Nigerian oil and gas explorer Seplat recently extended the deadline for its informal takeover offer - but at 5pm tonight its time will be up.
More on this story: Timeline - what went wrong for Afren?
City analysts have voiced doubts the deal will come to fruition, saying there's "little likelihood of an offer on Friday". There's a better chance of "another extension, in light of the new situation, or no offer at all," broker Oriel said in a note.
Afren revealed it required a $200m (£133m) cash injection to avoid running out of funds on Tuesday, sending its shares down as much as 72 per cent.
The company is in talks to defer a $50m payment due at the end of next month, and considering whether to use a 30 day grace period for its $15m interest payment, due 1 February.