Afren PLC Operational and financial update (0641T)

TIDMAFR

RNS Number : 0641T

Afren PLC

15 July 2015

Operational and financial update

London, 15 July 2015

Afren Plc ('Afren' or the 'Company') 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.

ENDS

For further information contact:

Afren plc Tel: [phone]

Alan Linn, Chief Executive Officer

Natalia Erikssen, Investor Relations

Bell Pottinger (public relations adviser to Afren plc) Tel: [phone]

Gavin Davis

Henry Lerwill

Notes to Editors

Afren is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. Afren has a portfolio of assets spanning the full cycle E&P value chain. Afren is currently producing from its assets in Nigeria and holds further exploration interests in Nigeria, Ghana, Co te d'Ivoire, the Kurdistan region of Iraq, Congo Brazzaville, Kenya, Ethiopia, Madagascar, Seychelles, Tanzania and South Africa. For more information please refer to www.afren.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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