Petroleum Africa
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Wednesday, December 24, 2014
There could be a deal in the works which would result in Afren being taken over by Nigerian firm Seplat. Afren, in a statement, confirmed that Seplat might be interested in a deal, but did say that the approach was “highly preliminary.”
The recent drop in oil prices and corporate issues have affected Afren’s share price; the company’s stock price took a big dip in mid-December, but rebounded a bit on the news of Seplat’s interest. In mid-October the company was trading at about £100, only to drop over the next two months to around £35 in mid-December. The company’s stock is now trading at just around £50
Seplat has an extra surplus of cash due to its flotation on the London and Lagos exchanges. Afren itself has been having executive problems, firing its chief executive Osman Shaheshah and more than one director for what was described as gross misconduct.
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