Afren spends $588m on oil assets

British oil company Afren said it had agreed to buy stakes in two Kurdistan operations for $588m (£360m), extending the Africa-focused group's reach into the Middle East. Afren said yesterday that it would buy a 60 per cent participating interest in the Barda Rash production sharing contract and a 20 per cent stake in one for the Ain Sifni operation in the Kurdistan region of Iraq.