Afren Plunges to Record Low on ‘Significant’ Funding Needs

Afren Plc plummeted to the lowest on record in London after the explorer and producer focused on Africa said it needs “significant” funding for day-to-day operations to withstand the slump in crude prices.

The stock lost as much as 69 percent of its value to 5.365 pence, the lowest on record, and was down 58 percent at 7.34 pence by 11:12 a.m. in the city, with more than four times the average 90-day volume of shares trading. The stock has fallen for seven days, the longest losing streak since September 2011.