Not again! Afren warns on near-term oil production; shares halted

Nigerian focused and London – listed Oil producer Afren Plc has warned that its near-term production would likely be “materially lower” than expected as uncertainty over the results of a business review made it unable to assess its financial position.

The company said that the uncertainty spurred it to seek the suspension of trading in its shares.

Afren, which has been burdened by debt, said it would talk to its bondholders regarding its request for a further $30 million funding.

Its shares are currently halted in London trading.