Petroleum Africa
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Friday, April 10, 2015
Afren issued a statement regarding recent reports of an alleged termination by AMNI Petroleum Development Co. of the Production Sharing and Technical Services Agreement (PSTSA) between AMNI, the company, and Afren Energy Resources Ltd. in respect of the Okoro field in Nigeria.
As previously reported, Afren received a notice of breach of the PSTSA from AMNI, which it rejected. The firm says that it 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 its expectations.
The company continues to make good progress on satisfying the relevant conditions precedent to the provision of the interim funding announced on March 13 and expects to finalize arrangements for completion of such funding imminently.
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