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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Primary Recommendation

Afren - West African oil firm on cusp of another major acquisition

October 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • AFR
  • Price:
  • 82p
For a company that was only founded four years ago Afren, a West African focused oil exploration and production firm, has come a long way in a very short period of time. Its management, which has powerful political and financial connections, has already raised US$830m of debt and equity since inception in order to fund a series of key acquisitions predominantly in Nigeria, a country that accounts for over 75% of sub Saharan reserves. The fruits of this activity are already being borne out with one substantial field recently achieving first oil while others will follow shortly, leading us to believe that it is entering that sweet spot in which production and cash flow start to ramp up dramatically. Latest forecasts from Citi bear t ...

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Afren (May 2009)
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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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