Afren’s Group Finance Director Darra Comyn (pictured) has resigned, effective this summer, the company announced on 12 June. The London-based, Africa-focused, explorer will now begin a search for a new CFO.
Afren said Comyn will stay on at the company until Afren’s restructuring comes to a close.
“I would like to thank Darra for his contributions to Afren, particularly during the recent difficult times,” says Egbert Imomoh, executive chairman of Afren. “We wish him well in his future endeavors.”
In addition to Comyn’s resignation, the company announced the appointment of David Thomas, formerly chief operating office of Petroceltic International, as its new COO.
Comyn’s resignation comes after much turmoil at the company over the last several months. In October, Afren fired its then-CEO Osman Shahenshah and then-COO Shahid Ullah for “gross misconduct” after an independent investigation into unauthorized payments concluded. Roc Oil's former CEO, Alan Linn, took the helm at Afren in April.
The resignation also follows the news from earlier this week that the company missed an interest payment on its 2020 bond, as it decided to use a 30-day grace period on a US$11.9 million interest payment due on 9 June.
In May, the company’s quarterly report saw revenue drop to $130.3 million in 1Q 2015 down from $269 million in 1Q 2014. Additionally, its operating cash flows were down from the previous year, which it attributed to the lower revenue stream.
At the time, the company said: “The 52% decrease in revenue is attributable to a significantly lower realized oil price of $48/bbl (1Q 2014: $106.5/bbl) and liftings of Ebok production being provided in settlement of the net profit interest liability (such amounts are therefore excluded from revenue and offset against cost of sales).”
Additionally, the company blamed its restructuring efforts, which were triggered by previous misconduct by Afren's now dismissed top executives. “This fall in revenue, together with higher administrative costs incurred in relation to the group’s recapitalization and the write-off of 1Q 2015 expenditure on certain exploration and evaluation assets, resulted in a loss before tax for the period of $48.1 million (1Q 2014: profit before tax of $55.8 million).
The aforementioned Ebok field (50% interest) sits inside OML 67, 50km offshore Nigeria in 135ft of water. As of May, average gross production was 30,954 bo/d.
Afren holds interest in acreage offshore Nigeria, Ivory Coast, and Kenya, Seychelles, Tanzania, and South Africa.
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