Afren's share price jumped nearly 20 per cent this morning after it emerged the entire board, including chairman Egbert Imomoh, will step down after today's AGM.
As well as Imomah, Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren will not stand for re-election as directors.
Imomah said: "The past year has been an extremely challenging period for Afren. The board has worked tirelessly to steady the ship and preserve the strong foundations on which Afren's success was built.
“I would like to thank all the departing directors for their support and leadership in this process. This has been a deeply touching journey for me personally, having seen Afren grow, and I am leaving the company with a clear plan for its bright future."
David Frauman, who has been working for the group as a consultant over the last few months, is taking over as non-executive chairman from today. He has more than 35 years' experience as a restructuring lawyer, having been partner at Allen Overy until he retired in 2009.
David Thomas, who was recently appointed chief operating officer, is also joining the board as executive director.
“The composition of the various board committees will be reviewed shortly,” the company said. “The process of recruitment to strengthen the board of Afren further is ongoing. In the meantime, the departing directors will be available to contribute to a smooth handover process.”
Chief executive Alan Linn said: “I am pleased to have the support of David Frauman through this transition period as we are building up the new board and management team.
“Following the publication of the prospectus and circular to shareholders last week relating to Afren's restructuring, we are confident that the company has a solid plan in place to reset the business on the growth path.”
Afren's share price jumped 19 per cent in early morning trading.