Afren manages impossible and uncovers more Nigeria problems

摘要

The situation at Afren deteriorated further as the company asked for its shares to be suspended saying its production levels in Nigeria are likely to be significantly lower than expected. It had appeared that the company was dragging itself out of the mire following the sacking of its top management for siphoning off cash. This happened just as the oil price collapsed and rudderless Afren continued a development spending surge which left it unable to pay back due debt, particularly after a US $2 Bn impairment charge.