{"id":2539,"date":"2015-02-15T21:58:10","date_gmt":"2015-02-15T21:58:10","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=2539"},"modified":"2015-05-20T13:07:33","modified_gmt":"2015-05-20T13:07:33","slug":"talks-afren-seplat-petroleum-development-company-fail","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/talks-afren-seplat-petroleum-development-company-fail\/","title":{"rendered":"Talks between Afren and SEPLAT Petroleum Development Company fail"},"content":{"rendered":"

On 22 December 2014, Afren plc announced that it had received a highly preliminary approach from SEPLAT Petroleum Development Company plc (Seplat) regarding a possible combination with Afren.<\/p>\n

Seplat was the required In accordance with the UK Takeover Code, by not later than 5.00 p.m. on 13 February 2015 to either announce a firm intention to make an offer for Afren or announce that it does not intend to make an offer for Afren.<\/p>\n

Seplat has however requested an extension to the Deadline according to a statement by Afren.<\/p>\n

The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.<\/p>\n

Accordingly, the Board has concluded that continuing discussions with Seplat is not in the best interests of the Company\u2019s stakeholders and will not agree to Seplat\u2019s request for an extension of the Deadline.<\/p>\n

The Company says it is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business.<\/p>\n

On January 30th<\/sup> Afren announced<\/a> it had obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment due on 31 January 2015 until 27 February 2015.<\/p>\n

The Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalising the Company.<\/p>\n

Afren has operations in 11 countries across Africa and the Middle East including Kenya, Tanzania, Seychelles, Ethiopia and Madagascar in East Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

On 22 December 2014, Afren plc announced that it had received a highly preliminary approach from SEPLAT Petroleum Development Company plc (Seplat) regarding a possible combination with Afren. Seplat was … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[59,63,2825,809,942,1252,1424,1470,1564,2285,2286,2288,2824,2466],"class_list":["post-2539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren","tag-africa","tag-discussions","tag-ethiopia","tag-funding","tag-kenya","tag-liquidity","tag-madagascar","tag-middle-east","tag-seplat","tag-seplat-petroleum-development-company-plc","tag-seychelles","tag-takeover","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-EX","jetpack-related-posts":[{"id":2365,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-reviews-its-capital-structure-to-solve-liquidity-and-funding-requirements\/","url_meta":{"origin":2539,"position":0},"title":"Afren reviews its capital structure to solve liquidity and funding requirements","author":"Samuel Kamau Mbote","date":"January 27, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] In light of the significant dislocation in the industry and related financing markets resulting from the rapid decline in oil prices Afren says its board has been reviewing the funding and liquidity requirements of the business and seeking to address how it manages the overall leverage position of\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14576,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-seplat-energy-receives-ministerial-consent-for-the-acquisition-of-mobil\/","url_meta":{"origin":2539,"position":1},"title":"NIGERIA: Seplat Energy Receives Ministerial Consent for the Acquisition of Mobil (MNPU) Assets","author":"","date":"October 23, 2024","format":false,"excerpt":"Seplat Energy is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Seplat.jpg?fit=660%2C660&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Seplat.jpg?fit=660%2C660&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Seplat.jpg?fit=660%2C660&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9596,"url":"https:\/\/www.oilnewskenya.com\/index.php\/seplat-signs-crude-purchase-agreement-with-waltersmith-petroman\/","url_meta":{"origin":2539,"position":2},"title":"SEPLAT signs Crude Purchase Agreement with Waltersmith Petroman","author":"","date":"December 23, 2020","format":false,"excerpt":"Seplat Petroleum Development Co. has signed a Crude Purchase Agreement (CPA) with Waltersmith\u00a0 for the supply of between 2000 and 4000 bpd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith's new 5000 bpd modular refinery at Ibigwe Field, in Imo State. Previously, a third-party Crude\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Seplat-Waltersmith.jpg?fit=680%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Seplat-Waltersmith.jpg?fit=680%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/12\/Seplat-Waltersmith.jpg?fit=680%2C453&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12595,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-seplat-energy-commissions-the-amukpe-escravos-pipeline\/","url_meta":{"origin":2539,"position":3},"title":"NIGERIA: Seplat Energy Commissions the Amukpe-Escravos Pipeline","author":"","date":"August 24, 2022","format":false,"excerpt":"Seplat Energy has said that it has begun commercial injection of crude oil through the new Amukpe-Escravos Pipeline. 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