Shares in scandal-hit oil producer Afren have been cancelled from trading on the London Stock Exchange at the request of the company.
The Financial Conduct Authority cancelled the securities of ordinary 1p shares today. The FCA had suspended the company’s shares last month.
In July London-based Afren said its board decided to put the company into administration after failing to secure support for a refinancing and restructuring plan.
Shares have been suspended since July 15, when talks with bondholders, banks and its partners were scuppered after the company cut its production forecast for the year.
The company was rocked earlier this year by claims of financial misconduct by some executives. The Serious Fraud Office was called in following concerns raised over expense payments.
A review had been carried out by lawyers, which were part of the conditions attached prior to hundreds of millions of pounds being invested into the company.
The latest development comes after its former chief executive and chief operating officer were fired amid claims of gross misconduct and unauthorised payments.
Afren, whose main producing assets are in Nigeria, was forced to take a nearly $2 billion charge in 2014 for impairments and write-offs due to the fall in oil prices and the wiping out of reserves at an oilfield in Iraqi Kurdistan.
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