Afren, an independent oil and gas company with assets in Nigeria and Kurdistan, has confirmed the appointment of Alan Linn, former CEO of Australia’s Roc Oil, as the new Chief Executive Officer and executive director of Afren with immediate effect.
The cash strapped firm yesterday said it secured $255 million of net total funding from its bondholders as part of the recapitalisation, with the ability to increase such net funding to US$305 million.
As for the new CEO, has 35 years of international experience in the oil and gas industry developing and restructuring businesses in challenging and diverse environments.
Afren says that Linn has been successful in implementing strategic change within established businesses and has over 12 years’ experience working with executive teams and boards in companies listed in the UK and Australia.
Following Alan Linn’s appointment as CEO, Toby Hayward will be stepping down as interim CEO with immediate effect and will continue as an independent non-executive director of the Company.
Alan Linn, new CEO of Afren plc, said: “I am looking forward to working with the Afren team and its partners to deliver a lean and effective business with an oil production and development focus. The strong support shown by key stakeholders ensures we can now progress a number of important development projects in Nigeria which will contribute early production and revenue to the business and support our aim to be profitable in a lower oil environment.
“There is a lot to do. However, the core assets and the quality of people and partners I’ve met give me the confidence to say that Afren has an attractive future and I am pleased to have the opportunity to contribute to this future success.”
Egbert Imomoh, Chairman of Afren plc, said: “I am very happy we have reached agreement on our recapitalisation which will allow us to create a ‘New Afren’.
“I am also delighted to welcome Alan Linn as CEO to drive the future redevelopment of Afren. He comes with deep industry experience and a strong track record of success. We are fortunate to have attracted such an outstanding CEO to lead the ‘New Afren’. I would like to thank Toby Hayward for stepping into the role of Interim CEO at a very difficult time in the Company’s history.”