• Thursday, May 23, 2024
businessday logo


Afren stock climbs after review identified no further unauthorised payments


AfrenAfren Plc shares rose as much as 7.1 percent after the U.K. oil and gas explorer, which operates in Nigeria and Kurdistan, said it sees no evidence of further improper payments.

Afren is undergoing an independent review by law firm Willkie Farr & Gallagher LLP after its Chief Executive Officer Osman Shahenshah and Chief Operating Officer Shahid Ullah were suspended in July and August for allegedly receiving unauthorized payments.

In a statement seen by BusinessDay, the oil and gas explorer said: “an independent review identified no further unauthorised payments and the Board remains of the view that the assets and operational position of the company have not been negatively affected.”

In an update to the market regarding the independent review being conducted by Willkie Farr & Gallagher (UK) LLP or WFG, the firm said WFG’s review continues to be thorough and is progressing well but has not yet been completed. The Board now expects WFG to provide a detailed report by mid October.

The company continues to keep the Financial Conduct Authority or FCA informed of the progress of the investigation.

The stock added just above 5 percent and was at 108.70 pence.