Afren, the troubled, London-listed, independent oil and gas company, has again postponed a deadline for Nigerian Seplat Petroleum to make an offer for the company.
Seplat had until 5 p.m. today to ‘take it or leave it’, under the previously announced deadline extension, but Afren is now saying that the new deadline has been set.
The UK Takeover Panel has approved an extension to the deadline until 5.00 p.m. on February 13, 2015 to enable the parties to continue their ongoing discussions.
Afren, which recently fired its CEO for accepting unauthorized payments, again said that there can be no certainty that an offer would be made, adding that the deadline could be extended further.
Earlier this week, Afren said it would need new funds to meet interest and principal repayments, working capital and a reduced capital expenditure program. It said it would begin talks with its existing stakeholders and new third party investors regarding recapitalizing the company.
Offshore Energy Today Staff