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Afren swings to full-year loss, says raises $200 mln

Reuters - UK Focus

April 30 (Reuters) - Beleaguered oil producer Afren Plc (LSE: AFR.L - news) swung to a full-year loss, hurt by a $1.1 billion impairment charge due to a fall in oil prices and a $900 million write-off on its Barda Rash reserves in the Iraqi Kurdistan region.

The company reported a pretax loss from continuing operations of $1.95 billion for the year ended Dec (Shanghai: 600875.SS - news) . 31, compared with a profit of $140 million a year earlier.

Revenue fell to $946 million from $1.64 billion.

Afren, which defaulted on its bond coupons last month, said on Thursday that it had raised $200 million through a private placement of notes to existing noteholders and that a wider recapitalisation was expected by July-end, giving it another $55 million-$105 million in net cash proceeds. (Reporting by Roshni Menon in Bengaluru; Editing by Maju Samuel)