Other News

Afren administrators sell African artwork for more than £300,000


Administrators of UK oil explorer Afren have raised more than £300,000 from the sale of African artwork owned by the company. The array of Nigerian artwork was put up for auction at Bonhams after the company began experiencing trouble earlier this year. Two months ago the Financial Conduct Authority (FCA) said it had cancelled trading shares from the company on the London Stock Exchange.

Market info

Afren suspends shares amidst financial uncertainty


Afren has suspended its shares amidst continued uncertainty over its financial position. The company said its shares were suspended by the Financial Conduct Authority at its request. It comes after an ongoing business review showed near-term production was set to be “materially lower” than previous estimates given alongside its proposed restructuring in March.

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Afren appoints new chief executive


Afren has agreed in principle to appoint a new chief executive. It comes after the company's former chief executive and chief operating officer were fired, amid claims of gross misconduct and unauthorised payments. Alan Linn, who is currently a consultant to Afren's board, will take up the role.


Oil producer Afren receives preliminary offer from Seplat


Oil producer Afren has seen a boost in its shares following a preliminary offer from Seplat Petroleum Development. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence.