15 June 2015, News Wires – Afren’s finance boss has quit as the cash-strapped explorer also revealed it has found a new chief operating officer.
Darra Comyn has resigned as finance director of the London-listed player, but will stay on as an employee until it has finished its financial re-structuring.
Comyn joined Afren’s board in March 2010.
The company has also named David Thomas as its new chief executive, following thedismissal of Shahid Ullah in October along with then chief executive Osman Shahenshah as both were being investigated over unauthorised payments.
Afren settled with both former executives at the start of the year.
Thomas has more than 35 years operational experience in the industry, mostly recently coming from Irish independent Petroceltic International, where he quit as chief operation officer in March.
He has also worked for Conoco UK, Eni, Melrose Resources, Centurion Energy and Lasmo.
Afren warned earlier this week that it will most likely default on a loan even as it takes up the option of a grace period for repayment of interest.
The company decided to utilise the 30-day grace period under its 2020 bonds with respect to around $11.9 million of interest that was due on Tuesday.
Afren is undergoing a capital restructuring after uncovering malpractice by its previous chief executive and chief operating officer.
In April it reported a full-year loss of $1.65 billion as it booked impairments in Iraqi Kurdistan and West Africa, while the first three months of this year also saw it book a loss of $53.1 million.
Afren also said late last month that is revising its further field development plan (FFDP) for the Okoro field off Nigeria as it looks to save on costs amid the oil price slump.