Key Developments: Afren PLC (AFRNY.PK)

AFRNY.PK on OTC Markets Group - US Other OTC and Grey Market

7.50USD
8 Sep 2014
Price Change (% chg)

$-0.35 (-4.46%)
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$7.85
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Latest Key Developments (Source: Significant Developments)

Afren Plc announces temporary suspension of CEO Osman Shahenshah pending investigation
Thursday, 31 Jul 2014 02:02am EDT 

Afren Plc:Board announces temporary suspension of chief executive Osman Shahenshah and chief operating Shahid Ullah pending investigation.Egbert Imomoh has agreed to become executive chairman.Board has appointed Toby Hayward, current senior independent director, as interim CEO.  Full Article

Afren Plc announces pricing of its senior secured notes
Wednesday, 27 Nov 2013 08:10am EST 

Afren Plc:Says it has priced its offering of $360 million aggregate principal amount of its 6⅝ percent senior secured notes due 2020 (the Notes).Says the Notes will be senior secured obligations of Afren plc and will be guaranteed on a senior basis by certain subsidiaries of Afren plc and on a senior subordinated basis by Afren Resources Limited.Says interest will be payable semi-annually.Says closing and funding are expected to take place on or about Dec. 9, subject to customary conditions precedent for similar transactions.Says it intends to use the proceeds to purchase any and all of its senior secured notes due 2016 and up to $50 million of its senior secured notes due 2019; to pay fees and expenses incurred in connection with the offering and the concurrent tender offers, and for other general corporate purposes.  Full Article

Afren Plc Proposes to Offer Senior Secured Notes
Monday, 18 Nov 2013 07:48am EST 

Afren Plc announced that it proposes to pursue an offering of Senior Secured Notes (the Notes). The Notes will be senior secured obligations of Afren Plc and will be guaranteed on a senior basis by certain subsidiaries of Afren Plc and on a senior subordinated basis by Afren Resources Limited. Interest will be payable semi annually. The interest rate, offering price and other terms will be determined at the time of pricing of the offering, subject to market conditions. Afren Plc intends to use the gross proceeds of the offering (i) to purchase any and all of its outstanding senior secured notes due 2016 and up to $100 million of its outstanding senior secured notes due 2019 pursuant to the concurrent tender offers announced on November 12, 2013 and subject to the satisfaction or waiver of certain conditions precedent including the completion of the offering of the Notes, (ii) to pay fees and expenses incurred in connection with the offering of the Notes and the concurrent tender offers and (iii) for other general corporate purposes.  Full Article

Afren Plc Announces Acquisition Of Additional Interest In First Hydrocarbon Nigeria
Friday, 5 Jul 2013 02:00am EDT 

Afren Plc announced that following the recent shareholder approval on the recommended acquisition of a 10.4%. interest in First Hydrocarbon Nigeria ("FHN"), it announced the acquisition of an additional 23.3% beneficial interest in FHN. The acquisition of an additional 33,966,333 shares, representing approximately 23.3% of the outstanding share capital of FHN, from a combination of Capital Alliance Energy Nigeria Limited (CAPE), Earl Act Global Investments Limited and other FHN shareholders, has been undertaken at an average price of USD3.10 per share in cash. Of the total consideration (USD105.4 million) for the further acquisition, USD22 million is payable on the first anniversary and USD22 million on the second anniversary of the acquisition date, in each case to CAPE.  Full Article

Afren Plc Announces Completion Of Acquisition Of 10.4% Of First Hydrocarbon Nigeria Company Limited
Wednesday, 29 May 2013 09:59am EDT 

Afren Plc announced that further to the approval by the shareholders of Afren of the acquisition of the beneficial interest in 10.4% of the shares in First Hydrocarbon Nigeria Company Limited(FHN) on 20 May 2013, Afren announced that it has now completed the acquisition.  Full Article

Afren Plc Secures Farm Out Agreement
Tuesday, 14 May 2013 02:01am EDT 

Afren Plc announced that it has completed a farm-out agreement with Lekoil Limited (subject to Nigerian Ministerial Consent), in respect of a 17.14% participating interest in the OPL 310 licence located offshore Nigeria. Under the terms of the farm out, Afren will receive a total carry of up to USD 50 million in respect of an exploration well being drilled at the Ogo prospect and a planned side-track well. The indigenous Nigerian company Optimum Petroleum Development Ltd. (Optimum), the named Operator on the block, will continue to hold a 60% participating interest, with Afren providing technical assistance to Optimum in respect of Optimum's obligations under a Technical Assistance Agreement.  Full Article

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