Afren share price wavers after directors Peter Bingham and John St John step down

Jessica Morris
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Afren said two directors will step down (Source: Getty)

Shares in troubled oil firm Afren opened 2.82 per cent higher at 3.28p after it announced two of its non-executive directors will to step down after its AGM, as the company's debt talks roll on.

They were later trading slightly lower 0.63 per cent at 3.17p in early afternoon trade.

Peter Bingham and John St John will resign effective from the close of the company's annual general meeting, which is scheduled for the 25 June 2015.

Bingham has served as a director since May 2005, while John St John has held the position since June 2007. Both said that, as they wish to retire, they will not be putting themselves forward for re-election at the AGM.

"On behalf of the board, I should like to thank Peter and John for all of their hard work and valuable contribution to the development of Afren since its inception as a listed company," Egbert Imomoh, executive chairman of Afren, said.

"As previously announced, the company is seeking to appoint additional non-executive directors to the board and will make further appointments in due course as appropriate."

Afren has struggled amid the global oil price rout which led it to reveal a cash flow crisis earlier this year, saying there was a "significant dislocation" in the oil market.

The company has since announced a rescue plan which will leave current shareholders owning just 11 per cent, sparking a three-day sell off.

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