|Public (LSE: AFR)|
|Industry||Oil and Gas|
|Founder||Osman Shahenshah (Chief Executive)|
|Headquarters||London, United Kingdom|
|Revenue||US$1,644.3 million (2013)|
|US$491.0 million (2013)|
|US$474.8 million (2013)|
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.
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.
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.
On 31 July 2015 Afren plc released a corporate update announcing that, having failed to secure refinancing, the board of the company would file papers to put the organisation into administration. AlixPartners were appointed as administrators.
Okoro Setu Fields (OML 112)
The Okoro Field ("Okoro") and Setu Field ("Setu") are two oil fields located in OML 112 in shallow water offshore Nigeria, which were originally awarded to Amni - a well established indigenous oil company - in 1993 as part of the Nigerian government's indigenous licensing programme. First oil was achieved during June 2008 when production from the first two production wells drilled commenced at a rate in excess of 3,000 barrels (480 m3) of oil per day from each well. A further five wells were subsequently drilled, completed and brought onstream. The wells drilled were a mixture of horizontal and highly deviated penetrations of the reservoir intervals. The field is currently producing at a rate of 22,000 bbl/d (3,500 m3/d) from all seven wells.
Ebok is an undeveloped oil field located in OML 67, 50 km offshore in 135 ft (41 m) of water in Nigeria's prolific south eastern producing area. The field was discovered by the ExxonMobil / NNPC JV in 1968 (M-QQ1 (Ebok-1)), and two subsequent appraisal wells were drilled in 1970 (Ebok-2 and Ebok-3). First oil was originally targeted in H2 2010 but was subsequently pushed back to February 2011.
- "Afren plc : Preliminary Results 2013". afren.com. Retrieved 22 March 2015.
- "Afren plc : About Afren". afren.com. Retrieved 22 March 2015.
- Wigglesworth, Robin (September 18, 2012). "Africa: Funding on the frontier - FT.com". Financial Times. Retrieved 20 September 2012.
- How Afren rewrote the rules on developing Africa's oil wealth Daily Finance, 13 February 2011
- "Breathing room for Afren on $300 million debt payment". Petro Global News. Retrieved 3 March 2015.
- "Cash-strapped Afren defaults on $15 million interest payment". Petro Global News. Retrieved 5 March 2015.
- http://www.ft.com/cms/s/0/0b13f132-dd22-11e4-975c-00144feab7de.html#axzz3pkwSVjr4 Retrieved 27 October 2015
- http://www.cityam.com/1413333227/troubled-afren-s-shares-rise-after-firing-directors Retrieved 27 October 2015
- Harrington, John. "Most followed: Afren, ...". proactiveinvestors. Retrieved 16 July 2015.
- "Afren's art collection on the block at Bonhams" Financial Times, 27th October 2015
- Company Overview Archived March 9, 2009, at the Wayback Machine.
- Okoru Overview
- Ebok Overview
- "Ebok start-up pushed back on floater delay". upstreamonline.com. Retrieved 22 March 2015.