Stricken oil firm Afren (LON:AFR) has chosen the former boss of an Australia-listed explorer to turn its fortunes around.
Alan Linn, previously the head of Roc Oil, will become Afren’s chief executive and a director of the company, the firm said today.
The appointment ends a six-month search for a new leader, which began when Afren parted company with Osman Shahenshah after an investigation into the acceptance of unauthorised payments.
Since the scandal, Afren has struggled with slumping oil prices and debt defaults while the shares have lost 99% of their value in the last 12 months.
Toby Hayward, the senior independent director, has been running the company while it looked for Shahenshah’s replacement.
Linn, who also previously held a senior role at Tullow Oil (LON:TLW), already acts as a consultant for Afren.
He will take over at the top once the company's US$300mln funding deal with bondholders is complete - something expected "imminently", the firm added.
Linn was the boss of Roc Oil when the firm was bought by Chinese conglomerate Fosun International last August.
Afren shares climbed 8% shortly after the announcement to 3.4p.