Afren Plc said its board had agreed in principle to appoint former Roc Oil CEO Alan Linn as chief executive, ending months of uncertainty around the oil and gas producer’s top job.
Linn, currently a consultant to Afren’s board, will take over as CEO after the completion of a $300 million funding deal with bondholders, the company said on Tuesday.
Linn was the CEO of Roc Oil Co Ltd when the Australian oil and gas producer was bought by Chinese conglomerate Fosun International Ltd last August.
A chemical engineer with over 30 years of experience, Linn has also worked for Cairn India Ltd and Tullow Oil Plc , according to his LinkedIn profile.
Afren dismissed founder and CEO Osman Shahenshah, along with other executives, last October in connection with a review into unauthorised payments.
Linn will replace interim CEO Toby Hayward. Afren did not provide details on Hayward’s future involvement with the company.
Afren has also struggled with a steep fall in crude prices, debt defaults and a failed sale to Nigeria’s Seplat Petroleum Development Co Plc.
Afren’s shares, which have lost nearly all their value since July when news of the review was first announced, were up 8.5 percent at 3.40 pence at 1206 GMT.
Source: Reuters
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