Afren Plc provides an operational and financial update
As part of an ongoing review of the business plan, it has become clear that the expected level of near-term production is likely to be materially lower as compared to the assumptions announced alongside the proposed Restructuring on 13 March 2015.
There is significant uncertainty at this stage regarding the outcome of the review.
As the review reaches a conclusion, the Company will be further engaging with the Ad Hoc Committee of bondholders regarding its request for an additional US$30 million in net cash proceeds borrowed under the Bridge Securities, and with other stakeholders, as appropriate, to discuss the potential implications on the proposed Restructuring, including its timeline.
Given the material uncertainty of the results of the above-mentioned review, Afren is unable to assess accurately its financial position and inform the market accordingly at this stage, and therefore the Company has requested the suspension of trading in its shares.
A further update will be provided to the market as soon as practicable.
Source: Afren Plc