Afren PLC Response to AMNI's allegations regarding Okoro (6050J)
April 08 2015 - 4:34AM
UK Regulatory
TIDMAFR
RNS Number : 6050J
Afren PLC
08 April 2015
Response to AMNI's allegations regarding Okoro
London, 8 April 2015
Afren plc ("Afren" or the "Company") (LSE: AFR) notes the press
reports regarding the purported termination by AMNI Petroleum
Development Company ("AMNI") of the Production Sharing and
Technical Services Agreement between AMNI, the Company and Afren
Energy Resources Limited in respect of the Okoro field (the
"PSTSA"). As announced on 13 March 2015, Afren has previously
received a notice of breach of the PSTSA from AMNI, which it
rejected. Afren vigorously disputes that AMNI is entitled to
terminate the PSTSA for the alleged breaches. Afren has offered to
meet AMNI to discuss the parties' future collaboration under the
PSTSA and operations continue at Okoro in line with the Company's
expectations.
The Company continues to make good progress on satisfying the
relevant conditions precedent to the provision of the interim
funding announced on 13 March 2015 and expects to finalise
arrangements for completion of such funding imminently.
Further announcements will be made in due course as
appropriate.
For further information contact:
Afren plc Tel: +44 20 7864 3700
Simon Hawkins, Group Head of Investor Relations
Bell Pottinger (public relations adviser to Afren plc) Tel: +44
20 7772 2500
Gavin Davis
Henry Lerwill
Disclaimer and cautionary note on forward looking statements and
notes on certain other matters
Certain statements in this announcement are not historical facts
and are or are deemed to be "forward-looking". The Company's
prospects, plans, financial position and business strategy, and
statements pertaining to the capital resources, future expenditure
for development projects and results of operations, may constitute
forward-looking statements. In addition, forward-looking statements
generally can be identified by the use of forward-looking
terminology including, but not limited to; "may", "expect",
"intend", "estimate", "anticipate", "plan", "foresee", "will",
"could", "may", "might", "believe" or "continue" or the negatives
of these terms or variations of them or similar terminology.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
These forward-looking statements involve a number of risks,
uncertainties and other facts that may cause actual results to be
materially different from those expressed or implied in these
forward-looking statements because they relate to events and depend
on circumstances that may or may not occur in the future and may be
beyond Afren's ability to control or predict. Forward-looking
statements are not guarantees of future performances.
Factors, risks and uncertainties that could cause actual
outcomes and results to be materially different from those
projected include, but are not limited to, the following: risks
relating to changes in political, economic and social conditions in
the countries in which Afren operates; future prices and demand for
the Company's products; global oil production; trends in the oil
& gas industry and domestic and international oil & gas
market conditions; risks in oil & gas operations; future
expansion plans and capital expenditures; the Company's
relationship with, and conditions affecting, the Company's partners
and regulators; competition; weather conditions or catastrophic
damage; risks relating to law, regulations and taxation in the
countries in which Afren operates, including laws, regulations,
decrees and decisions governing the oil & gas industry, the
environment and currency and exchange controls and their official
interpretation by governmental and other regulatory bodies and by
the courts; and risks relating to global economic conditions and
the global economic environment. Additional risk factors are as
described in the Company's annual report.
Forward-looking statements are made only as of the date of this
announcement. The Company expressly disclaims any obligation or
undertaking to release, publicly or otherwise, any updates or
revisions to any forward-looking statement contained in this
announcement to reflect any change in its expectations or any
change in events, conditions, assumptions or circumstances on which
any such statement is based unless so required by applicable
law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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