Afren - A Shakespearen Tragedy

The story of Afren has the makings of a Shakespearean tragedy. The protagonist is one of the largest and most successful international E&P companies. Its fall from grace is swift as a corruption scandal unfolds and the company falls victim to fate - the fall in oil price drowns the company in debt. There is a slither of hope towards the end as Seplat steps in with an offer to save the company, but all is lost when the merger talks are terminated. Afren meets its downfall when the creditors circle in, taking away whatever dignity is left as the company lies in a helpless and weakened state. The proposed restructuring by the bondholders leaves existing shareholders massively diluted who are left with just 11% of their original holding.

This series chronicles the rise and fall of Afren, our flawed hero, with a share price high of 170p at the beginning of 2014 which falls to 5p at its demise.