Afren reviewing its options

Afren plc, an independent oil company with assets in Africa and the Middle East, has confirmed it has been reviewing its capital structure, liquidity and funding requirements, with its advisors .

As part of that process Afren has said it is in discussions with its lenders regarding amendments to its existing facilities, in addition to seeking a deferral of a $50m amortisation payment due at the end of January 2015.

“Given the rapid decline in the oil price the Company is also reviewing its cost base and capital expenditure plans for 2015,” Afren said in a statement yesterday.

Furthermore, Afren has said it continues to be in discussions with Nigeria’s SEPLAT Petroleum Development Company plc (“Seplat”) regarding a possible combination with Afren.

The company has reiterated that there can be no certainty that an offer will be made, adding that Seplat now has until January 30, to either make a firm offer of to announce that it does not intend to make an offer for Afren.  The original deadline had been January 19, but it has now been extended upon a request by Seplat.

In a separate statement, a company named T5 Oil and Gas dismissed media writings on it regarding Afren Plc as a possible target.

“T5 Oil and Gas announces that it does not intend to make an offer for Afren Plc,” the company said.

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