We've all been waiting to see what Afren has to say about the 3D it shot last year on it's Seychelles block. It's been extremely quiet on the results. Last night I came across a snippet of info that seems interesting, even though it has no detail to go with it.
Afren holds 75% of the block in question. Vanoil, a TSX listed company, holds 25% and so obvioulsy is also very interested. On 7 July Vanoil gave a market update on a couple of Kenyan Blocks it has an interest in. At the bottom of the press release it carries the usual "About Vanoil" summary comments.
In the last paragraph it says:
In the Seychelles, Vanoil has a 25% participating interest alongside partner Afren plc ("Afren") in offshore Exploration Areas A and B, covering some 14,319 km2. Afren has recently increased its internal valuation of its 75% interest in the Seychelles.
The interesting thing is that the final sentence is a new one. Look back at all the other press releases (not that many, the last one to carry this "About Vanoil" bit that I can see was from 3/2/2014) and none of the others seem to say this.
In other words, it seems that Afren has upgraded it's internal valuation of their Seychelles asset post 3D seismic, and within, it seems, the last 6 months. I know it's not much, and tells us nothing about by how much that valuation has grown or precisely why, but it seems Afren likes, at least to some extent, what it saw in the 3D data.
That's got to be encouraging for us I'd have thought.
HTH and DYOR.
http://www.vanoil.ca/s/NewsReleases...-Provides-Update-on-License-Renewals-in-Kenya
