Oil producer Afren will announce a new chief executive and its full-year results once it’s hammered out a restructuring agreement with bondholders, a statement has said.
The U.K listed company, which has the bulk of its assets in Africa, has been hobbled both by the collapse in the crude price as well as corporate governance issues. It is in the process of raising about $200m from bondholders.
Plans for its interim funding will be agreed “imminently”, Afren said on Wednesday, although it had hoped to have it finished by the end of March.
In a statement, the company said: “Given the delay in completion of the Interim Funding, the Company now expects to release the Group’s 2014 full year results at the same time as the issue of the PPNs.
“The Company also expects to be able to announce the appointment of a new CEO at the same time.
