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.

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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".