Afren plc is an international independent oil exploration and production company. It was previously fully listed on the London Stock Exchange but is now in administration.
Video Afren
Histori
The company was founded in 2004 by European-based West African entrepreneur Ethelbert Cooper, with the help of former OPEC president and secretary-general Rilwanu Lukman, as an African-focused exploration and production company. Most of Afren's production is in Nigeria.
Following its Initial Public Offering in March 2005, Afren rapidly expanded his portfolio in six countries: Nigeria, SÃÆ' £ o Tomà ©  © & amp; PrÃÆ'ncipe JDZ, Gabon, Republic of Congo, CÃÆ'Â'te d'Ivoire, Ghana, and Iraqi Kurdistan.
In March 2015, Afren reported a lender approving a three-month payment delay for a $ 300 million debt facility. Afren said it won a deferred payment for amortization of $ 50 million for Ebok's $ 300 million loan facility due 31 January.
On March 4, 2015 Afren defaulted on bonds in 2016 after refusing to make interest payments of $ 15 million to save cash for an overview of the ongoing capital structure.
In April 2015, Afren appointed Alan Linn as the new chief executive, following the dismissal of CEO Osman Shahenshah (along with chief operating officer Shahid Ullah) on charges of unpaid bonus payments for themselves by joint venture partner Afren.
On July 15, 2015, Afren's stock was suspended after its failure to raise enough funds to continue operating, and to reduce production levels.
On July 31, 2015 Afren plc released a corporate update announcing that, after failing to secure refinancing, the company board will file a letter to put the organization into administration. AlixPartners is appointed administrator.
On August 10, 2015 the company was excluded from the London Stock Exchange.
Around 130 small shareholders in Afren have written to the City regulator demanding an investigation of whether troubled oil producers are engaged in "material information cuts".
Shareholders have also asked the Financial Conduct Authority to investigate whether Afren operates in "potential collusion with certain bondholders".
Afren Legal Action, a small shareholder group, wrote to Martin Wheatley, chief executive of the FCA, last week to demand a "complete and fast regulatory inquiry" into Afren's behavior.
Stakeholders criticized Blackstone's involvement in the Afren Administration. Concerns over potential conflicts of interest in the process of dissolving Afren, an oil exploration company, further exasperated shareholders, creditors and company employees, have still not recovered from a sudden collapse in late July.
The Plaintiff, Petroleum Zion Exploration and Production Ltd., in a lawsuit filed in the Federal High Court of Lagos, claimed that the company unlawfully disrupted the plaintiff's transaction to purchase Afren's stake in Oil Mining Lease ("OML") 26, with a production potential of more than 10,000 barrels of oil per day.
Joining the lawsuit, as joint defendants, are PJT Partners UK Ltd, FHN 26 Ltd, Wilmington Trust (London) Ltd, Vertex Energy Ltd, the Department of Petroleum Resources, and the Ministry of Petroleum Resources.
Other parties are Simon Jonathan Appell, Daniel Imison and Ms Catherine Williamson (who are sued in their capacity as UK administrator Afren UK Plc and Afren Nigeria Holdings Ltd).
The Plaintiff is of the opinion that PJT Partners discloses the sensitive information it collects from it (Petroleum Zion) including re-renewed terms into the ACA, which facilitates the ACA to wish to close the transaction.
Petroleum Zion, among others, called on the court for a mandate that required First Hydrocarbon Nigeria Company Ltd and or Wilmington Trust (as Security Trustees of the Sale Asset) to implement the SPA draft in an agreed form with Petroleum Zion on May 24, 2016.
The Plaintiff also sought $ 230 million in compensation against PJT Partners UK for disclosing sensitive information to competitors and an additional $ 8.94 million in compensation for expenses incurred as a result of the defendant's bad faith.
On October 27, 2015, a Financial Times article reported estimates that Afren's asset sales would only increase $ 200 million, leaving $ 1.7 billion of unpaid debt. In September 2017, former chief executive Afren Osman Shahenshah and chief operating officer Shahid Ullah appeared on the Westminister Magistrates Court accused of money laundering and fraud, after a two-year investigation by the Serious Fraud Office.
Maps Afren
Operation
The Group currently produces about 22,000 barrels (3,500 m 3 ) of its oil equivalent per day from its current portfolio.
Okoro Setu field (OML 112)
The Okoro Field ("Okoro") and Setu Field ("Setu") are two oil fields located at OML 112 in shallow waters off Nigeria's coast, originally given to Amni - an established indigenous petroleum company - in 1993 as part of the Nigerian government's native licensing program. The first oil was achieved during June 2008 when production from the first two production wells was drilled to begin at a rate of over 3,000 barrels (480 m 3 ) of oil per day from each well. The next five wells were then drilled, completed and taken to the river. Drilled wells are a mixture of horizontal penetration and greatly deviate from the reservoir interval. The field currently produces at a rate of 22,000 bbl/d (3,500 m 3 /d) of all seven wells.
Ebok
Ebok is an undeveloped oil field located at OML 67, 50 km offshore in 135Ã, ft (41 m) of water in Nigeria's fertile southeastern region. The field was discovered by ExxonMobil/NNPC JV in 1968 (M-QQ1 (Ebok-1)), and the next two appraisal wells were drilled in 1970 (Ebok-2 and Ebok-3). The first oil was initially targeted at H2 2010 but was later pushed back to February 2011.
Note
External links
- Official site
Source of the article : Wikipedia
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