Afren to announce new chief executive this week

Struggling oil production company Afren has reportedly selected its new chief executive and will unveil the appointment this week.

According to the Sunday Times, former head of Roc Oil Alan Linn has been selected for the position.

The once hugely successful business saw its share price tumble 99% after it was discovered back in October that its then chief executive, Osman Shahenshah, together with a number of other executives, had accepted hidden payments from a foreign partner.

This, combined with the sliding price of oil, has seen the stock has fall to just 3p a share, as of the close of play of Friday.

According to the newspaper, Linn will not take up the position until after the $300m bailout agreement has been completed in June.

The company revealed last week that following "good progress" with the terms of the deal, it was due to be finalised "imminently".