21 Jul 2015 16:31
Update on upcoming General Meeting
London, 21 July 2015
Afren Plc ('Afren' or the 'Company') announces its decision to adjourn, until further notice, the General Meeting scheduled for 24 July 2015, as well as the Scheme Meeting, currently scheduled for 29 July 2015.
As disclosed in the announcement released on 15 July 2015, during an ongoing review of the business plan it became clear that the expected level of near-term production is likely to be materially lower as compared to the production assumptions announced alongside the proposed restructuring on 13 March 2015. The Company is currently in the process of clarifying the impact of the revised assumptions on its business plan. This process has brought to light the requirement for further significant funding and the need to reflect this new information in discussions regarding the proposed restructuring plan. The postponement of the General Meeting and the Scheme Meeting will allow Afren to finalise the review and engage with the relevant stakeholders to discuss the implications of the revised assumptions on the restructuring.
Given the material uncertainty of the results of the above-mentioned review and the discussion regarding additional funding, Afren is unable to assess accurately its financial position and inform the market accordingly. Therefore Afren's shares remain suspended.
ENDS
For further information contact:
Afren plc Tel: +44 20 7864 3700
Alan Linn, Chief Executive Officer
Natalia Erikssen, Investor Relations
Bell Pottinger (public relations adviser to Afren plc) Tel: +44 20 3772 2500
Gavin Davis
Henry Lerwill
Notes to Editors
Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. Afren has a portfolio of assets spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria and holds further exploration interests in Nigeria, Ghana, Côte d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.