FAR 1.01% 49.0¢ far limited

I know close to nothing about this oil caper but the following...

  1. 2,871 Posts.
    I know close to nothing about this oil caper but the following caught my attention:

    RE Afren PLC

    Offshore Kenya on Block L17/L18 1,207 km of additional 2D seismic data was acquired targeting the deeper water portion of the block in January 2012. The preliminary interpretation of this data has identified four new highly encouraging prospects, in addition to the previously mapped prospects in the shallow water. These prospects represent a major new play with lower risk and greater materiality than the shallow water play, and together increase the mean prospective resources on the block from 94 mmboe to 1,088 mmboe, since the Black Marlin acquisition. In light of these encouraging results Afren has opted to acquire 1,000 sq km 3D seismic in H2 2012 in lieu of the well commitment, in order to better understand the deep water prospectivity, ahead of exploration drilling in 2013. In addition, an onshore 2D seismic survey of 120 km has been contracted to start in September to simultaneously continue maturation of the shallow water/onshore play.



    Now I believe L17 and L18 are adjacent to FAR's L9. So this information from Afren, i.e. a significant increase in prospective resource failed to move the FAR SP but todays PCL news seemed to have an effect, even though it was a fairly neutral announcement.

    Like I said, I don't know or understand much about this oil caper...
 
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