Afren

Afren plc was an international independent oil exploration and production company. It was formerly fully listed on the London Stock Exchange but is now in administration.

History

The company was founded in 2004 as an exploration and production company focused on Africa. Most of Afren's production was in Nigeria.

After the Initial Public Offering in March 2005, Afren rapidly expanded its portfolio across six countries: Nigeria, São Tomé & Príncipe JDZ, Gabon, Republic of the Congo, Côte d'Ivoire, Ghana and Iraqi Kurdistan.

In March 2015, Afren reported lenders approved a three-month payment deferral for a $300 million debt facility. Afren said it won a payment deferral for a $50 million amortization payment for a $300 million Ebok debt facility that was due January 31.

On March 4, 2015 Afren defaulted on its 2016 bonds after refusing to make a $15 million interest payment in order to preserve cash for an ongoing capital structure review.

In April 2015, Afren appointed Alan Linn its new chief executive, following the sacking of CEO Osman Shahenshah (along with chief operating officer Shahid Ullah) over allegations of unauthorised payments.