Oil and gas explorer fails to find financial backing to plug £132m funding gap caused by Brent crude’s international price nosedive
Plummeting oil prices and internal boardroom upheaval have forced the London-listed Afren exploration company into administration.
Crisis management consultants from AlixPartners were brought in after Afren failed to find financial backers to meet a growing cash crisis at the firm, which produces oil in Nigeria and the Kurdistan region of Iraq.