Friday 16 January 2015

Volatile Afren - part 2

ZhenHua Oil. That is the name of the "mystery" Chinese company I referred to in yesterday's blog post, according to my reliable sources.

Here is a link to yesterday's post:

To be fair, though, Bryce Elder over at the Financial Times pointed out in his excellent market report earlier in the week that ZhenHua Oil is backing a potential buy-out of Afren led by Bert Cooper, one of the company's founders. Here is a link to Bryce's market report:

Gary Parkinson over at The Times also pins yesterday's huge share price gain to the fact that Seplat, which has disclosed it is trying to merge with Afren, has managed to secure a $1 billion refinancing.

I don't have anything more to add although it's really not clear to me whether a takeover of Afren by any party will actually happen in such a volatile environment. Still, the shares up another 10pc in mid-morning trade.

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