Contents Critical issues facing Afren in late 2014 4 Restructuring options considered 5 Afren going forward 6 Benefits from Afren recapitalisation 7 Benefits of a Yes vote to shareholders 8 Implications of a No vote 9…
Critical issues facing Afren in late 2014 Critical issues facing Afren in late 2014 Consequences in late 2014/early 2015 Unauthorised payment issue in July significantly Severe and immediate funding issues eroded shareholder…
Restructuring options considered Exhaustive process to find alternative 60 sources of funding carried out with Morgan Stanley - important to ensure no stone left 50 50 unturned 50 parties contacted, including both strategic 40…
Afren going forward New team Appointment of Alan Linn as CEO Significant industry and turnaround experience Further changes progressing Renewed governance Updated governance procedures Early Board renewal Business process upgrades…
Benefits from Afren recapitalisation The opportunity to reset strategy and rebuild the balance sheet Capacity to pay the bills and progress attractive development projects The opportunity to reschedule debt repayments Offer…
Benefits of a Yes vote to shareholders Funding issues are addressed (both cash and debt), de-risking the forward equity position Bondholders reduce debt by US233 million by converting debt to equity Payment In Kind (PIK)* interest…
Implications of a No vote Implications of a No vote Gross debt in 2 years Restructuring will still happen Yes Vote No Vote But on more adverse terms US600mm higher debt over 2 years + US600 million No US233mm bondholder debt to…
Appendices 10 Investor Presentation
Restructuring Overview Today Post Restructuring 25% of existing Facility Amount (US mm) Facility Amount (US mm) bonds converted to Bank Debt 450 equity, reducing debt New HY Notes 369 by US 233 million Bank Debt 465 Leases 78…
Core producing assets Core producing assets in Nigeria Ebok Okoro OML26 Working Interest Working Interest Working Interest 50%(1) 50%(3) 45%(5) Owner and Local Partner JV Partner JV Partner Amni International Petroleum…
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