AFR.L Share News (AFR)

Afren Considering Options On Barda Rash After Reserves Downgrade

Afren considering "strategic options" for Kurdistan project as resources revised lower

Oil and gas group Afren said it is looking at its "strategic options" for its 60% interest in the Barda Rash field, after analysis of the Kurdistan project showed a "material reduction" in reserve estimates. "Overall, the reservoirs have not performed according to previous expectations and the appro

Sector movers: Resource stocks drop as crude prices sink

Stocks in the resource sectors dropped sharply on Monday as shares tracked commodity prices lower, with oil and copper prices extending multi-year lows. Oil producers such as Shell, BP, Tullow Oil, Premier Oil and Afren were trading with heavy losses. Energy services stocks were also under pressure,

FTSE 250 movers: Energy sector struggles as oil price continues to slide

Oil producers such as Afren and Premier Oil, and energy services firms Wood Group, Hunting and Petrofac, were all falling sharply on Monday as the price of oil continued to sink. Brent crude dropped below $55 a barrel (bbl) for the first time since May 2009. Afren was also continuing to decline afte

Afren reclaims $20m from dismissed directors

Africa-focused oil explorer Afren has successfully drilled its former chief executive and chief operating officer for more than $20m after they were dismissed for gross misconduct after receiving unauthorised payments. The FTSE 250 company said it has received a cash payment of $17.1m from former CE

FTSE 250 movers: Food retailers take a hit while energy stocks soar

Retail stocks were mixed on the day before Christmas Eve. Home Retail Group, N Brown Group and Supergroup were advancing as last-minute shoppers headed online and hit the high street. Shares in Workspace Group were rising after the company agreed a cash payment of £30m to terminate the proceeds sha

London open: Late Santa Rally puts UK stocks on track for two-week high

UK stocks rose for the fifth straight session on Monday and were set to hit a two-week high with the so-called 'Santa Rally' finally taking hold ahead of a shortened trading week. London's FTSE 100 was trading 0.8% higher at 6,598 in early deals. It has not closed above this mark since 8 December.

Sunday share tips: BT Group, Shepherd Neame, Afren

Long-term investors should consider buying shares in BT, Danny Fortson argued in the Sunday Times. The Inside the City columnist said BT boss Gavin Patterson is likely to ask shareholders for about £2bn to help fund his acquisition of mobile operator EE. Patterson might not stop there because the ne

London midday: Bargain-hunting supports FTSE as stocks rebound from 18-month low

Following a cautious start, UK stocks pushed into positive territory as investors went hunting for bargains. Shares had fallen to an 18-month low in the previous session. Markets erased earlier losses after UK inflation data showed the rate of increase in consumer prices hit a 12-year low in Novem

Afren finds oil as drilling completes in Madagascar

Africa-focused oil explorer Afren said it has found oil after completing drilling and coring operations on Block 1101 onshore Madagascar. Afren drilled four locations on the block, which measures 11,200km squared, and encountered "hydrocarbon shows" in two of the holes. "Cores recovered from both l

FTSE 250 movers: Mining companies hit by pessimistic analysis from Credit Suisse

Soco International, Afren and EnQuest all rose on Monday after a slight rebound early on in crude futures. That came after Libya declared "force majeure" at two key ports over the weekend, shutting down export capacity equivalent to 560,000 barrels per day. That seemed to give the energy sector a bo

London close: UK stocks drop to five-week low as oil sinks further

UK stocks dropped to their lowest levels in five weeks on Wednesday as turmoil in the oil prices intensified with crude prices sinking to a fresh five-year low. The FTSE 100 erased earlier gains to finish down 0.45% at 6,500. It has not closed below this level since 4 November when it settled at 6,4

Sector movers: Energy stocks tank as oil-price plunge intensifies

Stocks in the oil producing and oil services sectors were hit by renewed selling pressure on Wednesday as crude prices dropped to fresh five-year lows. A weaker demand forecast from OPEC and a surprise increase in US crude inventories were weighing heavily on oil prices in afternoon trade, with Bren

London midday: UK stocks at one-month low on global concerns, Tesco plummets

UK stocks were on track to settle at their lowest level in a month on Tuesday as a recent sell-off in oil hit energy shares and a profit warning from Tesco hammered retailers. Crude was trading at a fresh five-year low on the back of concerns about oversupply and slowing global growth. Political unc

London open: Stocks sideswiped by oil plunge, growth concerns, Tesco profit warning

UK stocks dropped sharply for the second straight session on Tuesday as plummeting oil prices, macro concerns and a profit warning from retail giant Tesco hammered market sentiment. After losing 1% of its value the previous session, London's FTSE 100 was down a further 1.3% at 6,584 in early deals.