Afren Evaluating Restatement of Accounts; Output Falls
Oct 30 (Reuters) – British oil producer Afren Plc said it was evaluating the need to restate historic financial information after the completion of an independent accounting review of some unauthorised payments.
Afren shares fell as much as 5.4 percent to 88.20 pence, their lowest since January 2012, in early trade on the London Stock Exchange.
Earlier this month, the oil company had fired its CEO and three other top executives after an independent review into unauthorised payments found evidence of "gross misconduct".
Law firm Willkie Farr and Gallagher, which conducted the review into the transactions, engaged accounting firm KPMG to conduct an accounting review as well. KPMG submitted its report on Oct. 28. Afren did not disclose details of the KPMG report.
Afren reported a 35 percent fall in average net production for the nine months to Sept. 30, hurt by bad weather that caused operational issues at its Ebok oilfield and extended downtime at its OML 26 project in Nigeria.
The company said it expected net production for the year at the lower end of its forecast of 32,000 to 36,000 bopd. Afren reduced its output view by 20 percent in August, after accounting for losses from suspended operations at Barda Rash in Iraqi Kurdistan.
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension