Afren provides response to AMNI’s allegations regarding Okoro field

Admin
By Admin April 13, 2015 21:01

Afren provides response to AMNI’s allegations regarding Okoro field

Afren plc (“Afren” or the “Company”) (LSE: AFR) notes the press reports regarding the purported termination by AMNI Petroleum Development Company (“AMNI”) of the Production Sharing and Technical Services Agreement between AMNI, the Company and Afren Energy Resources Limited in respect of the Okoro field (the “PSTSA”).

As announced on 13 March 2015, Afren has previously received a notice of breach of the PSTSA from AMNI, which it rejected. Afren vigorously disputes that AMNI is entitled to terminate the PSTSA for the alleged breaches. Afren has offered to meet AMNI to discuss the parties’ future collaboration under the PSTSA and operations continue at Okoro in line with the Company’s expectations.

The Company continues to make good progress on satisfying the relevant conditions precedent to the provision of the interim funding announced on 13 March 2015 and expects to finalise arrangements for completion of such funding imminently. Further announcements will be made in due course as appropriate.

Admin
By Admin April 13, 2015 21:01
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*