Tag Archives | Afren

Afren Forced into Administration

By John Lee. London-listed oil explorer Afren has been forced into administration. Crisis management consultants from AlixPartners were brought in after the company failed to find financial backers to meet a growing cash crisis. In a statement to the markets, the company said: “The board believes that all the possible routes have now been explored […]

Afren Shares Rally on Deferred Payment

By John Lee. Shares in Afren plc were trading 20 percent higher on Monday after the company announced that it has negotiated a deferral of the US$50m amortisation payment due on 31 January 2015 until 31 March 2015. The agreement was made with the lenders of the US$300m Ebok debt facility. In addition, the Board […]

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Afren Shares Crash on Liquidity Fears

By John Lee. Shares in Afren plc have crashed by 67 percent by lunchtime on Tuesday, following an announcement from the company regarding its financing. The full text of the announcement follows: Afren plc (“Afren” or the “Company”) provides an update regarding the review of its capital structure, liquidity and funding requirements announced on 20 […]

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Afren Slumps on Barda Rash Downgrade

By John Lee. Shares in Afren plc have fallen more than 20 percent on Monday morning, after the company provided the following update in relation to its sixty percent working interest in the Barda Rash field in the Kurdistan region of Iraq: An updated Competent Person’s Report (CPR) of Barda Rash, carried out as part […]

Afren Falls on Management Statement

By John Lee. Shares in oil explorer Afren fell by more than 5 percent on Thursday morning as the company’s output failed to meet expectations due to installation delays, repair work and adverse weather. In its Interim Management Statement, the company gave the following update on its operations in Iraq: “On 2 October 2014, Afren […]

Afren Dismisses CEO, COO and Assoc Dirs

By John Lee. Afren announced today that Willkie Farr & Gallagher (UK) LLP (WFG) has completed its independent review into the receipt of unauthorised payments by members of management and senior employees. In connection with the conclusion of this review, the company has decided to terminate the employment and directorships of Osman Shahenshah and Shahid […]

Afren Resumes Operations at Barda Rash

By John Lee. Afren has announced that, following an improvement in the security situation in the border region of the Kurdistan Region of Iraq, it has begun the process of returning staffing levels to normal at the Barda Rash field with a view to resuming drilling and production activities as soon as possible with the […]

Afren Announces Half Yearly Results

By John Lee. Afren have released their Half-yearly Results for the six months ended 30 June 2014 and an update on its operations year-to-date 2014, in accordance with the reporting requirements of the EU Transparency Directive.  Below is a summary of their Iraq operations and general financial results. Information contained within this release is un-audited […]

Afren Suspends Associate Directors

By John Lee. Afren has released a statement on the recent suspension of the Associate Directors of the company pending the results of an investigation. The statement reads as follows: Afren plc (“Afren” or the “Company”) announces that the Board has temporarily suspended Iain Wright and Galib Virani, both Associate Directors of the Company. Further […]

Afren Operations Suspends Operations at Barda Rash

By John Lee. Afren plc has taken the precautionary step to temporarily suspend operations at the Barda Rash field in light of heightened regional security related issues. Working with its local security advisors, Afren is implementing a phased withdrawal of non-essential field personnel from the Barda Rash field. All other Afren operations in the Kurdistan […]

Afren Shares Slump, “Unauthorised Payments” Investigated

By John Lee. Shares in Afren plc have fallen by more than 30 percent on the London Stock Exchange on Thursday, following the announcement that the Board has temporarily suspended the CEO, Osman Shahenshah (pictured) and the COO, Shahid Ullah, pending the investigation of alleged “unauthorised payments”. The company has operations at the Barda Rash,  […]

Nina Launches in Iraq

Nina Launches in Iraq – Voices of Promise and Hope Join Together in Suleimania Nearly 200 business leaders, politicians, civic society leaders and even Miss Kurdistan for Peace attended the Iraqi launch of Nina, held at Suleimania’s Grand Millennium Hotel, thanks to the generosity of sponsors Asiacell. A live TV broadcast saw Nina Champion and […]