News is they are offering at the opening price - 250m - and it COULD
BE way oversubscribed.  All ifs and buts and rumours

But at -12% I am buying loads

Sorry its a PLACING.  They had options on bank loan, rights issue, or
placing.  Bank loan right now - would be mad.  Hence this is a
brilliant thing.  The news I am fairly sure will be a positive here.
I am buying right now like a mad man.  Worst case I go long

"Afren is raising US$125m via a placement of new Ordinary Shares; we
believe that this was priced at today’s opening market price.
These funds will be used to fund the first phase of the development of
the Ebok offshore oil field in Nigeria. Afren estimates that this
initial phase will cost US$150m and plans to spend US$100m in 4Q09 and
US$50m in 1Q10.
The second phase of development, which will see production increase to
potentially 50,000bopd, will cost US$200m. The capex for this phase
will be spread over 2010 and 2011 at US$75m and US$125m respectively.
We understand that these costs will be funded through revenue
generated from field production.
Comment
This placing means that the costs for phase one are fully funded. Once
Ebok is at peak production Afren’s production will be in excess of
75,000bopd, ranking it amongst the top independent oil companies.
We are told that the company looked at a number of ways to fund Ebok
and this was the preferred method of the existing shareholders. The
placing will require EGM approval and shares are expected to be
admitted to AIM on 5 May 2009.
Due to the dilutive nature of this deal we will be updating our model
and price target once more details relating to the placing are made
public."