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West African-focused oil and gas play Afren has just signed a strategic alliance with Japanese conglomerate Sojitz that sees it gain a US$45m convertible loan immediately and further funds as required.
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This is a timely deal which removes any funding concerns over Afren and leaves it very well-placed relative to junior oil sector peers. Despite having pulled back in recent weeks, at 59p the shares are still just about up on our buy tip (54p, 2 February 2008) and remain a buy.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
