5 Jul 2013 07:00
Afren plc (AFR LN)
Afren Chairman and Executive Directors to acquire Afren shares in the public markets
London, Friday 5th July 2013 - Afren plc ("Afren" or the "Company") announces that following the sale of all Afren PDMR holdings in First Hydrocarbon Nigeria ("FHN") to CSL Stockbrokers in Nigeria, they have undertaken to use the net proceeds to acquire Afren shares in the public markets.
The Afren Chairman and Executive Directors, together with certain other Afren PDMRs, have today entered into Sale and Purchase Agreements with CSL Stockbrokers for the sale of 11,819,085 shares in FHN (approximately 10 per cent. of the issued share capital of FHN) at a price of US$2.47 per share. Net proceeds will be used to acquire Afren shares in the public markets, following the expiry of the current H1 2013 close period, and undertake to hold the shares for a minimum of two years.
For further information contact:
Pelham Bell Pottinger (+44 20 7861 3232) | |
James Henderson Mark Antelme |
Notes to Editors
Afren plc
Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and a constituent of the Financial Times Stock Exchange Index of the leading 250 UK listed companies. Afren has a portfolio of assets spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria, Côte d'Ivoire and the Kurdistan region of Iraq and holds further exploration interests in Ghana, Nigeria, Côte d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, the Joint Development Zone of Nigeria - São Tomé & Príncipe, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.