the company as a going concern, The administration procedure is a way of facilitating a rescue of a company
ldlv
17 Oct 2015
Key statements “near-term oil production is likely to be materially lower” can anybody explain that? We still don't know."The board believes that all the possible routes have now been explored during the course of this process"Are you sure?Did you even try the Shareholders despite the fact that some like SRM requested to do a RI several times.
ldlv
15 Oct 2015
Ebok and Okoro fields Ebok and Okoro fields are clearly the company's most valuable assets. According to Barclays, using valuations discounted from 1 January 2015 and 15% discount rate, Ebok could be worth about $420 million, or risked net asset value per share of 2p, Okoro $191 million/0.9p and Okwok $370 million/1.8p, out of $1.1 billion, or 5.3p a share.[link]
griller
15 Oct 2015
Re: baroo123 Idiv, never invested here as you know but am wondering whether as the disaster reveals itself regulatory issues are emerging. We know that the light touch of AIM means the market is caveat emptor big time but are your lawyers/advisers identifying any misrepresentation issues by directors, nomads, PR companies or regulators that could kick off a major civil/criminal action and by extension involve other rogue AIM companies. The meltdown in AIM - while fuelled by the commodities bust - has no political or press exposure that I can detect and yet thousands of investors must be losing squillions as Afren, Max and host of others rot and the directors and advisers salt their gains away.
ldlv
14 Oct 2015
more questions than answers Afren-There are more questions than answers… The situation at Afren appears to get worse and I cant help but feel that there is something very suspicious going on here. I read with interest that leading oil trader Gunvor has expressed an interest in some of Afren’s African assets which must be good news for the investors who may lose everything. However I also note that they have been given only until August 17th to come up with a bid on the assets they are interested in. How can it be possible to value and do even the vaguest of due diligence in a week, and also if the administrators are doing their job, surely any possible interest must be explored to the maximum benefit of all who have lost money? And they are saying its not a fire sale which doesnt rub with the above, unless they have other buyers in the wings… The administrators appointed by the company are Alix Partners but maybe questions should be asked of the Ad Hoc Bondholders Committee and also why Blackstone are involved, who they report to and why? Oh well, i’m sure there is a totally innocent explanation… - See more at: [link]
ldlv
11 Oct 2015
baroo123 afrenlegalaction at yahoo dot com
ldlv
11 Oct 2015
Alixp: Is this the best you can do? If so, are you sure?[link] Friday, creditors approved Alix Partners’ plan to dismantle Afren and sell its assets. PJT Partners, which is running the auction, has already sold the Okoro offshore field for $31m to Amni International, one of Afren’s former operating partners. Yinka Folawiyo Petroleum, another Nigerian producer, is set to pay $35m for the OML 113 reservoir.Everything else is for sale. Bonhams will hold an auction on October 28 for the company’s collection of African art. Restructuring specialist Hilco has been hired to sell the furniture. Industry sources said the assets were not likely to raise more than $200m in total, meaning that creditors face taking a huge loss on the $1.7bn in outstanding debt.
baroo123
07 Oct 2015
Re: Hi 3DThank for bit Comfort the guy said unlikely I don't know how he is assumed that, As I can't understand that company assets are not sold yet, but he is happy to tell me that I have lost my money.Idve and 3D please email me ur contact details guy's would be nice to have chat.Thanks
3Dimensional
07 Oct 2015
I may try to ring them tomorrow and ask if they can divulge any details about the bid they submitted to Afren and was rejected by Afren, the board of Afren basically lied to us again (surprise surprise) by saying that the bid undervalued us and that more value would be brought out by not selling to Seplat, yer fooking kidding me Darryl!!!They all ought to be lined up and shot if you ask me, thieving lying bastodians, the lot of em!!3D
3Dimensional
07 Oct 2015
Re: Spoken to Join Administration is there any chance I will get any money back but sad to say Administrators said very likely.---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------Did they say very likely or unlikely, big difference.In the event it was unlikely, I am not sure how they can draw this conclusion at this moment in time, as I am sure our assets are worth 2B and debt was around 1.3B from memory, so unless the administrators are in it with Afren they cannot say what will get sold for what price yet, unless they have some mates rates lined up in Nigeria!3D
3Dimensional
07 Oct 2015
Re: Afren Shareholders meeting Wish I could make the meeting as would love to know when the SFO are going to start criminal proceedings against the management at Afren.Hopefully an astute shareholder will attend and get the low down of what's happening and even manage to become a Committee member?Thanks for the constant updates idlv, I know not many seem to tick your posts but I am sure everyone who was a shareholder here on iii reads and is very greatful of your efforts, I for sure am.I am shocked at how low key this has been kept and maybe its about time the press and maybe British government got involved........3D
baroo123
07 Oct 2015
My email Sorry mate mistake with my email last message..paveer_khanatyahoocom
