Afren Plc dropped the most in a month in London after the U.K. explorer focused on Nigeria and Kurdistan suspended two more executives amid a probe into unauthorized payments.
The stock fell 10 percent to 99.50 pence, the biggest drop since July 31. The London-based company was the worst performer on the FTSE 350 Oil & Gas Producers Index.
The shares have fallen by a third since Afren said last month it temporarily suspended Chief Executive Officer Osman Shahenshah and Chief Operating Officer Shahid Ullah after an investigation found they may have benefited from unauthorized payments. Afren today said it also suspended associate directors Iain Wright and Galib Virani.
The two directors “have received payments which are linked to the previously identified unauthorized payments for the benefit of the CEO and COO” being reviewed by law firm Willkie Farr & Gallagher (UK) LLP, Afren said. “These payments were not made by the company.”