5th Apr 2007 07:01
Afren PLC05 April 2007 Afren plc (AIM: AFR) Share Issue Afren plc ("Afren" or "the Company") announces that on 4 April 2007 it allottedconditional to admission a further 4,489,081 Ordinary Shares of 1.0 pence eachin the Company. The Ordinary Shares were allotted, the equivalent of US$5 million in OrdinaryShares, at a price per share of 57 pence, to Amni International PetroleumDevelopment Company Limited ("AMNI"), representing the final milestone paymentin relation to the Okoro Setu development, offshore Nigeria. The share allotment ranks pari passu in all respects with the existing issuedOrdinary Shares in the Company. Application for admission has been made for theshares, which is expected to be effective on 12 April 2007. Following the shareissue, the Company's outstanding issued share capital will be 209,552,288shares. Osman Shahenshah, Chief Executive of Afren, commented: "This final milestone payment to our partner AMNI on the Okoro Setu developmentfollows the recent Government approval of the Field Development Plan andsecuring the US$200 million debt facility. "This successfully aligns Afren and AMNI and is consistent with the Company'sstrategy of partnering preferentially with well established indigenous companiesin the development of proven oil & gas fields in Africa." 5 April 2007 Enquiries: Afren plc +44 20 7182 1800Osman Shahenshah Chief ExecutiveEvert Jan Mulder Chief Operating OfficerGalib Virani Investor Relations Jefferies International Limited +44 20 7618 3500Toby HaywardJack Pryde Tristone Capital Limited +44 20 7399 2480Simon Ashby-RuddMajid Shafiq Pelham Public Relations +44 20 7743 6673James HendersonAlisdair Haythornthwaite Background information Afren (www.afren.com) was founded in December 2004 by a management teamincluding Dr Rilwanu Lukman, (Chairman), Osman Shahenshah, (Chief Executive) andBert Cooper (Advisor to the Board), with the vision to become the premier panAfrican independent Exploration and Production company. Since its listing on theAIM market of the London Stock Exchange, Afren has rapidly expanded itsportfolio and the management team has delivered nine assets in the JointDevelopment Zone of Nigeria Sao Tome and Principe, Nigeria, Gabon, Angola andCongo Brazzaville. Afren will continue to add to its diversified portfolio of near term developmentand high impact exploration, with the overall objective of creating substantialshareholder value. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AFR.L